ACC305 Past Questions 2015

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    campusflava
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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

     

    Time:                           3hrs

     

    Instruction:           Answer 4 questions, question one and two is compulsory

     

     

     

    1). Distinguish between Cost Accounting and Financial Accounting.

     

    (20 Marks)

     

    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?

    (20 Marks)

     

    3). Describe the organization of a purchasing department and explain the various procedures in the purchasing department.

    .  (15 Marks)

     

    4). Design

     

    • a materials requisition;
    • a purchase requisition. (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

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