AIOU SOLVED ASSIGNMENT 2 CODE 462 COST ACCOUNTING AUTUMN 2015
Solved assignment # 2 for aiou
students for course code 462 cost accounting for B.com students autumn semester
2015 and semester spring 2016. In Cost Accounting we also
discussed Operational Budget Relationships Sales revenues fund the other
operational budgets. The sales budget and all other department budgets are
closely related. The cost of producing an item, including direct costs and
indirect costs is a major consideration when setting the selling price of a
line of merchandise. Yet the selling price must be competitive in the
marketplace to make enough sales to fund the other budgets.
Streamlining the process and minimizing waste is essential to increasing
profits.
Financial Budget
The financial budget has five
parts. The schedule of expected cash receipts is based on predicated future
sales revenues during each period. The amount for each month or quarter will
vary in small businesses that are cyclical in nature. The schedule of expected
cash payments reflects the amount of money your business plans to spend on
purchases during each financial period. The cash budget, income statement and
balance sheet all reflect budgeted amounts. If you compare them with the actual
numbers at the completion of each quarter, then you can make any necessary
adjustments.
MASTER BUDGET ORDER OF COMPLETION
Some component budgets require
financial data from other budgets before you can complete them. The correct
order for completing the operational budget components is:- sales, production,
direct material purchases, direct labor, overhead, administrative and cost of
goods manufactured.
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