Last year campus is well above expectation than CA campus.
So this is where everyone expect the same in ICWA this year too.
Will they can produce the same effect to this year is might possible as per them.
For results :
Sunday, September 13, 2009
ICWA result release
ICWA which is about cost and work accountants of India releases their result recently about passed candidates.
Wednesday, September 2, 2009
Accounting Standards - India
Friday, August 28, 2009
Account Studies
A accounting student must be well developed in the phase of their accounting standards very much.
Most often about inventory valuation is one of the importance thing to note down.
Mostly in studies give full potential atleast half an hour a day to make you groom higher.
Friday, August 14, 2009
Budgetary control:
Budgetary control:
Introduction:
Budget is a plan of action expressed in quantitative manner which related to future period. It is always expressed in terms of money and quantity.
CIMA defines Budget as “A plan expressed in money. It is prepared and approved prior to the budget period and may show income, expenditure, and the capital to be employed. May be drawn up showing incremental effects on former budgeted or actual figures, or be compiled by zero-based budgeting”.
It helps the management about its objectives to achieve, how the plans to be adopted, whether individual plans fit in the overall organizational objective.
In CIMA (
“Budgetary control is the establishment of budgets relating to responsibilities of executives to the requirement of a policy, and the continuous comparison of actual with budgeted results either to secure by individual action the objective of that policy or to provide a basis for revision.”
Budgets and Forecasts.
A forecast is a prediction of what is going to happen as a result of a given set of circumstances. A budget is an approved plan of action expressed in figures relating to a specified period of time.
Advantages:
1) It helps the management to plan the functions before the action occurs.
2) There will be good co-ordination and participation between the management.
3) All functional heads are get into responsible to make plans with the plans of other departments.
4) It demands the most economical use of labour, materials, facilities and capital.
5) It helps the management to face the changes in business conditions.
6) It helps to understand the problems of co-workers.
Thursday, August 13, 2009
Material Cost Variance Problems - Standard costing
The standard cost of a compound mixture is as under:
30% of material A at Rs.25 per ton. 70% of material B at Rs.35 per ton.
A standard loss of 10% is expected in production. The following actual cost data is given for the period.
290 tons material A at a cost of Rs.20 per ton.
210 tons material B at a cost of Rs.25 per ton.
The weight produced is 400 ton.
Find Material variances
| Actual cost of material used | Stanadard cost material used | Standard cost of material, if it had been used in standard proportions. | |||
| 290*20 = | 5800 | 290*25 = | 7250 | 30% of 500 * 25 = | 3750 |
| 210*25 = | 5250 | 210*35 = | 7350 | 70% of 500 * 35 = | 12250 |
| | 11050 | | 14600 | | 16000 |
| Standard cost of output. | |
| | |
| | |
| 3200/90*400= | 14222 |
| Standard cost of output | ||
| Standard Mix | Standard rate | Standard cost |
| 30 | 25 | 750 |
| 70 | 35 | 2450 |
| -10 | LOSS | |
| 90 | | 3200 |
| | | |
| Material price variance | 14600-11050= | 3550 |
| Material mix variance | 16000-14600= | 1400 |
| Material yield variance | 14222-16000= | -1778 |
| Material cost variance | 14222-11050= | 3172 |
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