Global Cases In Best And Worst Practice In Crisis And Emergency Management 1st Edition Farazmand, Ali - Solutions

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Intermediate (11 marks; 20 minutes)SOURCE: ADAPTED FROM ACCA CERTIFIED ACCOUNTING TECHNICIAN EXAM P4 A company manufactures a product by means of two successive processes, process 1 and process 2. The following relates to the period just ended:The work-in-progress at the end of the period was 80%
A company is constructing a submarine and an aircraft carrier for use by the navy. At the end of the reporting period, the submarine is 40% complete, while the aircraft carrier is 66% complete. Some materials used in their construction have been damaged and sold as scrap, but the damage was
SOURCE: ADAPTED FROM RHODES UNIVERSITY East London Paint Ltd produces industrial paint for use on heavy machinery. During processing, normal losses amount to 10% of the raw materials input at the start of the process. There are no materials added at a later stage. These losses are identied halfway
, what will the statement of equivalent production in units (for the current period’s production)look like if the FIFO method of inventory valuation is used?
Details relating to a certain process – process alpha – for the November costing period were as follows:Conversion costs are incurred evenly throughout the production process, while materials are introduced at the beginning of the process.
, what are the missing gures in the statement of equivalent production (for the current period’s production), assuming that the company uses the FIFO method of inventory valuation?
SOURCE: ADAPTED FROM RHODES UNIVERSITY Rhodes Ltd presents you with the following (incomplete) equivalent production statement for the four-week costing period ending 26 January:There were no losses in process and all direct materials are added at the beginning of the process.What are the missing
SOURCE: ADAPTED FROM RHODES UNIVERSITY SA Manufacturers (Pty) Ltd operates a process costing system using the weighted average valuation method. The following information relates to one four-week costing period:Opening work-in-progress 2 000 units
SOURCE: ADAPTED FROM RHODES UNIVERSITY The following information relates to two independent scenarios:For each of scenarios 1 and 2 respectively, what are the normal loss units?800 1 000 1 300 None of the above Opening WIP-units Opening WIP-% complete Scenario 1 0 n/a Scenario 2 5 000 50%
SOURCE: ADAPTED FROM RHODES UNIVERSITY The following information relates to two independent scenarios:For each of scenarios 1 and 2 respectively, what are the normal loss units?800 1 000
Advanced (10 marks; 18 minutes)SOURCE: ADAPTED FROM RHODES UNIVERSITY You have been asked to price a special order for 100 ornamental wooden screens. You have been provided with the following information in order to do so:Wood The organisation issues its wood from the store to individual jobs on
Advanced (24 marks; 36 minutes)SOURCE: ADAPTED FROM RHODES UNIVERSITY Bandle Ltd (Bandle) operates in the building industry and manufactures a number of custom-made products for a variety of roong-related applications. Bandle operates a job costing system which identies costs directly with a specic
Intermediate (7 marks; 13 minutes)Robertsons Service Centre repairs all types of motor vehicle and has a highly trained team of motor technicians. The owner of the business is concerned because, despite the increase in turnover, the prots have not increased to the same extent. He suspects that the
Intermediate (19 marks; 23 minutes)SOURCE: ADAPTED FROM RHODES UNIVERSITY TMU CC produces custom hardwood furniture in two production departments, which are supported by two service departments. The budgeting committee of TMU CC drew up the following budget for 2XX9:The cost of machinery is
The following information relates to a job costing system:What total amount should be credited to the store’s ledger control account?
Job 77 was started and completed on 3 December. The following details appeared on the job card:The mark-up on job 77 was 100% of cost.What are the journal entries to record the above costs, the completion of job 77 and the sale of job 77?
Which of the following companies would not use a job costing system, and why not?Norton Rose Fulbright Sasol
SOURCE: ADAPTED FROM RHODES UNIVERSITY Assume that the organisation uses the weighted average method to issue raw materials to individual jobs. What will this store’s ledger card look like if you ll in the missing information?
An organisation uses productive direct labour hours to allocate indirect overheads to jobs. If the total estimated productive direct labour hours are 5 000 and the total estimated overheads are R1 million, what amount of overheads should be allocated to a job which took two direct labour hours?
How is the hourly cost of direct labour calculated? List the various labour-related costs that may be involved. How is each dealt with in calculating the hourly direct labour ‘cost to company’?
