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TUTORIAL QUESTIONS ON ACC 212-COST ACCOUNTING 1

PATRIOT ODUNARO BABATUNDE JIMOH (08038454008)
"IN ALL YOUR GETTING GET WISDOM". 

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TUTORIAL QUESTIONS 

1. Alatise Manufacturing Company provides the following information relating its cost

    function  as given below:

    TC =  3 p³  +  15p²  - 15p  + 100

    Where P = N50   and Q = 100 units

     Required: Calculate:

     (a)  i.  Fixed Cost     ii.  Variable Cost     iii. Mixed Cost    iv. Variable Cost per unit

           v.  Average Fixed Cost    vi.  Average Cost  

     (b)  Use the information in “a” above to prove that:

            Average Fixed Cost = Average Cost   -  Variable Cost per unit

2. Explain the following cost classification:

a. Classification as Direct or Indirect Cost       b.  Classification according to function

c. Classification according to behaviour        d. Classification according to relevance

e. Classification according to product cost and period cost

3. Differentiate between Cost Control and Cost Reduction.

4.  State five functions of Cost Accounting Department.

5.  What do you understand by Group Incentive Scheme?

6. State four advantages of Group Incentive Scheme.

7.  Using the information given below, you are required to calculate the amount earned by each employee under each of the following remuneration method:

i. Piece Works ( with guaranted hourly rate)      ii. Hourly rate

	Employee A	Employee B	Employee C
Hours worked per 1,000 units Rate per unit Guaranted hourly rate Actual time taken (hrs) Actual output produced	23 N12.50 N60 40 200	32 N5.00 N75 42 125	38 N7.50 N50 39 150

8.  Explain the following classification of overhead:

i. Production Overhead           ii.  Administrative Overhead 

iii. Marketing, Selling and Distribution Overhead

9.  What do you understand by Overhead?

10. The budgeted production overhead and other budget data for Aiyefele Limited are as follows:

                                                Production Department P         Production Department Q

Budgeted Overhead Cost       N72,000                                      N10,000

Other Informations:

Direct Material Cost               N64,000

Direct Labour Cost                 N80,000

Machine Hours                           10,000

Direct Labour Hours                                                                       18,000

Unit of production                                                                          10,000

Required: Calculate the production overhead absorption rate using the various basis of apportionment.

11.  Brits Motors Limited, a car assembly plant buys batteries from an overseas supplier at N20 per battery. Total annual requirement are 25,000 batteries at a rate of 100 per working day. The following cost data are available:

Desired annual return on stock investment N2.

Sundry carrying cost/ unit per year 50k.

Total carrying cost/ unit per year N2.50

Cost of purchase order include clerical cost, stationery, telephone N50.

Average usage 3,000 units per week

Minimum Usage  2,200 units per week

Maximum Usage 4,200 units per week

Re-Order Period  10 -14 weeks

Required:

(a) Prepare in tabular form the total annual relevant cost for each of the following order sizes: 250, 500, 1000, 2000, 4000, and 8000.

(b) What is the EOQ for batteries at Brits Motors Limited and why?

(c) The data given above is to be used for calculating the following stock control levels:

i. Maximum Level       ii. Average Level         iii. Minimum Level      vi. Re-Order Level

12.  Write short note on the following methods of stock valuation:

a. First In First Out (FIFO)      b. Last In First Out (LIFO)      c. Weighted Average Method

13.The following information relates to Foyegbe Manufacturing Limited from July 1 to 31^st December, 2019.

Date	Quantity	Cost (N)
Receipts: July 5 August 1 September 3 October 4 December	200 400 600 400 500	720,000 1,520,000 2,400,000 1,400,000 1,400,000
Sales: August 2 October 12 December 12	500 600 400	2,500,000 2,700,000 1,500,000

Required: Calculate the cost of the product issued during the period and the value on hard on 31^st December, 2019 using Last In First Out (LIFO)     

14. (a)  Aseye Enterprises provides the following data relating to component B97020314.

Cost of raw material                                       N10 per unit

Usage per day                                                 100 units

Minimum re-order period                                20 days

Maximum re-order period                               30 days

Cost of ordering materials                              N400 per order

Carrying cost                                                   10% per annual

Assume that each year consists of 48 working weeks of 5 days per week.

Required: Calculate:

(i) The Re-Order Level       (ii)  The Re-Order Quantity   (iii)  The Maximum Level

(iv)  The Minimum Level     (v) The Average Level

15.  Write short note on the following terms:

a. Cost        b. Cost Unit      c. Cost Centre

16. List three element of cost known to you.

17. The following information relates to Ajikawe Manufacturing Limited from July 1 to 31^st December, 2019.

Date	Quantity	Cost (N)
Receipts: July 5 August 1 September 3 October 4 December	200 400 600 400 500	720,000 1,520,000 2,400,000 1,400,000 1,400,000
Sales: August 2 October 12 December 12	500 600 400	2,500,000 2,700,000 1,500,000

Required: Calculate the cost of the product issued during the period and the value on had on 31^st December, 2019 using First In First Out (FIFO)     

18. (a) Write short note on the following stock control records:

a. Bin Card      b. The Stock Tally Card     c.  The Stock Ledger Card

19.  List five causes of stock discrepancies in inventory control

20. State five advantages of Cost Accounting

21. The annual demand of Foyegbe Limited was 500,000 units and the holding cost is N400 per unit. It usually cost the company N576 to place an order. Calculate the Economic Order Quantity for the company.

