Last Minute Help - ACCG200 (1 Viewer)

[redruM]

quite fucked is this subject.

going through job costing, you realise how stupid they are. ie- how they treat man o/h!!

what do you guys reckon about possible questions?

i reckon:

- process costing worksheet for sure. it is easy as fuck. just gotta be careful not to forget the table.
- job costing journal entries. like ex 4.36
- calculating variances and the questions like how to deal with special orders, that bs about employer morale, the qualitative something or other.
- conventional costing vs abc for sure. theory question. here we can abuse the poor way they treat man o/h!! *ahh revenge*
- budget theory question. budgetory slack, etc. why we have budget. get your hsc bullshitting skills ready.
- overhead allocation - step down method. maybe commenting on benefits and limitations of reciprocal method.
- making income statements for variable and absorption costing for an example and reconciling them.
- abc practical

hmm...i gotta learn like half that stuff
should have tried to learn during the semester. (that is so cliche nowadays)

 

[Grizzly]

- calculating variances and the questions like how to deal with special orders, that bs about employer morale, the qualitative something or other.

Just remember your formulas for variances
Specials orders boost morale of sales persons, but can result in a backlog of orders, leading to lower morale for factory floor workers. Therefore management must be careful when and when not to accept special orders.

- conventional costing vs abc for sure. theory question. here we can abuse the poor way they treat man o/h!! *ahh revenge*

Conventional => (Suited for a company with low product diversity and simple activities)
Assumes MOH is volume driven.
Underestimates the unit cost of a product produced in low volume, few batches. i.e fails to accurately measure product cost.
Fails to allocate non-manufacturing costs such as processing invoices.

ABC => (Suited for a company with a diverse product range and complex activities, inc. made-to order)
Limitations.
Resources used often do not equal resources supplied. Do we allocate these to add on top of the unit's cost ?
Facility level costs, such as, the accountants salary is not related to a product's cost.

 

[redruM]

overhead allocation at the moment.

next abc.

 

[Grizzly]

good luck.

 

[redruM]

i am so certain that they will put a question on abc vs conventional costing! i am going to make a mock answer to that and memorise

 

[Grizzly]

i am so certain that they will put a question on abc vs conventional costing! i am going to make a mock answer to that and memorise

Yeh, just like the perpetual vs. periodic in 1a

 

[redruM]

Yeh, just like the perpetual vs. periodic in 1a

lol yep!



grizzles, if you are gunna do something similar(abc v conventional costing) wanna trade notes?

 

[swisstruffles]

i cant believe its thurs already..accg is 2moro!! oh hell..im scared..40% will fail..my worst topics r decisionmaking (min price.., incrementals..) and definitely budgeting..the formats r so long how can u memorise them?

btw in decisionmaking, wen they ask u 'wat is the net benefit/loss of...", do they mean the unit cont. margin? and does "net income" mean total diff. of unit cont. margin between the two choices?

thanks heaps n good luck everyone

 

[flyin']

i cant believe its thurs already

me neither.. there's my stu-vac gone.

 

[Grizzly]

lol yep!



grizzles, if you are gunna do something similar(abc v conventional costing) wanna trade notes?

My notes arnt that good.
Ive made them so the topics join up, coz our lecturer gave us what each question is asking. (e.g Q1 weeks 456, q2 weeks 11,12 Q3 Weeks 3,7,8 etc)

 

[redruM]

My notes arnt that good.
Ive made them so the topics join up, coz our lecturer gave us what each question is asking. (e.g Q1 weeks 456, q2 weeks 11,12 Q3 Weeks 3,7,8 etc)

you lucky bastard.

well i am annoying you on msn right now so

 

[redruM]

here is my first draft.

italics part i dont understand. worse come to worse i'll just regurgitate it all out. make adjustments + additions (make it pretty or something) and post back!

adjustments + additions + CORRECTIONS(of course)

 

[Grizzly]

here is my first draft.

italics part i dont understand. worse come to worse i'll just regurgitate it all out. make adjustments + additions (make it pretty or something) and post back!

adjustments + additions + CORRECTIONS(of course)

Woohooo, thanks for sharing

LOL, i like the last point

Conventional costing will result in a reporting of lower setup costs per unit for larger batches.

I think this should be, for less batches, because the less batches, (even with same batch size), means less setups have to be made, which means each unit would attract less setup cost.

While conversely, if a product required 1000 batches, compare to say 500, it should attract twice as much setup OH.

 

[Grizzly]

Maintaining an ABC system is relatively low. However setting one up is very costly. Companies may chose to convert from conventional methods over a number of years, hence, spreading out the cost.

Limitations ;
1. Resistance to change.
2. Employee's may be intimindated when they are "timed", "interviewed", or "measured" in how long they take to complete an activity.

Useful for ;
1. Analysing activities in ABC to use for ABM (activity based manageent) - to identify the root cause of costs, i.e, costs that can be eliminated - that will improve process' and effeciency.
e.g. Energy in-effecient equipment. Ineffecient design of loading facilities. Wastage and spoilage of input materials.

 

[redruM]

Woohooo, thanks for sharing

LOL, i like the last point


I think this should be, for less batches, because the less batches, (even with same batch size), means less setups have to be made, which means each unit would attract less setup cost.

While conversely, if a product required 1000 batches, compare to say 500, it should attract twice as much setup OH.

yep you are right.

i am gunna fix up those notes a bit.

 

[redruM]

Limitations ;
1. Resistance to change.
2. Employee's may be intimindated when they are "timed", "interviewed", or "measured" in how long they take to complete an activity.

Useful for ;
1. Analysing activities in ABC to use for ABM (activity based manageent) - to identify the root cause of costs, i.e, costs that can be eliminated - that will improve process' and effeciency.
e.g. Energy in-effecient equipment. Ineffecient design of loading facilities. Wastage and spoilage of input materials.

we dont look at abm, as far as i know.

someone correct me if i am wrong (actually i hope you dont. no time!)

 

[redruM]

3rd post in a row....spam-alicious.

updated notes, the 2nd page has the important shit on it. thanks to josh for his inputs over msn.

once again, please post if there is anything with regards to the notes if you can think of anything.

 

[Grizzly]

hahaha

Yeh, maybe you dont do ABM (Includes target costing, and life cycle budgeting)

I'll take a look.

 

[The_Adonis]

Mmmm it sucks learning a whole subject in a night....
13 weeks into 24 hours.....

so what practical questions do you think will be in it...
god...im rooted...

 

[redruM]

from what i got up there...a bep question for sure. then a question on assumptions/limitations of cvp. then a decision making question. i think that'll be a question with the 3 parts.

hmm...i havent seen the exam paper, so i am just guessing. although if someone has PM me!