There are two valuation methods most commonly used to price the issue from inventory of raw materials to individual jobs for cost accounting purposes. Describe the two methods and distinguish between them. Would either of these methods be appropriate for decision-making purposes and, if not, what
What costs, other than the cost of the raw materials themselves, are often incurred in respect of the purchase of raw materials, and how are these costs dealt with for cost accounting purposes?
An organisation issues raw materials from inventory on the weighted average basis and uses this basis to value closing inventory. Using the following information, how would the closing inventory of material M be valued?
Advanced (20 marks; 36 minutes)SOURCE: UCT (CAROL CAIRNEY)Total Solutions Ltd is a large South African organisation which provides a wide range of nancial services. Total Solutions has numerous operating divisions, each of which focuses on a single service line. Group Retirement Solutions (GRS) is
Advanced (35 marks; 63 minutes)SOURCE: UCT (PETER CRAMER)Azanian Bank Ltd (AZBA) is a large South African commercial banking operation. The bank has three main business units, namely home loans, cheque accounts, and savings accounts. In addition, the bank has a corporate services department which
Intermediate (20 marks; 36 minutes)SOURCE: ADAPTED FROM CIMA P1 F Ltd supplies pharmaceutical drugs to drug stores. Although the company makes a satisfactory return, the directors are concerned that some orders are protable and others are not. The management has decided to investigate a new
Intermediate (29 marks; 52 minutes)SOURCE: UCT (PETER CRAMER)Electrohealth (Pty) Ltd manufactures a diverse range of consumer electronic products aimed at the health-conscious market. The organisation has a solid brand image and a reputation for delivering high-quality, reliable products.The
Intermediate (50 marks; 90 minutes)SOURCE: UCT (RICHARD CHIVAKA)Cookwell manufactures household pots that bear the ‘Proudly South African’ logo. The organisation makes three different pots of the same size, namely copper, aluminium and steel pots. Cookwell started making copper pots (CP) in
applies. What amount of the service departments’ overheads should be allocated to each of the three production departments under the step-down approach? Start by allocating the costs of the service department that renders the largest value of services to another service department.L: R2 441 176
A company has three operational divisions, L, M and N, and two service departments (P and Q). R4 million and R3 million of overheads are incurred in service departments P and Q respectively.An analysis of the service departments records indicate that their services are used in the following
applies. Which cost driver (from the list provided) would be the most appropriate for the following overhead costs associated with the manufacturing process? What concerns do you have regarding the use of the particular cost driver you have selected?Electricity, depreciation, maintenance and
applies. Which cost driver (from the list provided) would be the most appropriate for the following overhead costs associated with running the warehouses?Salaries of warehouse personnel Rent of warehouse premises
The same information as in
FluffyBunny (Pty) Ltd manufactures soft toys. Raw materials are imported in bulk (this is cheaper than purchasing smaller quantities at a time) and stored in one of several warehouses that it rents close to the factory. Raw materials are fetched from the warehouses as required and loaded on to a
In order to determine the relative protability of the products within an organisation’s product range:manufacturing overheads can be allocated to products using ABC ABC cannot be applied to indirect costs that are nonmanufacturing in nature (that is, non-manufacturing overheads)all manufacturing
An information technology (IT) department is trying to determine the cost per page that should be charged to user departments. The IT department is responsible for managing the overall printing cost of the company, and the user departments are responsible for the amount of printing that they do.
