The following statements refer to qualities of good information . Which TWO of the above statements are correct?

Which TWO of the above statements are correct?

(i) It should be communicated to the right person

(ii) It should always be completely accurate before it is used

(iii) It should be understandable by the recipient

The following budgets have been prepared for alternative levels of output

The following statements relate to management accounting and financial accounting

1.     Management accounting provides information to pp outside an organization to enable them to make decisions.

2.     Financial accounting provides information to facilities the production of annual accounts. 

Which of the following is/ are correct?

A particular cost is fixed in total for a period. What is the effect on the cost per unit of a reduction in activity of 50%?

The direct materials involved in the manufacture of a Whoopie cost $2 per unit and the Direct labour cost is $2.50 per unit. There are also direct expenses of $0.50 per Whoopie. Fixed costs apportioned to one Whoopie amount to $3.15. Calculate the prime cost of a Whoopie. What is the prime cost (total of direct cost) of a Whoopie?

The following data relate to the overhead expenditure of contract cleaners at two activity levels. What is the estimate of the overhead if 17,000 square metres are to be cleaned if the total fixed costs are expected to increase by $1,000 when the square metres cleaned exceed 16,000 m2?

Which of the following is the most useful for monitoring and controlling the costs incurred by a freight transport organisations?

Are the statements true or false? 1. If holding costs decrease the EOQ will decrease 2. If ordering costs increase the EOQ will decrease

What is the correct formula for calculating the maximum inventory control level Reorder quantity (ADD/DEDUCT) reorder level (ADD/DEDUCT) (minimum demand * minimum lead time)

Phil is paid $12 per hour for his first 40 hours per week, then time and a quarter for any excess. On average he works 44 hours per week during which time he completes 60 units. If Phil method of remuneration was charged to piecework, what rate would he have to be paid to match his current earrings for an average week?

In relation to recording inventory movements, which of the following items of information would be found on a bin card? 1. Quantity of goods received 2. Units of inventory held 3. Unit price 4. Inventory valuation

At 31 December 20x1 an organisation had 5,400 employees. During the year of 20x1, there were 750 left the organisation, although the management had decided that only 600 needed replacing and had recruited accordingly What was the labour turnover rate for the year to 31 December 20x1 (to 2 decimal places)?

The following information relates to the store ledger control account for a period: What is the double entry to record the issue of direct materials?

A company wishes to ensure that it never runs out of inventory. How is the reorder level calculated in order to achieve this?

Which of the following source documents should be used to update the issues of material on a stores record card?

ABC systems assign overheads to

Which stage of a product life is aimed by target costing?

Absorption costing will result in the same profit as marginal costing in which three of the following situations ?i.When inventory levels are constant

ii.When opening and closing inventory volumes are the same

iii. When no inventory is held as opening inventory and no inventory is held as closing inventory

iv.When opening inventory is greater than closing inventory

v.When closing inventory is greater than opening inventory

In a typical cost ledger, what is the double entry for indirect labour cost incurred?

Which of the following costs are fixed per unit, but change in total, as production level change?

Under which sampling method is the population divided into categories?

A firm has used linear regression analysis to establish the relationship between total cost and activity in units.What does the slope of regression line represent?

Overtime premium paid for direct worker in general overtime is classified as

Overheads related to only one cost centre should be ?

A business manager needs?

What is the 'lead time' in inventory control?

Excess raw material has been sent back to stores from production. Which of the following documents should be completed?

Prime cost is

Which ONE of the following is true regarding good information?

A pet food company incurred the following costs last year for each of its three different markets.Dog food: $1,345,000

Cat food: $2,300,000

Food supplements:$985,000

If a pie chart were used to represent the proportion of costs incurred by each area, what would be the angle of the section representing cat food?

Good information should have certain qualities. Which of the following are qualities of good information?(i) Understandable

(ii) Complete

(iii) Relevant

(iv) Accurate

What method of materials issue pricing is consistent with the inventory being issued in the same order it is received?

