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ACCA financial assessment

Management
Accounting
JUNE 2011

QUESTION PAPER
Time allowed 2 hours
All 50 questions are compulsory and must be attempted
Formulae Sheet is on page 3

Do not open this paper until instructed by the supervisor
This question paper must not be removed from the
examination hall

Kaplan Publishing/Kaplan Financial

Paper F2

ACCA FINAL ASSESSMENT


ACCA F2 MANAGEMENT ACCOUNTING


© Kaplan Financial Limited, 2010
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any information storage and retrieval system, without prior permission from Kaplan
Publishing.

2

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FINAL ASSESSMENT QUESTIONS

Formulae Sheet
Linear regression

r=

n ∑ xy - ∑ x ∑ y
[n ∑ x 2 - ( ∑ x) 2 ] [n ∑ y 2 - ( ∑ y) 2 ]

If y = a + bx,

b=

n ∑ xy - ∑ x ∑ y
2

n ∑ x - ( ∑ x)

2



and a =

∑y
∑x
-b
n
n

Economic order quantity

Economic order quantity =

Economic batch quantity =

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2C O D
CH

2C O D
⎛ D⎞
C H ⎜ 1- ⎟
⎝ R⎠

3


ACCA F2 MANAGEMENT ACCOUNTING

All 50 questions are compulsory and must be attempted
1

A Ltd manufactures a single product which it sells for $9 per unit. Fixed costs are
$54,000 per month and the product has a variable cost of $6 per unit.
In Period 1, actual sales amounted to $180,000. What was A Ltd’s margin of safety?

units

2

(2 marks)

The following details are available for a company:
Budget labour hours

8,500

Budgeted overheads

$148,750

Actual labour hours

7,928

Actual overheads

$146,200

Based on the data given above, what is the amount of overhead under/over
absorbed?

3

A

$2,550 under-absorbed

B

$2,529 over-absorbed

C

$2,550 over-absorbed

D

$7,460 under-absorbed

(2 marks)

Over the last two months the following production costs were incurred by
Department Z:

May
June

Level of
activity

Production
cost

5,269 units
4,821 units

$36,614
$33,926

In July budgeted production was 2,560 units. The budgeted production cost would be:

4

A

$20,360

B

$15,740

C

$18,880

D

$14,552

(2 marks)

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FINAL ASSESSMENT QUESTIONS

4

The annual demand for an item produced by Fish Ltd is 10,000 units. The cost of
placing an order is $320 and the cost of holding an item in stock for one year is $60.
What is the economic order quantity to the nearest unit?
A

325

B

330

C

327

D

337

(2 marks)

The following information is to be used for questions 5 and 6.
During the month of June a manufacturing process incurs material costs of $8,000 and
conversion costs of $4,500. 2,000 kg of material was input. There is a normal loss of 10% and
all losses have a scrap value of $1.75 per kg. During the period 1,700 kg were output to
finished goods. Opening and closing stocks in the process were nil.

5

What was the cost per kg output in the period?

$

6

(2 marks)

What was the value of the abnormal loss written off in the profit and loss account?

$

7

(2 marks)

The following information is available about a product a company sells:
Direct material (per unit)

$12

Direct labour (per unit)

$23

Variable overheads (total)

$30,000

Fixed overheads (total)

$50,000

Production (units)

10,000

What is the prime cost per unit?
A

$15

B

$38

C

$43

D

$35

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(2 marks)

5


ACCA F2 MANAGEMENT ACCOUNTING

8

A company has recorded the following results:

Units
Production costs

March

April

May

2,800
$29,200

3,000
$30,000

2,700
$28,800

In June, the budgeted output is 3,250 units. The budgeted production costs should be:

9

A

$13,000

B

$31,000

C

$31,250

D

$32,500

(2 marks)

A company uses process costing in calculating output cost. The following details are
available for a particular department in June 20X2. All materials are added at the
start of the process.
Opening work in progress

Nil units

Units started

10,000 units

Closing work in progress

1,000 units
100% complete for materials
75% complete for conversion

Normal loss
Units completed

200 units
8,000 units

If all losses occur at the start of the process, then how many equivalent units should
be included for materials?