The total costs incurred in the invoice process department of a life insurance company was budgeted at R1 000 000 for the 2XX7 year, and R1 100 000 was actually spent during the year. All the costs incurred in this department are xed costs. The only activity that this department caries out is the
SOURCE: ADAPTED FROM CIMA P1 CJD Ltd manufactures plastic components for the car industry. The following budgeted information is available for three of their key plastic components The total number of activities for each of the three products for the period is as follows:What is the budgeted prot
SOURCE: ADAPTED FROM CIMA P1 X Ltd has two production departments, assembly and nishing, and two service departments, stores and maintenance.Stores provides the following service to the production departments: 60% to assembly and 40% to nishing.Maintenance provides the following service to the
Advanced (40 minutes)SOURCE: ADAPTED FROM ACCA LEVEL 2 MANAGEMENT ACCOUNTING (DECEMBER 1985)Mahler Products has two manufacturing departments, each producing a single standardised product. The data for unit cost and selling price of these products are as follows:The factory cost gures are used in
Advanced (40 minutes)SOURCE: ADAPTED FROM ACCA LEVEL 2 MANAGEMENT ACCOUNTING (DECEMBER 1982)Note: A basic knowledge of Chapter 6, Overhead allocation is useful in answering this question.The Miozip Company operates an absorption costing system which incorporates a factory-wide overhead absorption
Intermediate (41 minutes)SOURCE: ADAPTED FROM CIMA STAGE 1 ACCOUNTING (MAY 1993)The following data have been extracted from the budgets of ABC Ltd, a company which manufactures and sells a single product:Fixed production overhead costs are budgeted at R400 000 per annum. Normal production levels
Intermediate (54 minutes)SOURCE: UNIVERSITY OF JOHANNESBURG ARCHIVE Auckland Company manufactures and sells a single product. Cost data for the product follow:The product sells for R40 per unit. Production and sales data for May and June, the rst two months of operations, are as follows:
SOURCE: ADAPTED FROM CIMA P1 (MAY 2008) SECTION A, QUESTION 1.8 A company uses a standard absorption costing system. The xed overhead absorption rate is based on labour hours. Extracts from the company’s records for last year were as follows:
SOURCE: ADAPTED FROM CIMA P1 (MAY 2008) SECTION A, QUESTION 1.1 If inventory levels have increased during the period, the prot calculated using marginal costing when compared with that calculated using absorption costing will be:higher lower equal impossible to answer without further information
A company has a budget to produce 5 000 units of product B in December. The budget for December shows that for product B, the opening inventory will be 400 units and the closing inventory will be 900 units. The monthly budgeted production cost data for product B for December are as follows:
SOURCE: ADAPTED FROM CIMA P1 (NOVEMBER 2005) SECTION A, QUESTION 1.1 The following data relate to a manufacturing company. At the beginning of August there was no inventory. During August, 2 000 units of product X were produced, but only 1 750 units were sold.The nancial data for product X for
SOURCE: ADAPTED FROM CIMA P1 (MAY 2005) SECTION A, QUESTION 1.6 Summary results for Y Ltd for March are shown below:Using variable costing, what was the prot for March?R170 000
What is the difference between an over- and under-allocation?
Most generally accepted alternative methods of calculation and presentation that accountants apply to gures have some strengths and some weaknesses. What are the advantages and disadvantages of the absorption and variable costing methods respectively?
The same set of accounts can be prepared on either an absorption costing or on a variable costing basis. Under what circumstances will absorption costing prot differ from variable costing prot and why?
In the Big Business company, the management accounting team prepare accounts on a variable costing basis each time senior management ask for information on which to base decisions. Why is variable costing useful for decision-making purposes?
As an accountant, on what basis (absorption or variable costing)would you advise your clients to draw up income statements that are going to be used exclusively for nancial reporting purposes?Give a reason for your answer.
The new management accountant of a company pointed out to one of the directors that all the company’s management reports are traditionally drawn up on an absorption costing basis, and that he would like to make use of variable costing instead, where appropriate. What are the main differences
Advanced (15 marks; 27 minutes)SOURCE: ADAPTED FROM SAICA Mr Sizwe Umakhi is a 28-year old entrepreneur who has worked part-time in various positions, including as an Ubex driver. Mr Umakhi has managed to save R350 000 for starting his own business.He plans to acquire 10 used vehicles and form
Advanced (32 marks; 58 minutes)A computer software company develops and sells three computer games, Gino, Dust and Elton. The combined sales of all the products in 2XX7 was 9 000 units and total xed costs amounted to R726 000.Other relevant data for 2XX7 were as follows:Management expects sales in
Advanced (50 marks; 90 minutes)Some businessmen have recently opened a petrol station called TAV Fillers. One grade of petrol is sold at R1,76 per litre. Variable charges– cost of petrol, delivery and excise duty – total R1,60 per litre. The xed costs per month are as follows:After the rst six
Intermediate (12 marks; 22 minutes)JW Chefs is an airline catering business which supplies business class and economy class meals for the airline industry. The following budgeted information relates to the nancial year ending 31 July 202X: Business class Notes meals (R millions) Economy class meals
JB Ltd manufactures and sells two products, J and B. The expected sales mix is 5(J):3(B). Total budgeted sales for the next year are R5 million. J has a contribution to sales ratio of 35% and B 55%.Budgeted annual xed costs are R500 000. What is the budgeted break-even sales value?LQ1 Intermediated
What is the limitation of basic CVP analysis relating to an organisation’s sales mix?