Data relating to one particular stores item are as follow:

    Average daily issues 70 units

    Maximum daily issues 90 units

    Minimum daily issues 50 units

    Lead time for the replenishment of stock 11 to 17 days

    Reorder quantity 2,000 units

    Reorder level 1,800 units

What is the maximum stock level (in units) for this stores item?

What is the correct description of the following graph? ( see the graph Q46) - cái câu có cái trụ tung hoành nói về output ( level of activity)

What are the total costs at an activity level of 18,000 units?

What is the budgeted total cost for an activity level of 15,000 units?

What is the total cost at an activity level of 10,000 units? ( THE HIGH LOW METHOD)

Using the PERIODIC weighted average cost method of valuing inventory, when is the unit price for an issue from the store calculated?

Which statement as follow is the best describe about overtime premium?

A company uses material X in its manufacturing process. The inventory for material X on 1 June was 500 units valued at $1.00 each. On 11 June 500 units were purchased or a total cost of $525. On 14 June 600 units were issued. The company uses FIFO method.

What is the double entry for the issue of material X?

Which statement about equivalent units is true?

Two documents relating to the acquisition and use of raw materials are listed below. When is each document used?

A business plan in life- cycle of a new product is?

In process costing, a joint product is:

Which of the following is the best describe of 'EOQ'?

What is the total cost per period of ordering and holding inventory?

Which of the following costs would NOT be the concern of the supervisor of a production department?

What is the fixed cost of running the agency?

What are by-products?

Which formula belows is used for 'Time work' wages calculation?

Which of the following formulas describe 'reorder level'?

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

What is the value of the closing inventory (to the nearest $) if the LIFO method is used to price materials?

A management control system (MCS) is:

Which of these statements is/are correct?

A cost which contains both fixed and variable components, and so is partly affected by changes in the level of activity is known as

A company makes one delivery per week to all of its customers. The cost of these delivers is

What is the minimum inventory control level for the new inventory item?

What is the budgeted total cost for an activity level of 21,000 units?

Which of the following is NOT a financial information ?

What will be the effect on the cost of materials issued if FIFO is used instead of LIFO in a period when prices have consistently risen? (inflation)

In relation to material inventory control, which TWO of the following are example of stockout costs?

What is the EOQ of the raw material?

What is by-product?

Which of the following is not a stockholding cost:

Which statement or statements is/are correct?

Over which of the following is the manager of a profit centre likely to have control?

What are joint products ?

Which line-up as follows is suitable for a product life cycle?

A manufacturing company has the following budgeted and actual results for the year: Budgeted fixed overhead expenditure: $504,000 Budgeted activity: 42,000 machine hours Actual fixed overhead expenditure:$515,000 Actual activity:45,000 machine hours What is the result of using the pre-determined fixed overhead rate for the year?

Here are three statements on the determination or overhead absorption rates: (1) Costs can be allocated where it is possible to identify the department that caused them (2) Costs need to be apportioned where they are shared by more than one department. (3) Service centre costs should not be included in unit overhead costs Which of these statements are correct?

   Consider the following incomplete statements:

1.     Assess the profitability of product and services 

2.      Provides a financial information systems of management

3.      Follows all accounting standards and company law

Which statement(s) is/ are describing aspects of costs and management accounting?

Which of the following source documents should be used to update the issues of material on a stores record card?

A company uses material X in its manufacturing process. The inventory for material X on 1 June was 500 units valued at $1.00 each. On 11 June 500 units were purchased for a total cost of $525. On 14 June 600 units were issued. The company uses FIFO methodWhat is the double entry for the issue of material X?

A retailer sells 25,000 units of a particular product and demand for the product is even throughout the year. The product costs $12 each from the supplier and the cost of placing an order of $20. The cost of holding one unit of inventory for one year is $4 and the economic order quantity is 500 units.

What is the total annual cost (including purchasing cost) of trading in this product?