6

A

7,750

B

8,750

C

8,800

D

9,800

(2 marks)

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FINAL ASSESSMENT QUESTIONS

10

A company makes three products as follows:
Chairs

Tables

Cupboards

Wood @ $5 per m
Labour @ $6 per hour
Fixed costs absorbed
Profit

$20
$12
$10
$4

$40
$24
$20
$6

$60
$48
$40
$10

Selling price

$46

$90

$158

2

Maximum demand for each product is 1,000 units, however supplies of wood are
limited to 30,000 m2 and the labour force will only work 6,000 hours.
To maximise its profits, the company should produce:

11

A

1,000 chairs

B

1,000 chairs and 1,000 tables

C

1,000 cupboards

D

333 chairs, 333 tables, 333 cupboards

(2 marks)

A company uses a predetermined overhead absorption rate based on machine
hours. The budgeted factory overhead for one year was $68,000, but the actual
overhead incurred was $72,000. In the period, 17,500 machine hours were worked
and overheads were over-absorbed by $2,375.
The budgeted level of machine hours was:

12

A

16,530

B

16,000

C

17,090

D

16,520

(2 marks)

If ∑x = 440, ∑y = 330, ∑x2 = 17,986, ∑y2 = 10,366, ∑xy =13,467 and n = 11.
The value of r, the co-efficient of correlation, to two decimal places, is:

(2 marks)

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7


ACCA F2 MANAGEMENT ACCOUNTING

13

A product requires 3 kilos of raw material per unit. The standard cost of each kilo is
$2. During the last period, 5,000 units were produced, 16,000 kilos were purchased
and used costing a total of $30,400.
The materials price and usage variances were:

14

Price

Usage

A

$1,600 F

$2,000 A

B

$1,600 A

$2,000 F

C

$65,600 F

$84,000 A

D

$65,500 A

$84,000 F

(2 marks)

When accounting for the outputs of a chemical manufacturing process, costs
incurred in the process are shared between the main product and its by-products.
The above statement is:

15

A

True

B

False

(1 mark)

Jones Inc is considering undertaking a project requiring 350 skilled labour hours.
Jones Inc have a workforce of 25 skilled workers who are currently not fully
employed. They are on annual contracts and the number of spare hours currently
available for this project is 275. Any hours in excess of this will have to be paid at
time and a quarter. The normal hourly rate is $25.
The relevant cost of skilled labour in the contract is:

16

8

A

$1,875.00

B

$2,343.75

C

$8,593.75

D

$8,750.00

(2 marks)

Depreciation of equipment is usually classified in the cost accounts as a:
A

production overhead

B

administration overhead

C

direct expense

D

selling overhead

(2 marks)

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FINAL ASSESSMENT QUESTIONS

17

Study the breakeven chart below:
$000s

1,000

800

600

400

200
10

20

30

40

50

60

Activity budget
(units)

At the breakeven point, fixed and variable costs are approximately:

18

A

Fixed costs $500,000, variable costs $750,000

B

Fixed costs $750,000, variable costs $250,000

C

Fixed costs $500,000, variable costs $250,000

D

Fixed costs $150,000, variable costs $500,000

(2 marks)

A company manufacturing a single product has the following costs at two different
activity levels:
Activity level (units)
Total costs ($)

15,000
94,500

25,000
151,500

Variable costs are constant at all activity levels, but fixed costs increase by $2,000
every 10,000 units.
What are the fixed costs at an activity level of 5,000 units?

$

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(2 marks)

9


ACCA F2 MANAGEMENT ACCOUNTING

19

Overheads for maintenance department S1 are apportioned 45%, 40% and 15%
among the manufacturing departments M1, M2 and M3.
What will be the overhead apportioned to M2 if the service department’s overheads
total $74,425?

