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NEW QUESTION 39
Refer to the Exhibit.
A company operates an absorption costing system. The management accounts show that fixed production overheads were over-absorbed in the period.
Which FOUR combinations could possibly have resulted in this situation?
- A. Combination H
- B. Combination A
- C. Combination F
- D. Combination E
- E. Combination B
- F. Combination D
- G. Combination C
- H. Combination G
Answer: C,D,F,G
NEW QUESTION 40
Refer to the exhibit.
BBB has drawn up the following flexed budgets for the year:
What would be the total budgeted costs at the 80% level of activity?
- A. $355,080
- B. $350,636
- C. $372,223
- D. $360,794
Answer: A
NEW QUESTION 41
The unit data for a product are:
(a) selling price £12
(b) variable cost £6.
If selling prices are reduced by 10% and variable costs are increased by 12.5%, which of the following is the revised profit/volume ratio?
- A. 0.5
- B. 0.375
- C. 0.4875
- D. 0.542
Answer: B
NEW QUESTION 42
A company uses an integrated accounting system.
The accounting entries for an issue of indirect materials to production would be:
- A. Debit: Finished goods control account Credit: Raw material control account
- B. Debit: Raw material control account Credit: Work in progress control account
- C. Debit: Work in progress control account Credit: Raw material control account
- D. Debit: Production overhead control accountCredit: Raw material control account
Answer: D
NEW QUESTION 43
Refer to the exhibit.
Data for October's budget for product Quest for the month of October are given below:
Each unit of Quest requires 6kg of raw materials. Strict quality control procedures are applied to the manufacturing process and normal rejection levels are 5% of finished units.
The raw materials purchases budget for the month of October is:
- A. 2,134,737 kg
- B. 2,136,000 kg
- C. 2,130,600 kg
- D. 2,129,400 kg
Answer: B
NEW QUESTION 44
A company has two production departments and two service departments (Maintenance and Stores). The overhead costs of each of the departments are as follows.
The following equations represent the reapportionment of each of the service department overheads to the other.
M = 4,700 + 0.1S
S = 5,800 + 0.2M
Where M = total Maintenance overhead after reapportionment from Stores
S = total Stores overhead after reapportionment from Maintenance
60% of the total Maintenance overhead and 50% of the total Stores overhead are to be apportioned to Production Department 1.
The total production overhead for Production Department 1 after reapportionment of the service departments' overhead costs is closest to:
- A. $71,672
- B. $70,720
- C. $75,500
- D. $71,821
Answer: B
NEW QUESTION 45
Which of the following statements is correct?
i. sector bodies use budgetary planning and control systems
ii. costing cannot be used by public sector bodies because they have no measurable output iii. in public sector bodies tend to focus on cost management therefore they have no need for non-financial information
- A. (i) and (ii) only
- B. (ii) and (iii) only
- C. (i) and (iii) only
- D. (i) only
Answer: D
NEW QUESTION 46
Refer to the exhibit.
The following budgetary information is available for a manufacturing company:
A particular cost unit takes 4 machine hours in the machining department and 3 labour hours in each of the assembly and finishing departments.
The overhead cost absorbed per unit is:
Give your answer to 2 decimal places.
Answer:
Explanation:
£18.37
NEW QUESTION 47
Refer to the exhibit.
An extract from the budget for GS is given below:
* The net profit is after charging depreciation for the year of $26,000.
* Receivables are expected to rise by $4,000 in the year.
* Payables and inventories are both expected to fall by $5,000 in the year.
What is the company's budgeted cash holding at the end of the year?
- A. $73,000
- B. $65,000
- C. $39,000
- D. $70,000
Answer: B
NEW QUESTION 48
Refer to the exhibit.
Which is the correct journal entry required to record an adverse labour rate variance in an integrated accounting system?
The correct journal entry required to record an adverse labour rate variance in an integrated accounting system is:
- A. D
- B. B
- C. A
- D. C
Answer: C
NEW QUESTION 49
Data for the latest period for a company which makes and sells a single product are as follows:
There were no budgeted or actual changes in inventories during the period.
The sales volume contribution variance for the period was:
- A. $9,267 adverse.
- B. $16,000 adverse.
- C. $5,666 adverse.
- D. $6,220 adverse.
Answer: C
NEW QUESTION 50
In an integrated accounting system, the accounting entries for over absorption of production overheads would be.
- A. Debit: Finished goods control accountCredit: Production overhead control account
- B. Debit: Finished Goods control accountCredit: Income statement
- C. Debit: Income statementCredit: Work in progress control account
- D. Debit: Production overhead control accountCredit: Income statement
Answer: D
NEW QUESTION 51
Which of the following statements relating to risk and uncertainty is correct?
- A. Uncertainty exists when we know all of the possible outcomes and their probabilities.
- B. Risk exists when we do not know all of the possible outcomes.
- C. Risk exists when we know all of the possible outcomes but not their probabilities.
- D. Uncertainty exists when we know all of the possible outcomes but not their probabilities.
Answer: B
NEW QUESTION 52
Refer to the exhibit.
Budgeted data for the manufacture of Product X is given below:
Each unit of Product X requires 6 labor hours. It is expected that idle time will account for 5% of labor hours.
Products are quality checked and normal rejection rate is 10% of completed units.
The budgeted direct labor hours required for Product X is:
Answer:
Explanation:
252629
NEW QUESTION 53
The Chartered Institute of Management Accounting's definition of management accounting outlines four responsibilities of the accountant in terms of the value for the stakeholders. The management accountant should aim to have which of the following effects according to CIMA?
- A. Damage value for the stakeholder
- B. Protect value for the stakeholder
- C. Increase value for the stakeholder
- D. Decrease value for the stakeholder
- E. Create value for the stakeholder
- F. Preserve value for the stakeholder
Answer: B,C,E,F
NEW QUESTION 54
Which one of the global principles of management accounting should be tailored to the knowledge of the decision maker?
- A. Information
- B. Trust
- C. Impact
- D. Communication
Answer: A
NEW QUESTION 55
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