Notes, summaries, assignments, exams, and problems for Vocational training

Present Simple and Present Continuous

Present Simple: Used for habits, routines, states, opinions, or feelings.

Present Continuous: Used for activities in progress, temporary activities or situations, and fixed plans and arrangements.

Future Tenses: Will and Be Going To

Will: Used for predictions based on personal opinions.

Be going to: Used for predictions with specific evidence, plans, and intentions.

Past Simple and Past Continuous

Past Continuous: (e.g., was living in 2002) Used for actions in progress at a specific time in the past, or actions in progress interrupted by another.

Past Simple: (e.g., he spoke at a conference in 2007) Used for completed past actions.

Used To

Used to: (e.g., they used to use oil lamps) Used for habits or states in the... Continue reading "English Verb Tenses and Grammar Rules: A Comprehensive Review" »

Imputation of Structure Costs

L'imputation Rationelle Method

One of the main disadvantages of full-cost systems is that the unit cost of the product depends not only on the productivity and cost of the applied resources but also on the activity level of the productive centers. The Imputation Rationelle method avoids the influence of this variance (between actual and normal activity level) in unit costs when using a full-cost system. The method modifies the department fixed costs to be assigned to products following these steps:

1. Activity rate calculation for each department and period of analysis (t): the actual activity level (Ar) divided by the normal activity level (An).
2. Actual fixed/structure cost for the period (F) is multiplied by the rate

Unit 7: Full Cost Systems

Introduction

This unit explores full cost systems, assuming that manufacturing processes consume resources to perform tasks. The costs of these resources are accumulated to determine the cost of the centers. Variations in this hypothesis lead to different systems:

1. Unnecessary Resource Consumption: Some resource consumption might be deemed unnecessary and accounted for as a period loss, not a production cost. This leads to distinctions between traditional and economical full costing.
2. Resource Cost vs. Accumulated Cost: The cost of resources used in production might differ from the cost accumulated in the units produced. This introduces systems with predetermined rates like normal costing, imputation rationelle, and standard

Material Transfer Valuation Criteria

When materials are transferred to the next department, the valuation criteria can be applied by considering each batch of products or by using an average unit cost. The primary methods are:

• Weighted Average Price Criteria (WAP)

  Assuming one batch: The batch includes units in process at the beginning of the period (later completed) and units that have been initiated (completed or not). The unit cost is a weighted average of the unit costs from the previous period and the unit costs of the present period.

• First-In, First-Out Criteria (FIFO)

  Assuming different batches: The first batch includes units in process at the beginning of the period (later completed). The second batch includes units initiated in this period

Unit 6: Costing and Production Systems

1. Production Systems

The two common cost accumulation systems are job order costing and process costing. The election to use one or the other of these systems depends primarily on the nature of the product and the manufacturing process by which it is created. Process production and job-order production are the extreme possibilities when considering the heterogeneity of products. The difference between order accounting and section accounting is the aim of the cost system, and the difference between process costing and job costing is the method to assign the cost to products.

1.1. Job Order Costing System

Job order costing suits the processes where it is necessary to assign costs to a specific amount of production... Continue reading "Costing and Production Systems: Job Order and Process Costing" »

Lack of Homogeneity of Costs Allocated to Sections

Activity-Based Costing (ABC) systems shift the focus from cost centers to activities, and from activities to cost drivers. An activity is defined as a group of operations or tasks necessary to produce its outputs. An activity should have variables that measure the units of output and performance. The concept of the center of analysis as a mere cost pool is replaced by the concept of activity, which requires the participation of several sections or departments to be completed.

A cost driver measures the output of an activity and is also the cost-assignment unit. It allows the assignment of the activity cost to a cost object as a function of the amount of the driver. Causality should be the criterion... Continue reading "Activity-Based Costing: A Comprehensive Approach" »

Cost Accounting (CA) vs. Activity-Based Costing (ABC): A Comparison

Input Analysis

• CA: Focuses on direct and indirect costs, with special attention to accumulation costs.
• ABC: Analyzes traceable and non-traceable costs, emphasizing hidden costs.

Allocation Analysis

• CA: Categorizes costs by function, based on delegation and accountability. Support-center costs are allocated to main centers. Activity units are selected based on correlation.
• ABC: Categorizes costs by activity (processes), focusing on value chain control. Support activities are minimized. Drivers are selected based on causality.

Cost Object Analysis

• Both CA and ABC analyze production and final costs, cost-volume-profit, product cost at different completion stages, and contribution to value.

Unit 4: Cost Allocation and Imputation Itinerary

1. Methodologies for Cost Location

1.1. Based on Functions and Departments

The location of costs, or the itinerary of imputation, aims to find the entity that originates the cost.

In accounting for the presence of indirect costs—which measure resource consumption that cannot be directly traced to the product—it is necessary to find a way of estimating the relationship between the volume of costs and the volume of production. The solution is to set an itinerary of imputation, with different stages represented by cost centers, determining the relationship between resource consumption in the center and the different costs. Costs could be directly allocated to sections or centers or indirectly, using... Continue reading "Cost Allocation and Imputation Itinerary" »

English Grammar and Vocabulary Essentials

Zero Article

• Plural, uncountable nouns and general: hours, days
• Before languages and meals

A

• Countable: To describe what something is

The

• Specific, known places
• Superlatives

Some/Any

• Some: Used in positive sentences, offers, and requests
• Any: Used in negative sentences and questions asking for information

Third Conditional

• If + subject + HAD (past perfect), subject + would have + past participle

Complex Dependent Sentences

• Lack meaning on their own

Compound-Complex Sentences

• An independent clause + subordination + dependent + comma + FANBOYS + independent
• I went to class, even though I was sleepy, and I learned a lot.

Subordinating Conjunctions

• After - después
• Although
• As - como, a medida que
• Because
• Before - antes
• If
• Once

Hotel Vocabulary

• Double room: habitación cama matrimonio
• Twin room: habitación 2 camas
• Single room: habitación individual
• Bath: bañera
• Shower: ducha
• Suitcase: maleta
• Luggage: equipaje
• Half board: media pensión
• Full board: pensión completa
• Key: llave
• Keycard: tarjeta llave
• Bill: factura
• Receipt: recibo
• Lift: ascensor (British)
• Elevator: ascensor (American)
• Car park: aparcamiento
• Restaurant: restaurante
• Lounge: salón recibidor
• Cocktail bar: bar de copas
• Fitness room: gimnasio
• Hairdryer: secador de pelo
• Air conditioning: aire acondicionado
• Safe: caja fuerte
• Conference facilities: sala de conferencias
• Swimming pool: piscina
• Night club: club de noche
• Sauna: sauna
• Business centre: centro de negocios
• Satellite TV: TV por satélite
• Multi-line phone: teléfono multilinea
• Computer