Cost Accounting
(Study Note 12)
(Study Note 12)
What is the cost estimate of resources consumed by an organization in producing and selling goods, performing work, or providing services?
Costs
What is the term for products that are fully processed, assembled, and accepted into the warehouse with a quality document?
Finished products
How is profit from the sale of products calculated?
Revenue from sales minus production costs, taxes, fees, and deductions
Name one of the three types of reporting based on accounting types.
Statistical, operational-technical, or accounting reporting
What is the main purpose of an audit?
To provide objective, real, and accurate information about the audited entity
On which account are the costs of the main production accumulated?
Account 20 “Main production”
Which account is used to summarize income and expenses from current activities?
Account 90 “Income and expenses from current activities”
Which account records retained earnings or uncovered loss?
Account 84 “Retained earnings (uncovered loss)”
Is offsetting between asset and liability items allowed in accounting statements?
No, except where provided by regulatory acts of the Ministry of Finance
According to Belarusian law, what is the definition of an audit of accounting (financial) statements?
An audit service for independent assessment of financial statements to express an opinion on their reliability
What do the letters “GPC” stand for in production cost accounting?
General production costs
At the end of the month, where is the profit or loss from current activities written off?
To account 99 “Profit and loss”
What is the formula for the final financial result (net profit or net loss)?
Financial result from activities + other income (expenses)
By what date must annual accounting statements be submitted in Belarus?
Before April 1 of the year following the reporting year
Name at least two organizations required to undergo a mandatory audit annually in Belarus.
Joint-stock companies, banks, insurers, HTP residents, exchanges, etc. (any two)
Which account collects management expenses not directly related to the production process?
Account 26 “General economic expenses”
What type of costs include packaging, delivery to departure station, and commission fees to intermediaries?
Selling expenses (account 44)
If a company’s net assets fall below the authorized capital, what requirement must be met?
Authorized capital cannot be less than net asset value
What is the reporting period for annual accounting statements?
From January 1 to December 31 inclusive
What is the threshold revenue amount (in base units) for mandatory audit in Belarus for the previous reporting year?
Exceeds 500,000 base units (as of 31.12.2024 – 20,000,000 rubles)
Name at least three methods for controlling material consumption in production.
Documentation method, batch accounting method, method of subsequent calculations, direct method, indirect method (any three)
What is the main difference between finished products and work-in-progress (WIP)?
Finished products are fully processed and accepted into warehouse; WIP is incomplete or not yet delivered to warehouse.
When a participant leaves a business company, within how many months must the value of their share be paid?
Up to 12 months from the date of withdrawal application
Which organizations must have their annual accounts confirmed by an audit report?
Commercial banks, joint-stock banks, joint (foreign) banks
List at least four principles of auditing activities according to the Law of the Republic of Belarus.
Independence, confidentiality, professional competence, professional conduct