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25 Nov
2019

ACCOUNTING SKILLS | Good Grade Guarantee!

SBS MBA / MSC
ACCOUNTING SKILLS
Assignment -2019
STUDENT ID

UNIT TITLE

UNIT CODE

Name (in Full)_________________________________________________________
GENERALINSTRUCTIONS
Allassignmentsaretobesubmittedto examinationboard@atmsedu.org and cc to afatima@atmsedu.org.
If assignment is not submitted on date, will follow with penalty of 10% deduction of marks for every day.
Similarity between students work is strictly not accepted, any student found with similar work will be graded Zero and fail for the course. However, Plagiarism is an academic offence and will not be tolerated under SBS
Assignment once submitted is final for marking.
PRESENTATIONOFASSIGNMENT
You should include a title page and list of contents.
Use headings and sub-headings to organize your report and include supporting material in the document file.
Number all pages sequentially.
Any published material you refer to should be properly referenced and included in a reference list at the end of your assignment (see Plagiarism notice overleaf).
Total Marks: _______ / 90
PLAGIARISM
Plagiarismisaformofcheating,byrepresentingsomeoneelse’sworkasyourownor using someoneelse’swork(anotherstudentor author)withoutacknowledgingitwithareference.Thisisa seriousbreachoftheAcademicRegulationsandwillbedealtwithaccordingly.Studentsfoundto haveplagiarisedcanbeexcludedfromtheprogram.
Plagiarismoccurswheneveryoudoanyofthefollowingthingswithoutacknowledgingtheoriginal source:
Copyinformationfromanysource(includingthestudyguide,books,newspapers,theinternet)
Useanotherperson’sconceptsorideas
Summariseor paraphraseanotherperson’swork.
HowdoIavoidplagiarism?
Toensureyouarenotplagiarising,youmustacknowledgewithareferencewheneveryou:
useanotherperson’sideas,opinionsor theory
includeanystatistics,graphsor imagesthathavebeencompiledor createdbyanotherperson or organization
Paraphraseanother’swrittenor spokenword.
Whatarethepenalties?
Thepenaltiesforplagiarismare:
Deductionofmarks,
Amarkofzerofortheassignmentortheunit,or
Exclusionfromtheprogram.
Plagiarismisdealtwithona case-by-casebasisandthepenaltieswillreflecttheseriousnessofthe breach.
Pleasenote:claimingthatyouwerenotawareofneedtoreferenceisnoexcuse.
Answer five (5) of the following six(6) questions.
Question 1
Journalize the following transactions and post them to ledger.From the following transactions of Phoenix Inc for Oct ,2016.
(i)Journalize the below transactions
(ii)Post the Journal entries in to ledger accounts
Date
Transactions
2016 Oct 1
Niel started business with cash $ 800,000
Oct 2
purchased goods worth $ 3000
Oct 15
Sold goods for $ 25000
Oct 18
Purchased stationeries $4000
Oct 23
Purchased furniture for $ 24,000
Oct 25
Paid electricity charges with cash $3000
Oct 26
Paid Salary $18000
Oct 28
Paid rent $500
(10 Marks)
“Bookkeeping is synonymous to accounting”Analyse this statement.
(10 marks)
Question 2
Prepare income statement and balance sheet of Indus Corp as on 31st Dec,2016.
Particulars
Amount ($ ‘000)
Sales
37,436
Cash
4,895
Cost of goods sold
26,980
Accounts Payable
7,156
Accounts Receivable
5,714
Selling, general, and administrative expense
3,624
Inventories
8,517
Research and Development expense
1,982
Plant and Equipment
7,154
Interest expense
450
Long term liability
20105
Land
981
Income tax expense
1,100
(10 Marks)
Why are financial statements are so important for a business ?
(10 Marks)
Question 3
ABC Industries is in the Business of manufacturing agro equipment. Prepare the cash budget for the quarter April to June, based upon the following data and additional information.
Month
Sales
Purchases
Wages
Selling Overheads
Office Overheads
Mfg.Overheads

$
$
$
$
$
$
January
60,000
36,000
9,000
4,000
2,000
4,000
February
62,000
38,000
8,000
5,000
1,500
3,000
March
64,000
33,000
10,000
4,500
2,500
4,500
April
58,000
35,000
8,500
3,500
2,000
3,500
May
56,000
39,000
9,000
4,500
1,000
4,000
June
60,000
34,000
8,000
4,500
1,500
3,000
Additional Information :
The Cash balance at 1 April is $ 800000.
Sales: 40% cash sales and 60% is collected in the month following sales.
Purchases are all on credit and are paid after 2 months.
A plot of land was purchased in December (Previous year) and $ 87,000 is payable in April.
Wages are paid two month in arrear and all overheads are settled after a month they are incurred.
ABC Industries is due to repay a loan of $ 16,000 in May.
A dividend of $ 80,000 is expected to be received in May.
(10 Marks)
B. “With zero-based budgeting,each expenditure item must be justified for the new budget period.” Explain.
(10 Marks
Question 4
A.(i) Moment Inc. provides the following data for June 2016 when 15,000 Units are manufactured:
Standard Material Cost (Per Unit)
8.50 kg @ $ 7.50/kg
Actual Material Cost (Per Unit)
6.75 kg @ $ 13.5/kg
StandardLabor cost (Per Unit)
5.5 hrs @ $ 15/hr
Actual Labor cost (Per Unit)
6.5 hrs @ $ 12.2/hr
Calculate:
Direct Material Price Variance
Direct Material Quantity/Usage Variance
Total Material Cost Variance
Direct Labor Rate Variance
Direct Labor Efficiency Variance
Total Labor Cost Variance
(ii) Calculate Variable Overhead Spending Variance if actual labor hours used are 260,standard variable overhead rate is $10.40 per direct labor hour and actual variable overhead rate is $9.30 per direct labor hour. Also specify whether the variance is favorable or unfavorable.
(iii) Calculate the variable overhead efficiency variance using the following figures:
Number of Units Produced
620
Standard Direct Labor Hours Per Unit
0.2
Actual Direct Labor Hours Used
260
Standard Variable Overhead Rate
$10.40
B. “Managers of most organizations continually plan for the future, and after the plan is implemented, managers assess whether they achieved their goals. What are the two functions that enable management to go through the process of continually planning and evaluating?
(20 Marks)
Question 5
Robest Industries produces only one product. The following revenues and cost have been estimated for the forthcoming month:
Selling price, $ 250 per unit (SP)
Variable cost, $ 100 per unit (VC)
Fixed Cost, $ 56000
The managers of the firm wish to know the following:
Calculate contribution margin per unit
Calculate contribution margin ratio.
BEP in units
Calculate BEP in sales.
“Good Managers must not only be able to understand the conceptual underpinnings of cost behaviour,but they must also be able to apply those concepts to real world data that do not always behave in the expected manner.”Explain cost behaviour analysis.
(20 marks)
QUESTION 6
Calculate (EOQ) using following information for APEX Inc.
Annual demand 90,000 units
Cost of placing order $ 30
Cost of carrying 1 unit in inventory $9
Calculate average inventory when safety stock is 2,000 units.
“In the process of maintaining inventory records and physical count of goods on hand,error may occur.”Explain.
(20 marks)

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