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TUTORIAL QUESTIONS ON ACC 111-PRINCIPLES OF ACCOUNTING 1

PATRIOT ODUNARO BABATUNDE JIMOH (08038454008)
"IN ALL YOUR GETTING GET WISDOM". 

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TUTORIAL QUESTIONS

1. Write short note on the following:

(a) Periodicity

(b) Materiality

(c) Matching Concept

(d) Going Concern Concept

(e) Entity Concept

2. What do you understand by source document? State ten source documents known to you.

3. Briefly discuss the role of Accountants and types of Accountants you know.

4. List ten users of Financial Statement.

5.  What is Double Entry Book-Keeping? State the basic Principle of Double Entry Book-Keeping according to Luca Pacioli.

6.  Explain with examples of each , what is meant by:

 i. Nominal Accounts             ii. Real Accounts       iii. Personal Accounts

7.  Without Book-Keeping there wouldn`t be Accounting. Discuss

8.   Define a Journal and state its components.

9.   What are the uses of Journal Proper?

10. List advantages of the Journal.

11.  Sogbae Nigeria Limited provides the following information relating to its accounts for three years as shown in the table below:

Year	Capital	Profit	Returns on Capital
	N	N	%
2019	750,000		45
2018	450,000	90,000
2017	500,000		35

Required:

(i) Calculate profits for year 2017 and 2019.

(ii) Calculate returns on capital for year 2018.

(iii) Calculate percentage increase in profit between year 2018 and 2019.

(iv) Calculate percentage decrease in profit between year 2017 and 2018.

(v)  Calculate increase in capital between year 2018 and 2019.

(vi) Calculate decrease in capital between year 2017 and 2018.

Hints: show all formular and workings

12.   Classify the underlisted ledger accounts into capital and recurrent.

i.  Depreciation Account                     vi. Interest Paid Account

ii. Salaries and Wages Account          vii. Discount Received

iii. Furniture and Fittings Account     viii. Patent and Trade Marks Account

iv. Rent of Warehouse Account         ix. Goodwill Account

v. Office Building Account                x. Purchase Account

13. Ajimatanraeje Nigeria Limited is maintaining a petty cash book with the following analysis  column: postage, transport, general expenses, advertisement and fuel.

The cashier is given a cash float of N50,000, reimbursement being made to cashier at the end of each week.

The following transactions took place:

   July 16, 2018  Postage stamps purchased N3,500.

   July 16, 2018  Fare on delivery parcel  N2,500.

   July 17, 2018  Cost of registration letter  N9,500.

   July 18, 2018  Petrol for van  N7,500.

   July 19, 2018  Advertisement on local Newspaper  N10,000.

   July 19, 2018  Paid creditor  N10,000.

   July 20, 2018  Paid for tea and milk for office staff  N5,500.

   July 23, 2018  Petrol and oil for van  N7,500.

   July 23, 2018  Postage on parcel  N2,500.

   July 24, 2018  Traveller`s order book bought  N4,000.

   July 25, 2018  Paid creditor  N10,000.

   July 26, 2018  Transport fare to Ikoyi N5,000.

   July 26, 2018  Paid officer cleaners  N6,000.

   July 27, 2018  Cash count N15,000.

   From the knowledge acquired through the study of petty cash book, you are required

   to :

        (a)    Prepare petty cash book from the above information. 

        (b)   How much is the reimbursement for:

    i.       Third week of July 2018.                                          

   ii.       Four week of July 2018.                                           

 HINTS:

             i. Third week of July 2018 is from July 16, 2018 to July 22, 2018.

ii. Fourth week of July 2018 is from July 23, 2018 to July 29, 2018

14.  The following information has been given to you about factory plant and machinery of

Ajikawe Nigeria Limited.

Cost                             N25 million

Scrap value                  N1,250,000

Useful life                   5years

You are required to calculate the annual depreciation charges for each year using:                     

(a) Reducing Balance Method

(b)  Sum of the year Digit Method

15. The following information has been given to you about Aiyegbaogbon Nigeria Limited`s factory plant and machinery.

 Cost                N 15 million

 Scrap value    N0.75 million

 Useful life      5 years

 You are required to calculate the annual depreciation charges for each year using:

(i)   Straight-line Method                           
(ii) Reducing Balance Method
(iii) Sum of the year Digit Method

16. The following information has been given to you about Aiyele Nigeria Limited`s factory plant and machinery.

 Cost                N 7.5 million

 Scrap value    N 0.375 million

 Useful life      5 years

 You are required to calculate the annual depreciation charges for each year using:

  (i)   Straight-line Method                         
 (ii) Reducing Balance Method
(iii) Sum of the year Digit Method

17.  (a) What do you understand by a Trial Balance?

