Cost Accounting Question

Cost Accounting Question One: How are salaries and contracts for professional services handled in Encumbrance Accounting systems? Why would understanding this concept be beneficial to the school principal?
The answer to cost accounting question one is that the full encumbrance accounting system is an important system which allows the control of the budget in the government and also the public services sector in order to enhance the service delivery to the general public as a whole. Encumbrance system which works by creating the impediment from the purchase order, requisitions and other major and minor transactions which usually originates from the feeder system including the payables and the purchase orders and therefore enabling a budgetary control system (Srivastava, 2013). Writers who offer coursework help at Edudorm essay writing service notes that understanding this concept would impact heavily in the running of the schools by the school principals since the amount of funds that the school uses is much like that of the government in terms of amounts to be applied? The encumbrance system would save the school a fortune from having a reliable and an accurate figure of how much it need in spending.
Cost Accounting Question Two: What are the benefits of Cost Accounting? How would you attribute the costs of a Guidance Counselor to the various programs within the school center?
The answer to cost accounting question two is that the benefits of cost accounting are wide in range and also in application. Cost accounting enhances the measurement and also its improvement which is usually done by the comparing and also analyzing the differences and also the similarities. Cost accounting also helps in determining which departments or services delivered are advantageous in terms of profitability and which are bringing losses to the company or to the school (Srivastava, 2013). Experts who allow students to buy coursework online at Edudorm essay writing service indicates that guidance counselor in the school facility is an advantageous and a profitable body since the high number of students who are bright but require counseling on certain areas will remain as bright and therefore creating a good reputation.
Cost Accounting Question Three: Explain the difference between the different types of Audits. What type of Audit would be completed to monitor the following
- Internal accounts
- FTE funds
- Federal funds (i.e. IDEA grants)
The internal accounts are those which exist fully within the company or a facility and which mainly serve the purpose of funds transfer from department to department. Authors who do my coursework at Edudorm essay writing service points that the FTE funds are the funds which are provided by the state to various public schools as a way of supporting the students in the learning. The federal funds are the funds borrowed overnight by the banks and other money lending entities to maintain a figure among them.
Cost Accounting Question Four: Summarize the Principles underlying the accounting for School Internal Funds.
The answer to cost accounting question four is that the underlying principles of accounts for the school internal funds is the usage of funds in an appropriate manner and also using profitable activities and bodies within the school in order to enhance the school reputation and smooth running of its programs as a whole (Srivastava, 2013).
Cost Accounting Question Five: The General Practices section outlines common sense procedures regarding the handling of Internal Funds. Identify the major focus of these principles.
The answer to cost accounting question five is that the internal funds should be used generally in the school projects and also in determining the cost of each project. Therefore, certain procedures are used in order to reduce the misuse of funds and thereby increasing on advantageous activities all round (Granof and Khumawala, 2016). Tutors who offer custom coursework writing help at Edudorm essay writing service acknowledges that the principles mainly follow to increase the awareness that the funds must be used solely in making the school and the organization as whole run effectively and efficiently and in the process eliminating the misuse of funds for unnecessary work.
Cost Accounting Question Six: Explain the purpose of the requirements under Check Signatures
The answer to cost accounting question six is that the check signature requirements are used widely in reducing the misuse of the check which once stamped by the organizations signature, it can no longer be used for other purposes in any way. The signature is only used while depositing only and therefore fulfilling its major purpose of increasing the risk of loss of funds (Srivastava, 2013).
Using the concepts presented under the Cash Collections and Deposits section, write a summary of procedures you would present to the teachers in your school regarding collecting cash from students in their classes.
The answer to cost accounting question seven is that always using a certain ledger that can handle the deposits and collections is an effective way. The cash requires to be entered in a records book and therefore reducing the loss of memory on who collected and who deposited. The collection point must be clear at all times and in separable duties from other activities.
Using the concepts presented under the Classes, Clubs, and Departments section, write a summary you could provide to club sponsors regarding fund raising activities
The answer to this cost accounting question is that the fund raising activities needs to be clear and also done at specific times to reduce the ineffective acts of running other students and the general public dry of the cash (Granof and Khumawala, 2016). Mentors who write my coursework at Edudorm essay writing service recognizes that having a specific plan on how to run the activity helps eliminate the doubt of being implicated a money needing individual.
Give an example of an inappropriate expenditure for each of the items under the Restricted Expenditures section. Under the Fund Raising section, write a statement explaining to your PTA the restrictions regarding their proposed fund raising activities.
The answer to this cost accounting question is that restricted expenditures such as the insurance activities in schools are expensive to handle and also in application (Srivastava, 2013). The school PTA needs to understand that the activity is restricted to the school only and no students or teachers are allowed to run the activity.
References
Granof, M. H., & Khumawala, S. B. (2016). Government and not-for-profit accounting: Concepts and practices.
National, A. A. R. A. (2014). Code of federal regulations title 31, money and finance, parts 500-end, 2014. Place of publication not identified: Claitors Publishing.
Srivastava, A. (2013). Electronic signatures for B2B contracts: Evidence from Australia. India: Springer.