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I have just seen ACCA’s most recent Instagram post (Linking to the March ABMagazine) regarding chat GPT and AI in general.
I know as part of SBR we are supposed to read around the subject and understand current issues. Could this make up a question or even part of one? E.g. Lack of standards for AI generated work, AI model as intangible asset?
Or maybe even as it could come up as an ethics question similar to the distribute blockchain Question. Like referencing Professional Competency of accountant in understanding. Privacy and security of data, self interest or intimidation of trying to get a job/keep one, skepticism of dat.
What do we think? Anything big I’m missing?
Worth noting another reason I thought it could be a possibility is that the big AI news articles came out over 6 months ago now, so feels like it would be a good amount of time for a question to be written.
Jaya Sdn Bhd has three production departments called Sector A, B, C and two
service deparrments, which are Inspection and Maintenance. The budgeted costs for
the month are as follows:
Sector A Sector B Sector C Inspection Maintenance
RM RM RM RM RM
Direct
material &
labour
4,591 7,070 6,722 5,500 2,800
Indirect
material &
labour
1,960 2,595 2,760 1,860 1,200
Allocated
overhead 770 900 650 450 300
The budgeted overhead costs related to each department are as follows:
RM
Rental 5,600
Insurance on machine 1,500
Utilities 2,800
Depreciation on machine 9,000
Sector A and B are machine oriented, while Sector C is labour oriented. The process
of allocation, apportionment and re-apportionment of overheads between production
and service department are using the following basis:
Sector
A
Sector
B
Sector
C
Inspectio
n
Maintenance
Floor area (m²) 1,500 1,200 1,800 500 600
Machine value 56,000 60,000 4,000 – –
Machine hours 320 350 60 – 20
Direct labour hours 150 150 280 – –
Inspection
re-apportionment ratio 50% 30% 10% – 10%
Maintenance
re-apportionment ratio 50% 25% 25% – –
Required:
a. Prepare an overhead analysis sheet showing allocation, apportionment and
re-apportionment of overhead costs
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