Cost and Control Management Accounting Assignment - University Finance

This document presents a complete solution to a Management Accounting assignment, addressing key concepts in cost and control. The assignment includes detailed answers to five questions, covering topics such as contract costing, process costing, job costing, variance analysis, and budgeting. Each question features manual solutions, formula views, and normal views of the accounting accounts. The solution provides in-depth explanations and analyses, including a discussion of the Colosseum's reconstruction cost and the application of contract costing, an explanation of variance analysis, and the importance of budgeting as a management tool. The document also includes relevant references to support the analysis and solutions provided.

Running head: MANAGEMENT ACCOUNTING FOR COST AND CONTROL
Management Accounting for Cost and Control
Name of the Student:
Name of the University:
Author’s Note:
Number of Question Attempted: 5

MANAGEMENT ACCOUNTING FOR COST AND CONTROL
Table of Contents
Answer to Question 1......................................................................................................................2
Requirement A.............................................................................................................................2
Requirement B.............................................................................................................................8
Answer to Question 2......................................................................................................................9
Answer to Question 3....................................................................................................................14
Answer to Question 4....................................................................................................................18
Requirement A...........................................................................................................................18
Requirement B...........................................................................................................................24
Answer to Question 5....................................................................................................................25
Requirement A...........................................................................................................................25
Requirement B...........................................................................................................................28
Reference.......................................................................................................................................30
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MANAGEMENT ACCOUNTING FOR COST AND CONTROL
Answer to Question 1
Requirement A
Manual Solution of Cost Accounts
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MANAGEMENT ACCOUNTING FOR COST AND CONTROL
Normal View of Cost Accounts
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MANAGEMENT ACCOUNTING FOR COST AND CONTROL
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Formula View of Cost Accounts
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MANAGEMENT ACCOUNTING FOR COST AND CONTROL
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MANAGEMENT ACCOUNTING FOR COST AND CONTROL
Requirement B
The colosseum is regarded as one of the ancient and the still surviving wonder of the
world. In earlier days, Colosseum was used by the royal rulers as an arena where the gladiators
fought, or slaves were forced to fight each other or with an animal for sports or for public
execution purposes. The structure is regarded to be fortune worth with the ancient stones which
were used to build the monument. In todays world, if such a monument is to be reconstructed
than it will be requiring significant resources not to mention the amount of money in itself which
might be billions and billions of dollars (Dodge, 2014). A restoration project which was
conducted on the Colosseum costed around 40 billion lire. The most appropriate method which
can be used to measure and record cost for a reconstruction of such a structure is contract costing
as the monument will be taking considerable amount of time and it will be appropriate if the
concept of degree of completion was followed closely. The building of such a structure will also
take into consideration inflation estimates from year to year which is quite effective measured in
contract costing. An image of the Colosseum is given below which is one of the seven wonders
of the world.
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MANAGEMENT ACCOUNTING FOR COST AND CONTROL
Answer to Question 2
Manual Solution of Process Costing Accounts
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Normal View of Process Costing Accounts
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MANAGEMENT ACCOUNTING FOR COST AND CONTROL
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Formula View of Process Costing Accounts
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