Answer Posted / deepak kumar sharma
Any item of economic value owned by an individual or
corporation, especially that which could be converted to
cash. Examples are cash, securities, accounts receivable,
inventory, office equipment, real estate, a car, and other
property.
A balance sheet item representing what a firm owns.
On a balance sheet, assets are equal to the sum of
liabilities, common stock, preferred stock, and retained
earnings. From an accounting perspective, assets are
divided into the following categories: current assets (cash
and other liquid items), long-term assets (real estate,
plant, equipment), prepaid and deferred assets
(expenditures for future costs such as insurance, rent,
interest), and intangible assets (trademarks, patents,
copyrights, goodwill).
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The Tabula Manufacturing Company has been in business for one month. At the end of month the company had the following accounts: Materials used K 5 000.00 Direct labour 10 000.00 Indirect labour 3 000.00 Indirect materials 2 000.00 Labour fringe benefits 1 000.00 Supervisor’s salary 1 000.00 Depreciation Machinery 2 000.00 Miscellaneous factory overhead 1 000.00 Heat and light 500.00 Insurance on plant 1 500.00 The company processed two jobs during the month with costs as follows: Job 101 Job 102 Materials cost K3 000.00 K2 000.00 Direct labour cost K6 000.00 K4 000.00 Direct labour hours 4 000.00 3 000.00 Machine hours 2 000.00 1 000.00 The company does not use a predetermined rate for factory overhead. The rate is computed at the end of each month. Required Use both the direct labour hours and machine hours to compute: 1) The overhead rates for the month (5 pts) 2) The overhead cost for each job (5pts) 3) The total cost for each job (10 pts) 4) Briefly describe the difference between Job order and process costing, citing relevant examples (5 pts).
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