What method of materials issue pricing is consistent with the inventory being issued in the same order it is received?

58. Excess raw material has been sent back to stores from production. Which of the following documents should be completed?

What is the “lead time” in inventory control ?

Which of the following is the best discribe of “EQQ?

67. Overheads related to more than one cost centre should be

68. Re- apportionment is a stage, in that

69. What is marginal cost?

70. What is marginal production cost

71. What is one of principles of marginal costing ?

Which costing as belows is a method applied where work is undertaken to customer’s special requirements and each order is of comparatively short duration?

. In a process account, how are abnormal gains valued?

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

The statement “a budget which is designed to remain unchanged regardless of the volume of output of sales achieved” is the term of?

The statement “a budget which, by recognising different cost behavior patterns,is designed to change as volumes of output change” is the term of ?

Budgets for the various functions and departments of an organisation are

A budget that consists of a budgeted statement of profit or loss, a budgeted statement of financial position and a cash budget is:

Which of the following are functional budgets

i. Purchasing budget

ii. Cash budget

iii. Sales budget

iv. Marketing cost budget

”A budgets allowance which is set without permitting the ultimate budget holder to have the opportunity to participate in the budgeting process” is the term of which following budget?

“A budget system in which all budget holders are given the opportunity to participate in setting their own budgets” is the term of which following budgetting system?

Which of the following correctly identifies the budgeting style used when the budget is set “from the bottom up”?

A company has an adverse material usage and plans to take action to eliminate this variance in the future monthsWhich of the followings changes is LEAST likely to reduce the adverse variance

The standard direct material cost for a product is $50 per unit (12.5kg at $4 per kg).Last month the actual amount paid for 45,600kg of material purchased and use was $173,280 and the direct material usage variance was $15,200 adverse.

What was the actual production last month ?

A firm that has two production cost centers (X and Y) uses absorption costing. The following information has been extracted from the budget:

A firm recorded a profit of $50,000 under absorption costing when inventory increased from 1,000 units at the start of the period. The fixed production overhead absorption rate for the period would be $12 per unit.What would be the profit for the period under marginal costing?

A firm recorded a profit of $50,000 under marginal costing when inventory increased from 1,000 units at the start of the period to 1,400 units at the end of the period.

Under absorption costing the fixed production overhead absorption rate for the period would be $12 per unit.

What would be the profit for the period under absorption costing?

Which of the following statements is correct in respect of a company using absorption costing?

Accounting for overheads: Budgeted fixed overheads for the period are $400,000 and the budgeted variable cost per unit is $10.00. Budgeted production is 80,000 units. Inventories will be 200 units higher at the end of the period than the beginning.

Which of following statements is correct?

. Which of the following describes the method of payment for labor known as “piecework”?

A company is reviewing actual performance to budget to see where there are differences. The following standard information for one unit is relevant:

Selling price: $50

Direct materials: $4

Direct labour: $16

Fixed production overheads: $5

Variable production overheads: $10

Fixed selling costs: $1

Variable selling cost: $1

Total costs” $37

Budgeted sales units: 3,000 units

Actual sales units: 3,500 units

What was the favourable sales volume variance using marginal costing?

All material is input at the start of the process whereas conversion occurs evenly through the process.

What is the value of closing WIP at 31 December, using the FIFO method of valuation?

A company produces a certain food item in a manufacturing process. On 1 November, there was no opening inventory of work in process. During November, 500 units of material were input to the process, with a cost of $9,000. Direct labour costs in November were $3,840. Production overhead is absorbed at the rate of 200% of direct labour costs. Closing inventory on 30 November consisted of 100 units which were 100% complete as to materials and 90% complete as to labour and overhead. There was no loss in process.

What is the full production cost of completed units during November?

A firm monitors labor turnover. At the beginning of the year staff numbers were 1,600. During the year 860 staff left and 260 of these were replaced. What is the labor turnover rate for the year?

