A code is defined as “a system of symbols designed to be applied to a classified set of items to give a brief accurate reference facilitating entry, collation and analysis”.
Materials are coded for immediate identification. The coding may be in terms of sizes or models.
Purposes of Coding
• To avoid ambiguity in description
• To minimize length in description.
Principle of Coding
a) Certainty
b) Elasticity – flexibility
c) Brevity – brief
d) Memorization – easy and possible to remember and understand the code numbers.
e) Uniformity – equal length and same structure codes.
f) Exclusive – each item should have only one code and this code should not be used for any other item.
Wilfykil answered the question on April 17, 2019 at 06:20
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Name and explain types of Stores
Date posted:
April 17, 2019
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April 17, 2019
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Discuss Purchasing procedure as an aspect of material control
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April 17, 2019
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What does material Control mean in cost accounting?
Date posted:
April 17, 2019
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The production manager of Kemu ltd Company, is concerned abut the apparent fluctuation in efficiency and wants to determine how labour costs (in Sh.) are...
(Solved)
The production manager of Kemu ltd Company, is concerned abut the apparent fluctuation in efficiency and wants to determine how labour costs (in Sh.) are related to volume. The following data presents results of the 12 most recent weeks.
Required:
Estimate the cost function using:
a) The high low method
b) Regression analysis
Assume that the Company intends to produce 45 units, 34 units next period
Estimate the labour cost to be incurred.
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Date posted:
April 17, 2019
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Answers (1)
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Based on performance, you have been provided with the following information regarding ABC Ltd for the year ended 31 December 2004 :
(Solved)
Based on performance, you have been provided with the following information regarding ABC Ltd for the year ended 31 December 2004 :
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Develop a total cost function based on the above data using the high-low method.
Date posted:
April 17, 2019
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Answers (1)
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(Solved)
What are the advantages and disadvantages of cost estimation?
Date posted:
April 17, 2019
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(Solved)
Discuss the three types of overheads
Date posted:
April 17, 2019
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Kemu ltd manufacturing company provides to you the following information for the month of October 2014.
(Solved)
Kemu ltd manufacturing company provides to you the following information for the month of October 2014.
REQUIRED
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Date posted:
April 17, 2019
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Answers (1)
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Give the importance of cost classification
(Solved)
Give the importance of cost classification
Date posted:
April 17, 2019
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Answers (1)
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What is the role of Cost Accounting in business management?
Date posted:
April 17, 2019
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What is the role of a cost accounting department in an organization?
(Solved)
What is the role of a cost accounting department in an organization?
Date posted:
April 17, 2019
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Answers (1)
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The following information for the year ended December 31, 2005 is obtained from the books and records of a factory.
(Solved)
The following information for the year ended December 31, 2005 is obtained from the books and records of a factory.
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Date posted:
April 16, 2019
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(Solved)
As newly appointed cost accounting, you find that the selling price of job No. 5 has been calculated on the following basis:
You are required to:
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(a) Draw up a job cost sheet
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Date posted:
April 16, 2019
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Answers (1)
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The following information is available for job No. 202, which is being produced at the request of a customer.
(Solved)
The following information is available for job No. 202, which is being produced at the request of a customer.
Required:
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Date posted:
April 16, 2019
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Answers (1)
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The information given below has been taken from the cost records of a factory in respect of job no. 707.
(Solved)
The information given below has been taken from the cost records of a factory in respect of job no. 707.
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Date posted:
April 16, 2019
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Answers (1)
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(Solved)
Give the disadvantages of job order costing
Date posted:
April 16, 2019
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April 16, 2019
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(Solved)
What are the objectives of Job order costing?
Date posted:
April 16, 2019
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(Solved)
Define the term Job costing
Date posted:
April 16, 2019
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