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management accounting information

Questions and Answers of Management Accounting Information

Briefly describe cost units that are appropriate to a transport business.
Which of the following organisations should not be advised to use service costing.A Freight rail company B IT department of a company C Catering company D Clothing company
Jibby Co's year end is 30 April. At 30 April 20X4 costs of $43,750 have been incurred on contract N53. The value of work certified at the period end is $38,615. The contract price is $57,500 but it
A construction company has the following data relating to contract X.Contract price $1,250,000 Costs incurred to date $64,800 Estimated costs to completion $16,200 The company recognises profit on
Contract number AB3 commenced on 1 April and plant with a book value of $300,000 was delivered to the site from central stores. On 1 September further plant was delivered with a book value of
A firm uses job costing and recovers overheads on direct labour.Three jobs were worked on during a period, the details of which are as followsThe overheads for the period were exactly as budgeted,
A furniture-making business manufactures quality furniture to customers' orders. It has three production departments(A, B and C) which have overhead absorption rates (per direct labour hour) of
The total cost of job 259 is $4,200.(a) When profit is calculated as 25 per cent of sales, the correct selling price for the job is $(b) When profit is calculated as 25 per cent of cost, the correct
Twist and Tern Co is a company that carries out jobbing work. One of the jobs carried out in February was job 1357, to which the following information relates.Direct material Y: 400 kilos were issued
Complete the process account below from the following information.(Hint. Not all boxes require entries.) Opening inventory Nil Input units 10,000 Input costs Material Labour Normal loss Scrap value
Zed Co makes a product Emm which goes through several processes. The following information is available for the month of June.What was the abnormal gain in June?A 260 kg B 300 kg C 400 kg D 560 kg
Charlton Co manufactures a product in a single process operation. Normal loss is 10% of input. Loss occurs at the end of the process. Data for June are as follows. Opening and closing inventories of
A firm uses standard costing and an integrated accounting system. The double entry for an adverse material usage variance is A DR stores control account CR work-in-progress control account B DR
A company uses raw material J in production. The standard price for material J is $3 per metre. During the month 6,000 metres were purchased for $18,600, of which 5,000 metres were issued to
At the end of a period, in an integrated cost and financial accounting system, the accounting entries for $18,000 overheads under-absorbed would be A Debit work-in-progress control account Credit
The following information relates to Jamboree Co.Delete the incorrect words and fill in the missing figure in the statement below.The production overhead is under/over absorbed by $ . This amount is
Wages control accountHow much are the gross wages, the indirect wages and the direct wages for the period? $ Bank 310,000 Work in progress control 239,000 Income tax payable 45,000 Production
The following information relates to E Co for March. Opening balance of raw materials Raw materials purchased on credit Raw materials issued: to production to production maintenance Raw materials
The following extract is taken from the production cost budget of Zebra Co: Production units Production cost 4,000 $35,529 6,000 $41,280 The budget cost allowance for an activity level of 8,000 units
The cost of factory power has behaved as follows in past years.Budgeted production for 20X5 is 10,200 units.Ignoring inflation, the cost of factory power which will be incurred is estimated to be $ .