20

21

A

$11,163

B

$29,770

C

$33,491

D

$44,655

(2 marks)

A company is trying to decide whether to sell or keep a machine which was
purchased four years ago. Which of the following should be ignored in making the
decision?
(1)

The written down value of the machine

(2)

The sale proceeds

(3)

The original cost of the machine

A

(1) and (2)

B

(1) and (3)

C

None of the above

(1 mark)

150 hours of skilled labour are needed for a contract. There is no idle time at the
moment and the workers would have to be taken off production of a different
product in order to work on the contract. The details of the other product are shown
below.
per unit
Selling price
Direct materials
Direct labour
Variable overheads
Fixed overheads

$100
$12
2.5 hours @ $20/hour
$15
$17

The skilled workers’ pay rate would not change, regardless of which product they
worked on.
The relevant cost of the skilled labour on the contract is:

10

A

$10,950

B

$4,380

C

$3,900

D

$1,380

(2 marks)

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FINAL ASSESSMENT QUESTIONS

22

When more than one limiting factor (apart from sales demand) constrains the
activities of an organisation, the optimal production plan can be found by ranking
products in order of contribution per unit of limiting factor.
This statement is:

23

A

True

B

False

(1 mark)

The following data relate to a product manufactured by White Rabbit Inc for the last
year:
Actual sales
Budgeted output and sales for the year
Standard selling price
Budgeted profit per unit
Budgeted contribution per unit

2,000 units at $450 each
1,750
$475
$125
$175

The sales volume variance under marginal costing is:

24

A

$31,250 (F)

B

$31,250 (A)

C

$43,750 (F)

D

$50,000 (F)

(2 marks)

Workwear Inc supplies shirts embroidered with the customer’s logo to a number of
large companies. The following information has been estimated for a typical batch
of 100 of the most popular cotton shirt:
Design of logo
Setting up of embroidery machine
Shirts
Thread and consumables
Embroiderer’s wages

$50
2 hours @ $25 per hour
$130 for 50
$20
5 hours @ $11 per hour

The marginal cost of sales for a batch of 200 shirts is:
A

$750

B

$770

C

$820

D

$870

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(2 marks)

11


ACCA F2 MANAGEMENT ACCOUNTING

25 Which of the following is most likely to be used as a cost unit for a hospital ward?

26

A

Meals served

B

Patient days

C

Operations undertaken

(1 mark)

A paint company has recorded the following information for a process for the last
month:
$
Raw materials (350 litres)
Labour and overheads
Actual output

4,250
2,495
325 litres

Normal output is expected to be 95 litres for every 100 litres of raw material.
What is the average cost per unit of completed output?

$

27

28

12

(2 marks)

A continuous budget is:
A

the budget for the factor which limits the activities of the organisation and on
which other budgets are based

B

a budget which is designed to change as the volume of activity changes

C

a budget which is updated regularly by adding a further accounting period when
the first accounting period expires
(1 mark)

Which of the following statements are true?
(1)

The sales volume variance will be higher in marginal costing than in absorption
costing.

(2)

There is no fixed overhead volume variance in marginal costing

(3)

An adverse materials price variance means that the actual cost of the material
was more than the standard cost

A

(1) and (2)

B

(1) and (3)

C

(2) and (3)

D

All three statements are correct

(2 marks)

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FINAL ASSESSMENT QUESTIONS

29

A company makes three products, Red, Green and Yellow. The following data are
available for the next year:

Planned sales (units)
Planned selling price ($)

Red

Green

Yellow

450
1.20

375
0.95

550
1.35

What is the total sales budget for the next year?

30

A

$896.25

B

$1,583.75

C

$1,601.25

D

$1,638.75

(2 marks)

Attainable cost standards are based on efficient operating conditions and include an
allowance for fatigue.
This statement is:

31

A

True

B

False

(1 mark)

Process Inc uses process costing to value its product at each stage of production. The
following information is available from process 1:
$
Materials
Labour
Overheads
Output

$3,750
$3,000
$1,125


500 kg
100 hours

425 kg

The normal loss is 10% of the inputs and cannot be sold. There is no opening or closing
work-in-progress.
What is the value of the output to process 2?
A

$6,500.00

B

$6,693.75

C

$7,437.50

D

$7,500.00

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(2 marks)

13


ACCA F2 MANAGEMENT ACCOUNTING

32

DEF Inc uses standard costing. The fixed overhead capacity variance for the last
period is a favourable variance of $435.
The details for the last period are as follows:
Budget
Fixed production overheads ($)
Budgeted production (units)
Standard time to produce unit (hours)

15,950
550
4

Actual
Fixed production overheads ($)
Units

17,545
560

The actual hours worked for the period are:

33

A

2,055

B

2,123

C

2,140

D

2,260

(2 marks)

Calc Ltd wishes to establish a daily sales forecast. The following historic sales data
has been gathered over the last 20 days:
Daily sales

Number of days

$200

3

$250

6

$300

8

$350

3

What is the expected daily sales to the nearest whole $?

