Backflush Accounting – NBC Institute

MI – May 2017 – L1 – SB – Q4a – Decision-Making Techniques

Briefly describe the principles and applications of JIT, Backflush Accounting, Lifecycle Costing, Cost Audit, and Value Engineering.

Question

Write brief notes on each of the following:

i. Just In Time Systems (2 Marks)
ii. Backflush Accounting (2 Marks)
iii. Lifecycle Costing (2 Marks)
iv. Cost Audit (2 Marks)
v. Value Engineering (2 Marks)

Answer

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Tags: Backflush Accounting, Cost Audit, Just-in-Time, Lifecycle costing, Value Engineering
Level: Level 1

Topic: Decision-making techniques
Series: MAY 2017

MI – Mar-Jul 2020 – L1 – SB – Q2b – Costing Techniques

Prepare ledger accounts for a backflush accounting system based on the given data for production and sales.

Question

XYZ operates a backflush accounting system with the following standard costs:

Raw materials (5Kg per unit) @ N230 per Kg
Personnel cost @ N300 per unit
Overheads @ N750 per unit

During a period, the following was achieved:

Raw materials purchased: 24,500 Kg
Production: 4,800 units
Sales: 4,600 units

There was no opening stock, and the triggers used for initiating accounting entries are:

Purchase of raw materials;
Sale of finished goods.

Required:

Prepare the following ledger accounts:

i. Combined raw materials and work-in-progress (WIP)
ii. Conversion cost
iii. Cost of goods sold
iv. Period expenses

Answer

Find Related Questions by Tags, levels, etc.

Tags: Backflush Accounting, Cost Management, Costing Techniques, Ledger Preparation
Level: Level 1

Topic: Costing Techniques
Series: MAR/JULY 2020

MI – May 2017 – L1 – SB – Q4a – Decision-Making Techniques

Briefly describe the principles and applications of JIT, Backflush Accounting, Lifecycle Costing, Cost Audit, and Value Engineering.

Question

Write brief notes on each of the following:

i. Just In Time Systems (2 Marks)
ii. Backflush Accounting (2 Marks)
iii. Lifecycle Costing (2 Marks)
iv. Cost Audit (2 Marks)
v. Value Engineering (2 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Backflush Accounting, Cost Audit, Just-in-Time, Lifecycle costing, Value Engineering
Level: Level 1

Topic: Decision-making techniques
Series: MAY 2017

MI – Mar-Jul 2020 – L1 – SB – Q2b – Costing Techniques

Prepare ledger accounts for a backflush accounting system based on the given data for production and sales.

Question

XYZ operates a backflush accounting system with the following standard costs:

Raw materials (5Kg per unit) @ N230 per Kg
Personnel cost @ N300 per unit
Overheads @ N750 per unit

During a period, the following was achieved:

Raw materials purchased: 24,500 Kg
Production: 4,800 units
Sales: 4,600 units

There was no opening stock, and the triggers used for initiating accounting entries are:

Purchase of raw materials;
Sale of finished goods.

Required:

Prepare the following ledger accounts:

i. Combined raw materials and work-in-progress (WIP)
ii. Conversion cost
iii. Cost of goods sold
iv. Period expenses

Answer

Find Related Questions by Tags, levels, etc.

Tags: Backflush Accounting, Cost Management, Costing Techniques, Ledger Preparation
Level: Level 1

Topic: Costing Techniques
Series: MAR/JULY 2020

Question Tag: Backflush Accounting

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MI – May 2017 – L1 – SB – Q4a – Decision-Making Techniques

Briefly describe the principles and applications of JIT, Backflush Accounting, Lifecycle Costing, Cost Audit, and Value Engineering.

MI – Mar-Jul 2020 – L1 – SB – Q2b – Costing Techniques

Prepare ledger accounts for a backflush accounting system based on the given data for production and sales.

MI – May 2017 – L1 – SB – Q4a – Decision-Making Techniques

Briefly describe the principles and applications of JIT, Backflush Accounting, Lifecycle Costing, Cost Audit, and Value Engineering.

MI – Mar-Jul 2020 – L1 – SB – Q2b – Costing Techniques

Prepare ledger accounts for a backflush accounting system based on the given data for production and sales.

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MI – May 2017 – L1 – SB – Q4a – Decision-Making Techniques

Briefly describe the principles and applications of JIT, Backflush Accounting, Lifecycle Costing, Cost Audit, and Value Engineering.

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MI – Mar-Jul 2020 – L1 – SB – Q2b – Costing Techniques

Prepare ledger accounts for a backflush accounting system based on the given data for production and sales.

You're reporting an error for "MI – Mar-Jul 2020 – L1 – SB – Q2b – Costing Techniques"

MI – May 2017 – L1 – SB – Q4a – Decision-Making Techniques

Briefly describe the principles and applications of JIT, Backflush Accounting, Lifecycle Costing, Cost Audit, and Value Engineering.

You're reporting an error for "MI – May 2017 – L1 – SB – Q4a – Decision-Making Techniques"

MI – Mar-Jul 2020 – L1 – SB – Q2b – Costing Techniques

Prepare ledger accounts for a backflush accounting system based on the given data for production and sales.

You're reporting an error for "MI – Mar-Jul 2020 – L1 – SB – Q2b – Costing Techniques"

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