KTQT1F3ACCA

1.      If an assembly line supervisor is paid a salary of $100 each week and an additional $0.10 for every unit of production made in the week, this wage could be described as

• A.    A semi- variable cost

• A.    A fixed cost

• A.    A variable cost

• A.    A step cost

What is the “lead time” in inventory control

• A.    The time between placing an order with a supplier, and the inventory becoming available for use

• A.    The time between placing an order with a supplier, and time purchasing department receiving inventory

• A.    The time inventory be used from maximum inventory level to minimum inventory level

• A.    The time inventory be used from production department making a request to purchasing department placing an order

1.      Which of the following is the best describe of “EOQ”

• A.    The economic order quantity (EOQ) is the order quantity which minimises inventory purchasing costs

• A.    The economic order quantity (EOQ) is the order quantity which minimises inventory ordering costs

• A.    The economic order quantity (EOQ) is the order quantity which minimises inventory holding costs

• A.    The economic order quantity (EOQ) is the order quantity which minimises inventory costs

1.      Which statement as follow is the best describe about overtime premium

• A.    Overtime premium is the whole of the payments for overtime hours

• A.    Overtime premium is the extra rate per hour which is paid, not the whole of the payment for overtime hours

• A.    Overtime premium is the basic rate which is paid for overtime hours

• A.    Overtime premium is the extra rate per hour which is paid for specific job

1.      Re-apportionment is a stage, in that:

• A.    Overhead is allocated to one cost centre

• A.    Overhead is shared to more than one cost centre

•   Overhead is shared from service centres to production centres

• A.    Overhead is shared from production centres to service centres

1.      What is one of principles of marginal costing?

• A.    Period fixed costs are the same, for any volume of sales and production

• A.    Period variable costs are the same, for any volume of sales and production

• A.    Fixed costs are not the same at different levels of activity

• A.    Variable costs per unit are not the same at different levels of activity

1.      In a process account, how are abnormal gain valued?

• A.    At their scrap value

• A.    The same as goods production

• A.    At the costs of raw materials

• A.    The same as normal losses

1.      ABC system assign overheads to:

• A.    Each major activity

• A.    Each function

• A.    Each department

• A.    Each cost centre

1.      Which stage of a product life is aimed at target costing

• A.    Development and design stage

• A.    Introduction stage

• A.    Growth stage

• A.    Maturity stage

1.      The statement “A plan of what the organisation is aiming to achieve and what it has as a target whereas a forecast is an estimate of what is likely to occur in the future” is the term of?

• A.    Budget

• A.    Fixed budget

• A.    Flexed budget

• A.    Flexible budget