A company faces an annual demand of 2,000 units. It costs the company $1000 for every order placed and $250 per unit of the product. It faces a holding cost of 10% of a unit cost annually. What is the economic order quantity?

Bowen has established the following with regard to fixed overheads for the past month:

Actual costs incurred: $132,400

Actual units produced: 5,000 units

Actual labour hours worked: 9,750 hours

Budgeted costs: $135,000

Budgeted units of production: 4,500 units

Budgeted labour hours: 9,000 hours

Overheads are absorbed on a labour hour basis.

What was the fixed overhead efficiency variance?

What is the final fee to be charged for Assignment 789?

What was the output valuation?

The following statement about the master budget is true or false? "The master budget is always prepared first before the operating budgets"

What would change in inventory during the period?

(1) A by-product is a product produced at the same time as other products which has a relatively low volume compared with the other products

(ii) Since a by-product is a saleable item it should be separately costed in the process account, and should absorb some of the process costs

(iii) Costs incurred prior to the point of separation are known as common or joint costs

Which of the following statements is/are correct?

. A company uses a standard absorption costing system. Last month budgeted production was 8,000 units and the standard fixed production overhead cost was $15 per unit. Actual production last month was 8,500 units and the actual fixed production overhead cost was $17 per unit.What was the total adverse fixed production overhead variance for last month?

The overhead costs in a factory, where a single product is manufactured comprise a variable element and stepped-fixed element. The variable cost element is $2.4 per direct labor hour. 0.9 direct labor hours are required per unit of the product. The fixed cost is $230,000 per period but is subject to an increase of $15,000 per period when output exceed 60,000 units.In period 2 the budgeted output was 58,000 units and the actual output was 62,500 units.

What was the fixed budget for factory overheads in period 2?

A company absorbs fixed production overheads in one of its departments on the basis of machine hours. There were 100,000 budgeted machine hours for the forthcoming period. The fixed production overhead absorption rate was $2.50 per machine hour. During the period, the following actual results were recorded:

- Standard machine hours: 120,000

- Fixed production overheads $300,000

What was the fixed production overhead under/over absorption amount?

Strategy is the aim or goal of an organization

Flexible budgets are normally prepared on an absorption cost basis.

If managers are involved in preparing a budget, poor attitudes or hostile behaviour towards the budgetary control system can begin at the planning stage. True or False?

The information available for a process for the month of December is as follows:

12,000 units (degree of completion: 40%)

Opening WIP Material cost $33,600

Conversion costs: $22,980

Materials added 48,000 units at a cost of $144,000

Conversion costs $307,500

Closing WIP 15,000 units (degree of completion: 60%)

All material is input at the start of the process whereas conversion occurs evenly through the process.

What is the value of closing WIP at 31 December, using the FIFO method of valuation?

What does an activity (production volume) ratio 105%?

The following information has been supplied in connection with an organisation’s labour and overhead budget:

What is the total amount of skilled labour hours required in the period?

The following statement describes a feature of marginal costing. Is it true or false? "There is scope of the manipulation of profit by building inventory"

. A company makes a product R9 with the following standard details for one unit

(1) Direct material

Material A 10 litres at $4.20 per litre

Material B 5 kg at $2.2 per kg

(1) Direct labor 2 hours at $5 per hour

(1) Budgeted variable overhead $3 per direct labor hour

Budgeted fixed overhead for the period are $36,000 and budgeted output is 9,000 units.

What is cost per unit?

A company uses process costing to value output. During the last month the following information was recorded:

Output: 2,800 kg valued at £7.50/kg

Normal loss: 300 kg which has a scrap value Actual loss: 200 kg of £3/kg

What was the value of the input?

The following budgeted information relates to a manufacturing company for next period:

Production: 14,000 units

Fixed production costs: $63,000

Sales: 12,000 units

Fixed selling costs: $12,000

The normal level of activity is 14,000 units per period.

