PRODUCTION COSTS
(Study Note 12)
(Study Note 12)
This term refers to the cost estimate of resources consumed in manufacturing and selling products
What are costs?
Products fully processed, assembled, meeting standards, and accepted into warehouse with quality documents
What are finished products?
The final financial result of business activity is one of these two outcomes
What are profit or loss?
The three types of reporting based on accounting types
What are statistical, operational-technical, and accounting reporting?
The Latin origin of "audit" and its meaning
What is "audit" – listens?
These two main divisions classify all organizational costs according to Belarusian accounting standards
What are costs by type of activity and other income and expenses?
The synthetic account that has no balance on the 1st day of the month after profit/loss is written off
What is account 90 "Income and expenses from current activities"?
This account summarizes information about the formation of the final financial result in the reporting year
What is account 99 "Profits and losses"?
The five key requirements for accounting statements (reliability, timeliness, comparability, accessibility, and this)
What is completeness?
The four fundamental principles of auditing activities in Belarus
What are independence, confidentiality, professional competence, and professional conduct?
Account 25 is used for these types of costs related to workshop maintenance and management
What are general production costs?
The four valuation methods for finished products in current accounting include actual cost, standard cost, sales prices, and this method
What is direct cost items (reduced cost)?
The formula that equals (financial result from activities) + (other income/expenses)
What is the final financial result (net profit or net loss)?
The annual reporting submission deadline in Belarus
What is before April 1 of the year following the reporting year?
The revenue threshold in base units that triggers mandatory audit (as of 2024)
What is 500,000 base units (20,000,000 rubles)?
The four methods for controlling raw material consumption include documentation, batch accounting, subsequent calculations, and this method
What is the direct method?
These products remain as work-in-progress and are NOT included in finished products
What are products that haven't completed all processing operations or are incomplete?
According to Belarusian law, this capital source cannot be less than the net asset value
What is the authorized capital?
Offsetting between assets/liabilities or profits/losses is generally this
What is not allowed (except where regulatory acts permit)?
The six stages of an audit in correct order
What are 1) Preparation, 2) Preliminary planning & strategy, 3) Contract conclusion, 4) Evidence collection, 5) Quality control, 6) Documentation & report?
These three types of expenses are included in overhead costs (losses from downtime, shortages, penalties)
What are non-production (unplanned) expenses?
The profit or loss at month-end is written off from subaccount 90.9 to this account
What is account 99 "Profit and loss"?
The transaction recorded when retained earnings are written off to accrue dividends to founders
What is D84 "Retained earnings" C75 "Settlements with founders"?
The reporting period in Belarus runs from this date to this date
What is January 1 to December 31 inclusive?
The three audit classifications by: performers, object of study, and this third criterion
What is obligation to conduct (initiative vs mandatory)?