14

A

$1,720

B

$278

C

$285

D

$1,715

(2 marks)

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FINAL ASSESSMENT QUESTIONS

The following information is to be used for questions 34 and 35:
The following information relates to product Delta which is manufactured by Alpha Beta Inc.
Alpha Beta uses absorption costing.
Extract from cost card:
$ per unit
Direct materials
Direct labour
Variable overhead
Fixed overhead

5.30
5.20
3.80
2.90
_____
17.20
_____

The fixed overhead charged to each unit of the product is based on a monthly production
level for product Delta of 1,000 units.
In the last month, actual production was 1,150 units and the costs incurred were as follows:
$
Direct materials
Direct labour
Variable overhead
Fixed overhead

6,250
5,870
5,230
3,230
______
20,580
______

34

35

36

The flexed budget for direct materials and labour at 1,150 units is:
A

Materials $6,095, labour $5,980

B

Materials $5,980, labour $6,095

C

Materials $7,188, labour $6,751

D

Materials $5,300, labour $5,200

(2 marks)

The total variance for fixed expenditure and the variable overheads expenditure
variance are:
A

Fixed overheads $105 (A), variable overheads $860 (F)

B

Fixed overheads $105 (F), variable overheads $860 (A)

C

Fixed overheads $105 (A), variable overheads $860 (A)

D

Fixed overheads $105 (F), variable overheads $860 (F)

(2 marks)

The coefficient of determination, r2, always falls within the range 0 to 1.
A
B

True
False

KAPLAN PUBLISHING

(1 mark)

15


ACCA F2 MANAGEMENT ACCOUNTING

37

38

In a forecasting model based on y = a + bx, the intercept is £234. If the value of y is
£491 and x is 20, then the value of the slope, to two decimal places, is:
A

–24.55

B

–12.85

C

12.85

D

24.85

(2 marks)

Animal Farm Inc manufactures two products, Bull and Cow. The raw material used in
the manufacture of these products is Grass. The expected production levels for the
products for next year are as follows:

Bull
Cow

Production (units)

Grass – requirements per unit (kg)

3,000
4,500

5
6

The expected price of Grass for the next year is $1.50 per kg. The opening inventory is
2,500 kg. The company has a target to halve inventory levels by the end of the year.
The value for next year of the material purchases budget for Grass is:

$

39

40

16

(2 marks)

Which of the following is not true of service industries?
A

The output should be carefully inspected before being received and accepted

B

The standard of the service is variable due to high human input

C

The output is intangible

(1 mark)

An electronics company producing hard drives has a favourable variable overhead
efficiency variance. This could be caused by:
A

An increase in the cost of electricity

B

A change in the quality of supervision

C

An increase in the demand for computer components

(1 mark)

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FINAL ASSESSMENT QUESTIONS

41

The following graph has been plotted to solve a linear programming to find an
optimum production plan.
y

1,000

Labour constraint

800
Materials constraint
400

Sales constraint

A

B

200

0

10

20

C

30

40

50

60

X

D

The area OABCD is:

42

A

the feasible region

B

the optimum production plan

C

the area of maximum contribution

(1 mark)

A company is considering a job that requires 500kg of raw material. The material is
used within the company for various products. The current inventory is 2,500kg, of
which 1,000 kg was purchased at a price of $3 per kg and 1,500 kg was purchased at
$3.15 per kg. The current price for new material is $3.50 per kg. What is the relevant
cost of material for the job?
A

$1,500

B

$1,575

C

$1,750

D

$2,500

KAPLAN PUBLISHING

(2 marks)

17


ACCA F2 MANAGEMENT ACCOUNTING

43

Zed Inc makes 2 products, X and Y. The products go through two departments,
Assembly and Finishing.
The following has been estimated:

Product X – labour hours
Product Y – labour hours
Overheads ($)

Assembly

Finishing

5
7
250,000

2
3
175,000

Production is expected to be 3,000 units of X and 5,000 of Y
Calculate overhead absorption rates for the two departments.

