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  • Intac

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    Denver Acenas
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    The document discusses 3 key cost elements in process costing: raw materials, labor, and factory overhead. It provides an example cost breakdown for a product with raw material costs of PHP 100 for paper and PHP 50 for ink, labor costs of PHP 100 for a publisher, and factory overhead of PHP 50 for utilities expenses, totaling PHP 300 cost of goods manufactured. It also discusses petty cash funds for small expenditures not requiring checks, and notes that checks and other items readily convertible to cash within a year are considered current assets. It provides an example of an overdraft occurring when the credit amount in the cash in bank T-account is larger than the debit amount.

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    intac

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    The document discusses 3 key cost elements in process costing: raw materials, labor, and factory overhead. It provides an example cost breakdown for a product with raw material costs of PHP 100 for paper and PHP 50 for ink, labor costs of PHP 100 for a publisher, and factory overhead of PHP 50 for utilities expenses, totaling PHP 300 cost of goods manufactured. It also discusses petty cash funds for small expenditures not requiring checks, and notes that checks and other items readily convertible to cash within a year are considered current assets. It provides an example of an overdraft occurring when the credit amount in the cash in bank T-account is larger than the debit amount.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    13 views3 pages

    Intac

    Uploaded by

    Denver Acenas
    The document discusses 3 key cost elements in process costing: raw materials, labor, and factory overhead. It provides an example cost breakdown for a product with raw material costs of PHP 100 for paper and PHP 50 for ink, labor costs of PHP 100 for a publisher, and factory overhead of PHP 50 for utilities expenses, totaling PHP 300 cost of goods manufactured. It also discusses petty cash funds for small expenditures not requiring checks, and notes that checks and other items readily convertible to cash within a year are considered current assets. It provides an example of an overdraft occurring when the credit amount in the cash in bank T-account is larger than the debit amount.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 3

    1st week

    Cost Accounting - we are the one who will create the product.

    THERE ARE 3 COST ELEMENTS


    1. Raw Materials
    2. Labor
    3. Factory Overhead.

    Pag ginawa ang tawag PROCESS COSTING.


    - Job order Costing = Cable, Lamesa, Kama
    - Process Costing = Ginagamit ng mga san miguel beer. Mga liquid or chemical
    company, zonrox or softdrinks

    Raw materials
    A. Papers = 100 PHP.
    B. Ink = 50 PHP.

    Labor
    A. Publisher = 100 PHP.

    Factory Overhead
    A. Utilities Expenses = 50 PHP.

    Total = 300 PHP (cost of goods manufactured) kapag merchandising (cost of sales)

    2nd week

    Petty cash fund – maliliit na bagay na binabayaran na no need to prepare the check.

    Check is also a cash. Cash is not limited to money. Bank draft or Manager’s check is
    also a cash as long as it is readily converted into cash.

    Kapag sa kompanya ininvest ang tawag dun dividend income or fund.

    Ang cash kahit postdated check ay okay lang basta in 1 year time.
    Basta readily converted in less than 1 year it is a current assets.

    Kapag nagkaroon ng banckruptcy, uunahin bayaran ang mga utang.


    Cash in Bank - 1,000,000
    Sales - 1,000,000

    Accounts Payable - 1,200,000


    Cash in Bank- 1,200,000

    T account credit of cash in bank is larger = overdraft.

    Pwede magkasundo pag nagkaroon ng overdraft. Estafa ang kaso. Penalty 5k. Ibabalik
    ang cheke.

    Compensating Balance

    Accounting cash for shortage – the one that is responsible is the petty cash or the cash
    fund

    Kulang ng 10,000
    Cash shortage 10,000
    Cash 10,000

    Due from cashier 10,000


    Cash shortage 10,000

    Cash 10,000
    Due from cashier 10,000

    Loss from cash shortage


    Cash Shortage

    Sumobra ng 10,000
    Cash
    Cash overage

    Office supplies Expense


    Utilities Expense
    Postage Expense
    Miscellaneous Expense
    Pettycash fund

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