Process Costing Cost Accounting : Study Notes, Problems Solutions, Question Answers

Study Notes

  1. Process Costing - Characteristics, Features, Application in Industry
  2. Process Costing - Elements/Components of Cost, Recording/Accounting Methodology
  3. Process Costing - Collection of information, Cost ledgers, integrated accounting
  4. Process Account - Input, Output, Cost of Production
  5. Normal/Abnormal Loss - Valuation
  6. Normal Loss - Accounting Treatment
  7. Process Account - Normal Loss - Illustration
  8. Abnormal Loss - Accounting Treatment
  9. Process Account - Normal/Abnormal Loss - Illustration
  10. Abnormal Gain - Valuation and Accounting Treatment
  11. Process Account - Abnormal Gain - Illustration
  12. Closing Stock in Process Account - Raw Material, Finished Goods, Work in Progress
  13. Closing Stock of Raw Material in Process Account
  14. Stock of Raw Material in Process Account - Illustration
  15. Closing Stock of Finished Goods/Stock in Process Account
  16. Closing Stock of Finished Goods/Stock in Process Account - Illustration
  17. Inter Process Profits and Closing stock of Finished Goods
  18. Closing Stock of Work-in-Progress in Process Account
  19. Statement of Equivalent Production, Statement of Cost, Statement of Evaluation
  20. Only closing Stock of Work-in-Progress in Process Account - illustration
  21. Weighted Average, FIFO methods for valuation of work-in-progress in Process Accounts
  22. Both opening and closing Stocks of Work-in-Progress in Process Account - illustration
  23. Only opening Stock of Work-in-Progress in Process Account - illustration

Problems Solutions

  1. Simple Process Accounts
  2. Simple Process Accounts involving Overhead Distribution
  3. Normal Loss - Wastage, Scrap - Cost Sheet
  4. Part Production sold - Income Statement, Cost Sheet
  5. Reverse Calculations - Finding input, Wastage Percentage
  6. Normal Abnormal Losses - Process Accounts
  7. Normal Losses and Abnormal Gains - Process Accounts
  8. Normal Loss, Abnormal Loss, Abnormal Gain - Process Accounts, Income Statement
  9. Stocks at Raw Material Stage and Normal losses
  10. Stocks at Finished Goods Stage and Normal losses
  11. Inter Process Profits only closing Finished Goods
  12. Inter Process Profits both opening and closing Finished Goods