The following information is available for ABC Co.How much money should be budgeted for supplier payments in June?A $10,500 B $14,000 C $24,500 D $30,000 May June $ $ Budgeted sales 30,000 40,000
You are presented with the budgeted data shown in Annex A for the period November 20X1 to June 20X2 by your firm. It has been extracted from the other functional budgets that have been prepared.You
Tick the boxes to show which of the following should be included in a cash budget. Funds from the receipt of a bank loan Revaluation of a non-current asset Receipt of dividends from outside the
The following information is available for B Co.Budgeted annual sales 100,000 units Opening inventory 25,000 units Closing inventory 27,500 units What is the number of units of production for the
Which of the following is the budget committee not responsible for?A Preparing functional budgets B Timetabling the budgeting operation C Allocating responsibility for the budget preparation D
Hey Co has been let down by its supplier and has had to buy from an alternative source. The alternative materials are of better quality but are more expensive than the original supplier's. What
The standard material content of one unit of product A is 10kgs of material X which should cost $10 per kilogram. In June 20X4, 5,750 units of product A were produced and there was an adverse
XYZ Co uses standard costing. The following data relates to labour grade ll.Actual hours worked 10,400 hours Standard allowance for actual production 8,320 hours Standard rate per hour $5 Rate
Calculate the following sales variances (a) Selling price variance (c) Sales volume contribution variance (b) Sales volume profit variance (d) Sales volume revenue variance Sales units Budget Actual
Jasper has the following budget and actual figures for year
Growler Co is planning to make 100,000 units per period of product AA. Each unit of AA should require 2 hours to produce, with labour being paid $11 per hour. Attainable work hours are less than
Select the correct words in each of the following sentences.(a) If material inventories are valued at standard cost, the material price variance should be based on the materials purchased/used in the
During the week ending 30 June 20X3 the direct production workers in a factory worked for 840 hours in total. Of these hours 60 were idle time hours and 100 were overtime hours. The hourly rate of
The following data relate to work at a certain factory.Normal working day 8 hours Basic rate of pay per hour $6 Standard time allowed to produce 1 unit 2 minutes Premium bonus 75% of time saved at
Match the descriptions of remuneration schemes to the graphs belowDescriptions (a) A basic hourly rate is paid for hours worked, with an overtime premium payable for hours worked in excess of 35 per
A unit of product X requires 24 active labour hours for completion. It is anticipated that there will be 20% idle time which is to be incorporated into the standard times for all products. If the
Product P has the following standard cost card based on production and sales levels of 15,000 units.$Production cost Variable 32.00 Fixed 45.50 Selling cost Variable 7.50 Fixed 29.00 Profit 5.00
LF Co makes a single product for which the standard cost details are as follows.$Direct material ($3 per kg) 12 Direct labour ($8 per hour) 72 Production overhead 18 Total production cost 102 Demand
Chocco Co produces a single product and the following information is available.$Selling price per unit 28 Variable cost per unit 13 Fixed overheads 105,000 The breakeven point was calculated using
Betty Battle Co manufactures a product which has a selling price of $20 and a variable cost of $10 per unit. The company incurs annual fixed costs of $29,000. Annual sales demand is 9,000 units.New
G Co has a budgeted breakeven sales revenue of $600,000 and fixed costs of $210,000 for the month of September.Calculate the sales revenue needed to achieve a profit of $75,250 in September.
SLB Co wishes to sell 14,000 units of its product, which has a variable cost of $15 to make and sell. Fixed costs are$47,000 and the required profit is $23,000.The required sales price per unit is $ .
The C/S ratio of product W is 20%. IB, the manufacturer of product W, wishes to make a contribution of $50,000 towards fixed costs.If the selling price is $10 per unit, the number of units of W that
CTF Co uses a mark-up of 15% on full cost to price its product X. The indirect costs are 20% of the direct costs. What mark-up should be applied to direct costs to give the same selling price for
(a) Product B's unit cost is $50. A selling price is set based on a margin of 15%. The selling price is $(b) Product L sells for $750. The mark-up is 10%. The unit cost of product L is $
A product has the following costs.$Direct materials 5 Direct labour 3 Variable overhead 7 Fixed overheads are $10,000 per month. Budgeted sales for the month are 400 units.The profit margin that
MM Company requires a 30% return on investment from its products. It will invest $800,000 in product B in the coming year, when it expects to sell 50,000 units.If the full cost of product B is $100,
A company's product's full cost is $4.75 and it is sold at full cost plus 70%. A competitor has just launched a similar product selling for $7.99. The company needs to change the price of its product
The following information is available for H Co.20X9 Opening inventory 900 units Closing inventory 300 units Marginal costing profit $100,000 Using an overhead absorption rate of $20 per unit,
A particular electrical good is sold for $1,009.99. The direct material cost per unit is $320, the direct labour cost per unit is $192 and the variable production overhead cost per unit is $132.
