Paper on Management Accounting Process

Added on - 16 May 2020

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Running head: MANAGEMENT ACCOUNTINGManagement AccountingName of the Student:Name of the University:Author’s Note:
1MANAGEMENT ACCOUNTINGTable of ContentsIntroduction......................................................................................................................................3Answer to Question (a)....................................................................................................................4Introduction..................................................................................................................................4Suitable Circumstances for Job Order Costing System...............................................................4Answer to Question (b)....................................................................................................................6Work-in Process Balance.................................................................................................................6Introduction..................................................................................................................................6Work-in-Process Balance............................................................................................................6Answer to Question (c)....................................................................................................................7Cost of Chair in Finished Goods Inventory.....................................................................................7Introduction..................................................................................................................................7Answer to Question (d)....................................................................................................................8Computation of the Under or Over Applied Overhead...................................................................8Introduction..................................................................................................................................8Answer to Question (e)....................................................................................................................9Introduction..................................................................................................................................9Different Transactions for Adjusting Over Applied Overheads..................................................9Answer to Question (f)..................................................................................................................10Process for Adjusting the Over Applied Cost of Material.........................................................10
2MANAGEMENT ACCOUNTINGAnswer to Question (g)..................................................................................................................11Introduction................................................................................................................................11Activity Based Costing..............................................................................................................11Conclusion.....................................................................................................................................13Reference List................................................................................................................................14
3MANAGEMENT ACCOUNTINGIntroductionTurramurra Furniture Company is a specialist manufacturing organization thatconcentrates on manufacturing furniture that can be used with computers. The company makesuse of the FIFO costing process in order to allocate and assign their costs and expenses to theFinished Goods and has their financial records maintained as a financial report on the basis of anaccounting year. The company has their own style of recording accounts and therefore it appliesits manufacturing overhead based on the machine hour operations. There are several kinds offurniture with respect to the use of computers are manufactured by the firm and therefore hasdifferent job numbers. This paper has therefore been framed in order to discover the related costsof Turramurra Furniture Company and even addresses the process that can be used for theassumption of cost in accordance to the job order process system. There are seven questions thatwould be addressed in this paper, which would be helpful in identifying the managementaccounting process of Turramurra Furniture Company.
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