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By Roger Hussey (auth.)

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Explain, with examples, why differences arise between the profits in the financial and cost accounts in an interlocking system. 3. CD Ltd, a company engaged in the manufacture of specialist marine engines, operates an historic job cost accounting system wh ich is not integrated wi th the financial accounts . 48 Cost and Management Accounting At the beginning of May 1980 the opening balances in the Cost Ledger were : Stores ledger cont rol account Work in progress Control account Finished goods control account Cost ledger control account £ 85,400 167,350 49,250 302 ,000 During the month the following transactions took place : Materials : Purchases Issues - to production - to general maintenance - construction of manufacturing equipment Factory wages : Total gross wages paid £ 42,700 63,400 1,450 7,650 124,000 £12 ,500 of the above gross wages were incurred on the construction of manufacturing equipment, £35,750 were indirect wages and the balance were direct.

2 Premium bonus These schemes give a time allowance for a job and the time actually taken is compared with it. A bonus is paid to the workers on the time saved . The bonus is in addition to the normal daily rate , and therefore an incentive is offered to the workers for high achievement. Costing for Labour 31 As the daily rate will be paid even if the time taken exceeds the time allowed, protection is given on the minimum amount of pay the employee receives . 2 Recording and Costing The proper recording and payment of wages and control of labour costs are critical activities within a company.

A job card 32 Cost and Management Accounting therefore shows a number of different employees' times , reflect ing the passage of the job through a series of production proce sses. 3 Piecework tickets These tickets refer to each stage of manufacture , so each job has a number of piecework ticket s atta ched to it. This method increases the paperwork, but also permits the piecework tickets to be used promptly for wage calculation. 4 Wages Office Procedure A pay roll must be prepared giving det ails of every employee's pay.

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