Using absorption costing the profit for next period has been calculated as $36,000.

What would the profit for next period be using marginal costing?

A company uses standard costing and the standard variable overhead cost for a product is: 6 direct labour hours @ $10 per hour.

Last month when 3,900 units of the product were manufactured, the actual expenditure on variable overheads was $235,000 and actual labour hours were 24,050 hours,

Including 50 hours of non-productive time.

What was the variable overhead expenditure variance for last month?

The managers who set the budget or standards are often not the managers who are then made responsible for achieving budget targets. True or False?

The statement below is true or false? "A standard cost is a predetermined estimated unit cost, used for inventory valuation and control"

The following statement about service costing is true or false? "The absence of a physical product makes it difficult to determine cost centres"

A budget allowance which is set without permitting the ultimate budget holder to have the opportunity to participate in the budgeting process' is the term of which following budget?

Costs are up by 25% is an example of a quantitative performance measure. True or false?

A company uses standard costing and the standard variable overhead cost for a product is: 6 direct labour hours @ $10 per hour.

Last month when 3,900 units of the product were manufactured, the actual expenditure on variable overheads was $235,000 and actual labour hours were 24,050 hours, including 50 hours of non-productive time.

A company operates a standard absorption costing system. The standard fixed production overhead rate is $15 per hour. The following data relate to last month:

Actual hours worked: 5.500

Budgeted hours 5,000

Standard hours for actual production 4,800

What was the fixed production overhead capacity variance?

The standard direct material cost for a product is $50 per unit (12:5 kg at $4 per kg). Last month the actual amount paid for 45,600 kg of material purchased and used was $173,280 and the direct material usage variance was $15,200 adverse. What was the direct material price variance last month?

A company uses process costing to establish the cost per unit of its output. The following information was available for the last month: Input 10,000 units Output 9,850 units Opening stock 300 units, 100% complete for materials and 70% complete for conversion costs Closing stock 450 units, 100% complete for materials and 30% complete for conversion costs The company uses the weighted average method of valuing stock. What were the equivalent units for conversion costs?

A company uses standard costing and the standard variable overhead cost for a product is: 6 direct labour hours @ $10 per hour. Last month when 3,900 units of the product were manufactured, the actual expenditure on variable overheads was $235,000 and actual labour hours were 24,050 hours, Including 50 hours of non-productive time. What was the variable overhead expenditure variance for last month?

Taylor Co. absorbs overheads based on units produced. In one period, 23,000 units were produced, actual overheads were $276,000 and there was $46,000 under-absorption. From the data above, budgeted OAR was calculated as $12 per unit. Is this true or false? ( đ/á: 10)

A retailer sells 25,000 units of a particular product and demand for the product is even throughout the year. The product costs $12 each from the supplier and the cost of placing an order of $20. The cost of holding one unit of inventory for one year is $4 and the economic order quantity is 500 units. What is the total annual cost (including purchasing cost) of trading in this product?

Joint product A and B are output from a process. The joint costs are apportioned to each product are $12 per unit. Product B can be sold at the split-off point for $10 per unit or can be further processed, at an incremental cost of $2 per unit, to form Product B2 which can be sold for $13 per unit.

Which of the following is correct concerning product B?

An organization is preparing its sales budget for the year ended 31 December 201. It expects to sell 2000 units of product A per month. The current sale price is $500 per unit and this will increase by 10% in June. Demand for Product B is declining. First quarter sales are expected to be 4000 units in total and this will drop progressively by 1000 units per quarter for each of the next three quarters. The selling price will be constant at $300 per unit. Product C will be introduced in September. Sales are expected to be 500 units per month at a selling price of $100 per unit. What is the budgeted sales revenue for the year?

A company had a staff of 3,000 at the beginning of 20X7. During the year 340 new staff were recruited to replace employees who had left. At the end of the year the total number of staff was 2,200. What was the labor turnover rate for the year (to the nearest 1%)?