FNS50215 Diploma of Accounting Assignment Sample
Here’s the best sample of FNS50215 Diploma of Accounting Assignment, written by the expert.
Calculation of Flexible Budget:
| Flexible Manufacturing Overhead Budget | ||||
| Particulars | 80% | 100% | 120% | |
| 80,000 units | 100,000 units | 120000 units | ||
| Total | Total | Total | ||
| A)Fixed expenses | $ | $ | $ | |
| Manager Salaries | 6000 | 6000 | 6000 | |
| Machinery Insurance | 450 | 450 | 450 | |
| Depreciation on machinery | 3500 | 3500 | 3500 | |
| Depreciation on building | 1250 | 1250 | 1250 | |
| Factory Rent | 20000 | 20000 | 20000 | |
| Total Fixed Cost | 31200 | 31200 | 31200 | |
| B) semi-variable expenses | ||||
| Maintenance of machinery | 4000 | 5000 | 6000 | |
| Electricity | 2000 | 2500 | 3000 | |
| Total semi -variable cost | 6000 | 7500 | 9000 | |
| C)variable expenses | ||||
| Materials | 12000 | 15000 | 18000 | |
| Workers compensation Insurance | 1200 | 1500 | 1800 | |
| Total variable cost | 13200 | 16500 | 19800 | |
| Total cost of production (A+B+C) | 50400 | 55200 | 60000 | |
Question 2: In accounting for and controlling labour costs, what is the function of:
Function of the Time-keeping Department:
Time- keeping department is attentive with the recorded time of every labour for the reason of calculation of wages and attendance, when the workers reported in each department. The central functions of the Time -Keeping department are as bellow:
- To keep regularly, punctuality and discipline in the organisation
- For gathering the requirement of statutory (Goyal, 2015)
- Payroll preparation where the labours are remunerated on the basis of time
- The entrance and leaving time of workers has been recorded for making difference between overtime, normal time, early leaving and also late attendance (Lunt, 2014)
Function of Payroll Department:
Payroll Department determines that the salary or wages amount for the each employee of the company. This department pays salary of employees perfectly on time. The payroll department may be several or individual or two employees (Tulsian, 2014).
Payroll department refers to the procedure to the employees received their earnings. The function affects reconciling and balancing payroll data and also reporting and depositing taxes. The payroll department tend of deduction of salary, keeping documentation and also verifying the consistency of give information. Hence, the payroll department provides various kind of service such as deliver the payroll checks, records official procedure of new hires and maintains conformity with tax laws and editing the files of existing employees. Therefore, this department also liable for measuring bonuses, reimbursements, overtime and also vacation pay.
References
Tulsian, P.C. (2014). Financial Accounting. Usa: Sage
Goyal, V. K. (2015). Corporate accounting. Usa: Sage
Lunt, H. (2014). Fundamentals of Financial Accounting. Usa: Sage.
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