PROCESS COSTING IN COST AND MANAGEMENT ACCOUNTING

This video explains process costing managerial approach in cost and management accounting in a student friendly approach. It explains how to calculate the abnormal loss, normal loss and abnormal gain in process account. The calculation of equivalent units of production will be considered in the next part.
To watch other lectures by me, kindly tap the links below:
• Cost Accounting ATS 11...
#processcosting
#processaccount
#managementaccounting
#costaccounting
#abnormalloss
#abnormalgain
#normalloss
#equivalentunits

[@idrisoladunjoye4966]

Wow! I’ve gained more knowledge about this particular topic. Thanks sir!
Thumb up for you, sire.

[@mosesrebecca3575]

You are the best of the best Sir, you made me understand many topics, thank you so much

[@Ezikan]

Glory be to God

[@christianaejiofor1054]

You simplified this topic and made it clear
You are doing well sir 😮

[@preciousmike8485]

Thank you very much sir... Well done

[@beckycitizenupdates]

Thank you so much sir this was so educational

[@aladeureal4238]

Appreciate you so much sir🙏

[@AzoboAtipogbireAugustina]

Watching from Ghana sir may God bless you😊

[@Ezikan]

Amen, thank you

[@SundufuTV]

my best accounting teacher

[@Ezikan]

Thank you

[@nathanieljoel5876]

Thank you so much sir...

[@Ezikan]

Glory be to God

[@a_caveman17]

This is so helpful. Thank you sir

[@theafricanchild.]

I understand you more than our lecturer😢

[@Delightcious]

Thank you sir, well understood

[@mbakablessing6840]

Thank you, I have been battling with this.

[@oseitutu1223]

Good work man❤

[@Ezikan]

Thanks 🔥

[@tichaonajochore8094]

clear and understandable

[@ibehchidinma5304]

Good evening sir...i appreaciate you alot,i pray my second attempt this year i am clearing them all positively to an advance class..a quick one please,from the question..Raw materials of (60,000)80,000..i was thinking ..when inputing you put theunit* cost,that is 60,000*80000..thats about 4.8m+..then the rest material just the figure,i watched a video before yours and it happened that the tutor mulplied the cost by rate...it shows he was wrong..i am still watching..God bless you a lot..

[@Ezikan]

If the price you are given is per unit or kg, you will need to multiply but if the cost is given for materials which is not per unit, you don't need to multiply it

[@peterotieno7950]

You've helped me alot.Thank you

[@HoppyEntertainment]

Pls sir do for contract costing

[@vidankansah6365]

Thank you sir🙏

[@AbdulhafeezOladipupo]

Thanks you very much sir but I will like to understand why you put normal loss, output and abnormal loss on the credit side? Is there like a concept behind it sir.

[@Ezikan]

Loss should take a debit entry in profit and loss and the credit entry in process

[@AbdulhafeezOladipupo]

Alright. Thanks sir

[@AbdulhafeezOladipupo]

One more question sir, in allocation of other Overhead, what if we are not given direct wages though I know it is not possible. What should we use to allocate it?

[@AbdulhafeezOladipupo]

And also why is it that the input we use to calculate the normal loss doesn't consider other material introduced, direct wages and overhead sir?

[@faithjeptoo2381]

Thanks

[@popoolalateefat1302]

Thanks very much for this sir,
But in a situation where we are not given output in the question and we are asked to compute process account, how do we get our output to compute that??

[@Ezikan]

It depends on the way the question is structured

[@iyeoluwaseun5050]

Please, can you upload a video of process costing using fifo and weighted average methods?

[@adeniyiamos170]

Thanks for this
Please can you take Interlocking and integrated account

[@Ezikan]

Noted

[@nwenews282]

Is it possible to anticipate normal gain ? Or we would be violating the prudence principle if doing so ?

[@Ezikan]

Anticipated profit should not be recognized

[@Mercylord]

Good day sir
Please, can you do a video on equivalent unit including losses and scrap 🙏

[@Ezikan]

Noted

[@Mercylord]

@@Ezikan thank you sir

[@JoramUganda-uh8ry]

Why did u choose direct wages to apportion other wages

[@Ezikan]

Most of the expenses incur in a labour intensive organization are direct wages.

[@owekablessing13]

Sir pls do u have a video on activity based system

[@Ezikan]

Yes

[@ndatoolombakambonde1078]

Prepare budget for actual activity

[@Ezikan]

Already have flexible budget

[@theafricanchild.]

I understand you more than our lecturer😢