By Robert Scarlett
The 2006 variation of CIMA's reliable learn platforms were absolutely up-to-date to mirror any alterations within the syllabus. Key sections of the 2006 learn structures are back written via examiners so each one textual content totally displays what can be demonstrated within the examination. up-to-date to include legislative and syllabus adjustments, the 2006 learn platforms offer whole learn fabric for the may possibly and November 2005 checks. the recent version continues the preferred loose-leaf layout and comprises: * perform questions all through * entire revision part * subject summaries * advised examining articles from various journals * could 2005 Q & A's * The professional examine platforms are the single learn fabrics counseled by means of CIMA * up-to-date to mirror changhes within the syllabus with key sections written via examiners * entire built-in package deal incorporating syllabus tips, complete textual content, urged articles, revision publications and vast query perform
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Additional info for CIMA Study Systems 2006: Management Accounting-Performance Evaluation (Cima Official Study Systems)
Common costs are apportioned on the basis of sales value at the separation point. Requirement Prepare the account for process 1 for last month. Solution Since product M is not saleable at the separation point (the end of process 1) we need to use a notional price of £(16 Ϫ 2) per kg ϭ £14 per kg. 1 COST ACCOUNTING SYSTEMS Process account 27 COST ACCOUNTING SYSTEMS 28 STUDY MATERIAL P1 This cost is to be apportioned to products L, M and N on the basis of sales value at the separation point. Product L Product M Product N 2,450 ϫ £6 990 ϫ £14 1,960 ϫ £10 Sales value £ 14,700 13,860 19,600 48,160 Cost apportioned £ 11,025 10,395 14,700 36,120 Now the process account can be completed.
1 COST ACCOUNTING SYSTEMS There was no opening work in progress, but 200 kg were in progress at the end of the month, at the following stages of completion: 11 COST ACCOUNTING SYSTEMS 12 STUDY MATERIAL P1 Abnormal loss account Process 2 £ 290 290 290 Scrap stock Proﬁt and loss £ 200 290 290 Scrap account Process 2 Abnormal loss account £ 600 200 800 Bank/debtors: (300 ϩ 100) ϫ £2 £ 800 800 800 If you had any difﬁculty in understanding the workings of this example, you should return now to your study material for Management Accounting Fundamentals.
If stocks remain constant then there will be no proﬁt differences between the two methods. 2 Reconciling the proﬁts for different periods 5 6 STUDY MATERIAL P1 COST ACCOUNTING SYSTEMS In the long term the total reported proﬁt will be the same whichever method is used. This is because all of the costs incurred will eventually be charged against sales; it is merely the timing of the sales that causes the proﬁt differences from period to period. 5 Marginal costing or absorption costing? There is no absolutely correct answer to when marginal costing or absorption costing is preferable.