Process Costing – Introduction - ACCA Management Accounting (MA)
YouTube video
27 Comments
S
Simeon·
Is this lecture still relevant if I am writing the paper this year
J
John MoffatTutor·
Yes - all of our lectures are up-to-date for the current syllabuses.
A
Abdulahi·
well done
H
Hiba·
is this material applicable for the exam after september 2023 , as there is an update on the process costing chapter after Sep 2023
please answer my question
H
Hiba·
i just saw that its updated but , the Weighted average and FIFO is still applicable or removed i'm a little confused ??
J
John MoffatTutor·
Our notes and lectures are always up-to-date for the current syllabus.
Process costing with work-in-progress has been removed from the syllabus (weighted average and FIFO both relate to work-in-progress).
(In future you should ask questions like this in the free Ask the Tutor Forum rather than as a comment on a lecture)
H
Hiba·
I do apologies for the inconvenience , i had no clue that there is a dedicated enquire form
thank you for your help and response
J
John MoffatTutor·
You are welcome :-)
A
Anjana·
Hello sir
I have read that we don't have process costing complete chapter in MA from September 2023 to April 2024.
Can you please clarify about this sir?
Thank you sir.
J
John MoffatTutor·
As is written in the current edition of our free lecture notes (and explained in our free lectures), process costing with work-in-progress has been removed from the syllabus. The rest of process costing remains examinable.
Our lecture notes and lectures are all up-to-date for the new syllabus.
A
Anjana·
Thank you very much sir. I was watching some videos of syllabus change in process costing chapter on YouTube. I was bit confused. Thank you for clarifying sir.
J
John MoffatTutor·
You are welcome :-)
O
Owais·
Hey sir,
wanted to confirm that is WIP, OWIP methods will no longer be tested right? Because i actually wasted quite alot of time on that stuff and yeah it was before i came across on this video.
J
John MoffatTutor·
For exams after September 20th 2023, work in progress is no longer examinable.
Our latest free lecture notes and lectures are all updated for the new syllabus.
J
John MoffatTutor·
Thank you for your comment :-)
A
Adeola·
Thanks for the lessons sir
J
John MoffatTutor·
You are welcome :-)
O
oscar·
i m loving it ...thanks
J
John MoffatTutor·
:-)
A
Anthony·
Thank you very much for this video. you are making ACCA looks easier and removing the fear in us.
J
John MoffatTutor·
Thank you for your comment :-)
A
aye thida tun·
Thank you so much, sir.
J
John MoffatTutor·
You are welcome :-)
K
Kyle·
Hi John,
I tried doing example 1 on my own before watching the lecture and did two separate versions - one with overheads and one without, as the text in the notes directly above the example shows you can calculate the CPU using marginal or absorption costing.
However, your answer appears to use only the absorption method and I am unsure what the reason for this is?
My first thought was that it may be because we are not told whether overheads are fixed or variable, and the default position with this lack of clarity would be to include overheads, but it would be great to have some clarification on this point.
Best,
J
John MoffatTutor·
In practice a company could use either marginal or absorption costing - it is up to them.
This simple introductory example is just to explain the basic idea. However in the exam all process questions with deal with all overheads in this way (which is assuming absorption costing or, of course assuming that all the overheads are variable).
S
Sadaf·
Where can I find lecture on debit and credit and entries if you can suggest any
J
John MoffatTutor·
If you mean the debit and credit entries with regard to process costing, then they are all explained in the lectures that follow from this one.
If you mean debit and credit (i.e. double entry) in general then this is examined in Paper FA (not Paper MA) and is explained in full in the free Paper FA lectures.
please answer my question
Process costing with work-in-progress has been removed from the syllabus (weighted average and FIFO both relate to work-in-progress).
(In future you should ask questions like this in the free Ask the Tutor Forum rather than as a comment on a lecture)
thank you for your help and response
I have read that we don't have process costing complete chapter in MA from September 2023 to April 2024.
Can you please clarify about this sir?
Thank you sir.
Our lecture notes and lectures are all up-to-date for the new syllabus.
wanted to confirm that is WIP, OWIP methods will no longer be tested right? Because i actually wasted quite alot of time on that stuff and yeah it was before i came across on this video.
Our latest free lecture notes and lectures are all updated for the new syllabus.
I tried doing example 1 on my own before watching the lecture and did two separate versions - one with overheads and one without, as the text in the notes directly above the example shows you can calculate the CPU using marginal or absorption costing.
However, your answer appears to use only the absorption method and I am unsure what the reason for this is?
My first thought was that it may be because we are not told whether overheads are fixed or variable, and the default position with this lack of clarity would be to include overheads, but it would be great to have some clarification on this point.
Best,
This simple introductory example is just to explain the basic idea. However in the exam all process questions with deal with all overheads in this way (which is assuming absorption costing or, of course assuming that all the overheads are variable).
If you mean debit and credit (i.e. double entry) in general then this is examined in Paper FA (not Paper MA) and is explained in full in the free Paper FA lectures.