44

A

Assembly = $8.33 per hour, Finishing = $5 per hour

B

Assembly = $5 per hour, Finishing = $8.33 per hour

C

Assembly = $11.90 per hour, Finishing = $3.50 per hour

D

Assembly = $3.50 per hour, Finishing = $11.90 per hour

(2 marks)

The following data relate to RP Ltd’s production process:
Opening work in process
Goods completed in the period
Closing work in process

Nil
19,000
4,000

The closing work in process was 100% complete with respect to materials, but only
70% complete with respect to conversion cost. The conversion cost for the period was
$118,810.
Therefore the conversion cost per equivalent unit was:

18

A

$5.50

B

$5.00

C

$5.21

D

$5.45

(2 marks)

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FINAL ASSESSMENT QUESTIONS

45

Gold Ltd makes two products: A and B. Both products require two production
processes which are carried out in two separate production departments. In each of
the two production departments, the labour available for the forthcoming period is
200 hours.
Information about A and B is as follows:

Contribution per unit
Labour required, department 1
Labour required, department 2
Maximum demand for the period

A

B

$50
2 hours
1 hour
100 units

$30
0.5 hours
0.8 hours
100 units

To maximise contribution, which production plan should be followed?

46

Units of A produced

Units of B produced

A

75

100

B

100

100

C

37

50

D

50

50

(2 marks)

Subwoofer Ltd can either make or buy component Q. The purchase cost is $28.75. If
the company makes the component, it will incur the following costs per unit:
$
Materials
Labour
Variable overheads
Fixed overheads

3.75
7.50
12.50
8.75
____
32.50
____

Which of the following is true?
A

If the fixed costs have to be paid anyway, the company should buy the
component

B

If the fixed costs have to be paid anyway, the company should make the
component

C

If the fixed costs are a relevant cost, the company should still make the
component

D

None of the above is true

KAPLAN PUBLISHING

(2 marks)

19


ACCA F2 MANAGEMENT ACCOUNTING

47

Epsilon Inc manufactures two products, Theta and Omega. Data relating to the next
year are given below:
The expected production levels for the products for next year and labour hours are as
follows:
Production (units)

Direct labour hours (per unit)

300
450

15
20

Theta
Omega

The standard rate for labour hours is $8.50 per hour.
The value of the direct labour budget for the next year is:

48

49

A

$13,500

B

$70,125

C

$114,750

D

$127,500

(2 marks)

In a period, there was a favourable variable overhead efficiency variance of $6,750.
The standard variable overhead absorption rate per hour was $3 and 15 hours were
allowed for each unit as standard. The actual hours worked were 21,750. The
number of units actually produced was:
A

150

B

1,300

C

1,450

D

1,600

(2 marks)

The following is a graph of cost against volume of output:

To which of the following costs does the graph correspond?

20

A

Electricity bills made up of a standing charge and a variable charge

B

Bonus payments to employees when production reaches a certain level

C

Sales commission payable per unit up to a maximum amount of commission

D

Bulk discounts on purchases, the discount being given on all units purchased
(2 marks)

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FINAL ASSESSMENT QUESTIONS

50

The following information relates to Job 1234, which is being carried out by XY
Limited to meet a customer’s order.
Department A
Direct materials consumed
Direct labour hours
Direct labour rate per hour
Production overhead per direct labour hour
Administration and other overheads

Department B

$10,000
$6,000
800 hours
400 hours
$4
$5
$4
$4
20% of full production cost

What is the cost to the customer for Job 1234?
A

$20,800

B

$26,000

C

$30,720

D

$31,200

(2 marks)

(Total: 90 marks)

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21


ACCA F2 MANAGEMENT ACCOUNTING

22

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