A management consultancy recovers overheads on chargeable consulting hours. Budgeted overheads were $615,000 and actual consulting hours were 32,150. Overheads were under-recovered by $35,000.If
Using your answer to an earlier question (entitled 'Overhead absorption rates') and the following information, determine whether the overhead in each of the three production departments of Pippin Co
The following data relate to one year in department A.Budgeted machine hours 25,000 Actual machine hours 21,875 Budgeted overheads $350,000 Actual overheads $350,000 Based on the data above, what is
ABC Co has a production department in Block H of the building and another in Block F. There are also two service departments namely the canteen and the maintenance department. Fixed overheads are
Using your answer to the previous question (apportioning overheads) and the following information, apportion the overheads of the two service departments using the repeated distribution
The following bases of apportionment are used by a factory.A Volume of cost centre B Value of machinery in cost centre C Number of employees in cost centre D Floor area of cost centre Complete the
The Valuation Department of a large firm of surveyors wishes to develop a method of predicting its total costs in a period. The following past costs have been recorded at two activity levels.Number
The staff at Underworld Co are paid a basic minimum wage plus an amount per item of inventory produced. What type of cost are the staff wages?A Fixed B Variable C Semi-variable D Step
In the above graph, what does the arrow represent?A Fixed cost B Contribution C Profit D Breakeven quantity in units Sales revenue $ Units Total cost Variable cost I
Select the correct words in the following sentence.The basic principle of cost behaviour is that as the level of activity rises, costs will usually (a) rise/fall/stay the same. In general, as
Tick the appropriate box for each cost. Fixed Variable Mixed (a) Telephone bill (b) Annual salary of the chief accountant (c) The management accountant's annual membership fee to CIMA (paid by the
The cost of direct labour where employees are paid a bonus which increases as output levels increase might follow the cost behaviour pattern depicted in graph (a) above.True False The cost of direct
A company is considering its options with regard to a machine which cost $120,000 four years ago. If sold, the machine would generate scrap proceeds of $150,000. If kept, this machine would generate
Within the costing system of a manufacturing company the following types of expense are incurred.Reference number 1 Cost of oils used to lubricate production machinery 2 Motor vehicle licences for
A production worker is paid the following in week 5.$(a) Basic pay for normal hours worked, 36 hours at $4 per hour 144(b) Pay at the basic rate for overtime, 6 hours at $4 per hour 24(c) Overtime
Which of the following costs would be charged to the product as a prime cost?A Component parts B Part-finished work C Primary packing materials D Supervisor wages
Identify the following as suitable cost centres or cost units for a hospital.• Ward• Operating theatre• Bed/night• Patient/day• Outpatient visit• Operating theatre hour
Consider the following features and identify whether they relate to job costing, contract costing, service costing or none of these costing methods.J = Job costing C = Contract costing S = Service
The following information is available for the Whiteley Hotel for the latest thirty day period.Number of rooms available per night 40 Percentage occupancy achieved 65%Room servicing cost incurred
Which of the following would be appropriate cost units for a passenger coach company? (a) Vehicle cost per passenger-kilometre (b) Fuel cost for each vehicle per kilometre (c) Fixed cost per
In which of the following situation(s) will job costing normally be used?Production is continuous Production of the product can be completed in a single accounting period Production relates to a
JC Co operates a job costing system. The company's standard net profit margin is 20 per cent of sales value.The estimated costs for job B124 are as follows.Direct materials 3 kg @ $5 per kg Direct
P Co manufactures ring binders which are embossed with the customer's own logo. A customer has ordered a batch of 300 binders. The following data illustrate the cost for a typical batch of 100
A firm uses job costing and recovers overheads as a percentage of direct labour cost.Three jobs were worked on during a period, the details of which are as follows.The overheads for the period were
Which of the following is a feature of job costing?A Production is carried out in accordance with the wishes of the customer B Associated with continuous production of large volumes of low-cost items
