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NATIONAL OPEN UNIVERSITY OF NIGERIA 14-16
AHMADU BELLO WAY, VICTORIA ISLAND LAGOS SCHOOL OF MANAGEMENT SCIENCES MARCH/APRIL 2015 EXAMINATION
Course Title: Cost Accounting
Course Code: ACC305
Instruction: Answer 4 questions, question one and two is compulsory
1). Distinguish between Cost Accounting and Financial Accounting.
2). What do you understand by the term “Integrated accounting” and what advantages does it present compared to other systems of cost and financial accounting?
3). Describe the organization of a purchasing department and explain the various procedures in the purchasing department.
. (15 Marks)
5).i. Use the following figures to calculate each of the levels of:
a) Reorder level
b) Minimum stock level
c) Maximum stock level
d) Average stock level
|Normal usage||60 per week|
|Minimum Usage||20 per week|
|Maximum usage||100 per week|
|Recorder period||3 -7 weeks|
|Recorder quantity||400 per week|
6. Discuss the difference between FIFO and LIFO