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NMIMS – In the course of developing the global accounting standards, the International Financial Reporting Standards are widely recognized over 100 countries.

Cost & Management Accounting

1. In a particular month, 1,000 units were introduced in Process A. The normal loss is estimated at 5% of the input. At the end of the month, 700 units were produced and transferred to Process B, 230 were incomplete units and 70 units were scrapped at the end of the process. The incomplete units had the following degree of completion: materials 75%, labor 50%, overheads 50%.

Additional details of process A are as follows: (Rs.)

Cost of 1000 units introduced 29000

Additional materials consumed 7200
Direct Labour 16700
Allocated overheads 8350
The scrapped units were sold at Rs. 10 per unit.

Compute:

1. Statement of Equivalent Production

2. Statement of Cost

3. Statement of Cost

4. Process A account (10 Marks)

The following information with respect to a production process is available for April 2023.

Output Units

Hours

Fixed Overheads

Variable Overheads

Working Days

Budgeted

120000

120000

180000

240000

100

Actual

130000

132000

200000

272000

104

Compute the relevant overhead variances. (10 Marks)

3. In the course of developing the global accounting standards, the International Financial Reporting Standards are widely recognized in over 100 countries. Therefore, more and more companies are presenting their financial information in the International Financial Reporting Standards to their internal and external users. As one of the largest retailers in the world, Mil Ltd. has its business in over 10 countries and employs almost 3,20,000 people. It is very interesting to see how its accounting information supports its operations. To show how the business is running, the accounting information is provided to all users as managers, customers, suppliers, associations, and the government. As a retailer, Mil Ltd. needs to provide a positive financial statement to its accounting information users.

1. In the context of the above case study, identify and explain the relevance of Management Accounting Information to the employees. (5 Marks)

2. Explain in what way management accounting practices from a global perspective are relevant to shareholders. (5 Marks)

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