ACCT 322 SEU Government & Non Profit Accounting Finances Worksheet

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CAREFULLY
• The Assignment must be submitted on Blackboard (WORD format only) via allocated
folder.
• Assignments submitted through email will not be accepted.
• Students are advised to make their work clear and well presented, marks may be
reduced for poor presentation. This includes filling your information on the cover page.
• Students must mention question number clearly in their answer.
• Late submission will NOT be accepted.
• Avoid plagiarism, the work should be in your own words, copying from students or
other resources without proper referencing will result in ZERO marks. No exceptions.
• All answered must be typed using Times New Roman (size 12, double-spaced) font.
No pictures containing text will be accepted and will be considered plagiarism).
•
Submissions without this cover page will NOT be accepted.
Assignment Question(s): Marks 10
Q.1 .Complete the following table.
Output
Total Fixed Cost
( 2 Marks )
Total Variable Cost
Total Cost
100
150
200
75,000
10,000
250
300
Answer:
Q.2 Discuss the differences between the Job order costing and Process costing? (2 Marks)
Answer
Q3 Abdulkrim Company manufactures a product A. The company estimates the cost
function for the total costs. The cost driver is number of units. The following informations
were collected:
Month
Units
Total Costs
January
February
March
April
May
June
3,560
3,800
4,000
3,600
3,200
3,040
Compute a cost function using the high-low method.
Answer:
$242,400
$252,000
$260,000
$244,000
$228,000
$221,600
(2 Mark)
Q4 Whether a company uses process costing or job-order costing depends on its industry.
A number of companies in different industries are listed below: ( 2 Marks)
1. Dairy farm
2. Custom boat builder
3. Food caterer that supplies food for wedding and other special events
4. Advertising agency
5. Coal mining company
6. Cattle feedlot that fattens cattle prior to slaughter
Required: For each company, indicate whether the company is most likely to use job-order
costing or process costing.
Answer
Q.5 S Corporation uses the following activity rates from its activity-based costing system to
assign overhead costs to products.
(2 Marks)
Data concerning two products appear below:
How much overhead cost would be assigned to each of the two products using the
company’s activity-based costing system?
Answer

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Explanation & Answer:
Worksheet

Tags:
government

accounting

non profit

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