PA Co operates a job costing system. The company's standard net profit margin is 20 per cent of sales.The estimated costs for job 173 are as follows.Direct materials 5 metres @ $20 per metre Direct
Contract number 724 commenced on 1 May and plant with a book value of $600,000 was delivered to the site from central stores. On 1 October further plant was delivered, with a book value of
A construction company has the following data concerning one of its contracts.$Contract price 1,800,000 Estimated total cost to complete contract 1,200,000 Value of work certified to date 1,170,000
A product is manufactured as a result of two processes, 1 and 2. Details of process 2 for the latest period were as follows.Opening work in progress Nil Materials transferred from process 1 10,000 kg
A company makes a product, which passes through a single process.Details of the process for the last period are as follows.Materials 5,000 kg at 50c per kg Labour $700 Production overheads 200% of
A company makes a product, which passes through a single process.Details of the process for the last period are as follows.Materials 5,000 kg at 50c per kg Labour $700 Production overheads 200% of
A food manufacturing process has a normal wastage of 10% of input. In a period, 3,000 kgs of material were input and there was an abnormal loss of 75 kg. No inventories are held at the beginning or
In process costing, if an abnormal loss arises, the process account is generally A debited with the scrap value of the abnormal loss units B debited with the full production cost of the abnormal loss
What is a by-product?A A product produced at the same time as other products which has no value B A product produced at the same time as other products which requires further processing to put it in
What is an equivalent unit?A A unit of output which is identical to all others manufactured in the same process B Notional whole units used to represent uncompleted work C A unit of product in
Bonto Co produces a simple product in two processes, process R and process X. The following information relates to process X for period 4.Work in progress at start of period - nil.Material
20,000 litres of liquid were put into a process at the beginning of the month at a cost of $4,400. The output of finished product was 17,000 litres. The normal level of waste in this process is 20%
A company needs to produce 340 litres of Chemical X. There is a normal loss of 10% of the material input into the process. During a given month the company did produce 340 litres of good production,
PC Co makes a product in two processes. The following data is available for the latest period, for process 1.Opening work in progress of 200 units was valued as follows.Material $2,400 Labour
PB Co maintains a standard cost bookkeeping system. The work in progress account for the latest period is as follows.WORK IN PROGRESS CONTROL ACCOUNT$'000 $'000 Stores account 724 Finished goods
Which of the following statements is correct?A An adverse direct material cost variance will always be a combination of an adverse material price variance and an adverse material usage variance B An
In a standard cost bookkeeping system, when the actual wage rate paid per hour is higher than the standard wage rate per hour, the accounting entries to record this are Debit Credit A Labour rate
The following extract is taken from the production cost budget of W Co:Production units 2,000 3,000 Production cost $17,760 $20,640 The budget cost allowance for an activity level of 4,000 units is A
A flexible budget is A a budget comprising variable production costs only B a budget which is updated with actual costs and revenues as they occur during the budget period C a budget which shows the
(a) Budgetary control procedures are useful only to maintain control over an organisation's expenditure(b) A prerequisite of flexible budgeting is a knowledge of cost behaviour patterns(c) Fixed
Which of the following best describes a flexible budget?A A budget which is designed to be easily updated to reflect recent changes in unit costs or selling prices B A budget which can be flexed when
The following extract is taken from the distribution cost budget of DC Co:Volume delivered (units) 8,000 14,000 Distribution cost $7,200 $10,500 The budgeted cost allowance for distribution cost for
When preparing a production budget, the quantity to be produced equals A sales quantity + opening inventory + closing inventory B sales quantity – opening inventory + closing inventory C sales
If a company has no production resource limitations, in which order would the following budgets be prepared? Material usage budget Sales budget Material purchase budget Finished goods inventory
The following details have been extracted from the accounts receivable records of PR Co.Invoices paid in the month after sale 80%Invoices paid in the second month after sale 10%Invoices paid in the

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