(b) Fesojaiye Nigeria Limited provides the following informations and you are required to prepare a trial balance as at 31^st December, 2019.

                                                                                 N

Purchases                                                       921,000.00

Revenue                                                      3,621,000.00

Drawing                                                        352,500.00

Return Inwards                                              182,500.00

Return Outwards                                          155,000.00

Discount Allowed                                         255,000.00

Discount Received                                         210,000.00

Trade Receivables                                       1,125,000.00

Trade Payables                                            1,427,500.00

Inventory                                                       857,500.00

Land                                                              115,000.00

Motor at cost                                                 300,000.00

Furniture at cost                                              62,500.00

Accumulated depreciation on motor            112,500.00

Accumulated depreciation on furniture          25,000.00

Cash at bank                                                 125,000.00

Cash in hand                                                   47,500.00

Salaries                                                       1,015,000.00

Carriage Inwards                                          555,000.00

Carriage Outwards                                        257,500.00

Printing and Stationery                                   90,000.00

Electricity and water                                     370,000.00

Insurance                                                       170,000.00

General Expenses                                          870,000.00

Provision for bade debt                                    5,000.00

Bad debt already written off                          10,000.00

Capital                                                        1,750,000.00

Rent Received                                                            95,000.00

Commission Received                                  280,000.00

18.. (a) Assignment Won Wa Die Limited provides the following information as at 31st December, 2019.

	N
Purchases	2,763,000.00
Revenue	10,863,000.00
Drawing	1,057,500.00
Return Inwards	547,500.00
Return Outwards	465,000.00
Discount Allowed	765,000.00
Discount Received	630,000.00
Trade Receivables	3,375,000.00
Trade Payables	4,282,500.00
Inventory	2,572,500.00
Land	345,000.00
Motor at cost	900,000.00
Furniture at cost	187,500.00
Accumulated depreciation on motor	337,500.00
Accumulated depreciation on furniture	75,000.00
Cash at bank	375,000.00
Cash in hand	142,500.00
Salaries	3,045,000.00
Carriage Inwards	1,665,000.00
Carriage Outwards	772,500.00
Printing and Stationery	270,000.00
Electricity and water	1,110,000.00
Insurance	510,000.00
General Expenses	2,610,000.00
Provision for bade debt	15,000.00
Bad debt already written off	30,000.00
Capital	5,250,000.00
Rent Received	285,000.00
Commission Received	840,000.00

(b) State what the Accountant will do if the error still cannot be located in the trial balance.

19.   Define Bank Reconciliation Statement and state the causes of bank reconciliation statement?

20.   On 31^st December 2019, Brits cash book showed a debit balance of N29,520.

          His bank statement showed a credit balance of N25,260.

          The reasons for the difference were follow:

i.                    A cheque of N1,960 was received and entered in the cash book but was not recorded in the bank statement.

ii.                  Unpresented cheques totalled N3,740.

iii.                The payment side of the cash book had been undercasted by N2,000.

iv.                Standing order for N1,260 appearing in the bank statement was yet to be posted in the cash book.

v.                  A bill of exchange of N1,340 had matured and the bank had paid on Brits` behalf but it had not been recorded in the cash book.

vi.                A withdrawal of N1,440 by Banuso, another customer of the bank had been charged in error to Brits account.

You are required to prepare:

i.                    Adjusted cash book

ii.                  Bank Reconciliation Statement.

21. Foyegbe Nigeria Limited has the following transactions in its cashbook and bank statements for September 2017.

	CASHBOOK
Lodgements:	N	Payments:	N
CHQ. 6789	28,000	CHQ. 123456	8,000
CHQ. 4591	24,000	CHQ.123457	12,000
CHQ. 4826	19,000	CHQ. 123458	15,000
CHQ. 4725	38,000	CHQ. 123459	25,000
CHQ.4228	18,000	CHQ. 123460	16,000
Cash	132,000	CHQ. 123461	3,000
		Balance C/d	180,000
	259,000		259,000
Balance B/d	180,000

	BANK STATEMENT
	DR N	CR N	BALANCE N
CHQ.123459	25,000		25,000
CHQ. 123458	15,000		40,000
CHQ. 4826		19,000	21,000
CHQ. 6789		28,000	7,000
CHQ. 123460	16,000		9,000
CHQ.4826 CONTRA	19,000		28,000
ICAN	500		28,500
COT	1,000		29,500
Commission	3,500		33,000
CHQ. 4228		18,000	15,000
CHQ. 123457	12,000		27,000
Cash		132,000	105,000

You are required to:

        (a)     Prepare an adjusted cash book

        (b)    Reconcile the adjusted cash book balance with the bank statement.
            
         

        BEST OF LUCK!

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