What is meant by CVP analysis, and how could such an analysis be useful?
Using the information provided in BQ5, how many additional units need to be sold to cover an increase in xed costs of R175 000 per annum?
Given the same information as for BQ5, what prot is made if one unit more than the break-even sales volume is sold?
Given the following expected revenues and costs for the following year, how many units must be sold to generate a pre-tax prot of R700 000?
In addition to the information provided in BQ2, assume that expected sales are 15 000 units. What is the margin of safety percentage?
Given the same information as for BQ2, what prot or loss will be made if 8 000 units are sold?
An organisation sells its only product for R100 per unit and has a variable cost ratio of 80%. Total xed costs are R200 000 per annum.What is the break-even point in units?Note: ‘Variable cost ratio of 80%’ means that variable costs are 80% of the selling price.
Is the break-even point:where total xed costs per annum equal total variable costs?where total revenue equals total xed costs per annum?where total costs equal contribution margin?where total xed costs per annum equal contribution margin?
Advanced (10 marks; 18 minutes)SOURCE: ADAPTED FROM CIMA P2 An organisation was planning to launch a new product. It had already carried out market research at a cost of R50 000 and as a result had discovered that the market price for the product should be R50 per unit. The organisation estimated
Advanced (10 marks; 18 minutes)SOURCE: ADAPTED FROM CIMA P2 AVX CC assembles circuit boards for use by high technology audio video companies. Because of the rapidly advancing technology in this eld, AVX CC is constantly being challenged to learn new techniques.
Advanced (10 marks; 18 minutes)SOURCE: ADAPTED FROM ACCA PAPER 1.2 The management accountant at Josephine Ltd is trying to predict the quarterly total maintenance cost for a group of similar machines. She has extracted the following information for the last eight quarters:
Intermediate (10 marks; 18 minutes)SOURCE: ADAPTED FROM ACCA PAPER 1.2 An organisation is seeking to establish whether there is a linear relationship between the level of advertising expenditure and the subsequent sales revenue generated.
Intermediate (11 marks; 20 minutes)SOURCE: ADAPTED FROM CIMA PAPER 3C Each year, a large organisation which manufactures domestic electrical appliances pays its employees an annual bonus. The head accountant wishes to assess the effect of the previous year’s bonus on the organisation’s output
SOURCE: ADAPTED FROM CIMA P2 FH is an electronics company that has developed a new product for the video conferencing market. The product has successfully completed its testing phase and FH has now produced the rst four production units. The rst unit took 3 hours of labour time and the total time
SOURCE: ADAPTED FROM CIMA P2 PT has discovered that when it employs a new test engineer, there is a learning curve with a 75% learning rate that exists for the rst 12 customer assignments. A new test engineer completed her rst customer assignment in 6 hours. A cumulative average–time learning
SOURCE: UCT (CAROL CAIRNEY)What does the r-squared (r 2) value mean in the context of a regression model?
SOURCE: UCT (CAROL CAIRNEY)For what purpose is the so-called ‘high-low method’ commonly used?
SOURCE: ADAPTED FROM ACCA PAPER 1.2 The correlation coefcient (r) for measuring the connection between two variables (x and y) has been calculated as 0,6.How much of the variation in the dependent variable (y) is explained by the variation in the independent variable (x)?36%40%60%64%
SOURCE: ADAPTED FROM ACCA PAPER 1.2 The following statements relate to the calculation of the regression line y = a + bx, using the information in the formulae below:n represents the number of pairs of data items used(∑x)2 is calculated by multiplying ∑x by ∑x∑xy is calculated by
SOURCE: ADAPTED FROM ACCA PAPER 1.2 Which of the following is a feasible value for a correlation coefcient?+1,2 0–1,2–2,0
SOURCE: ADAPTED FROM ACCA PAPER 1.2 Regression analysis is being used to nd the line of best t (y = a +bx) from ve pairs of data. The calculations have produced the following information:sum(x) = 129 sum(y) = 890 sum(xy) = 23,091 sum(x 2) = 3,433 sum(y 2) = 29,929 What is the value of a in the
SOURCE: ADAPTED FROM ACCA PAPER 1.2 Which of the following correlation coefcients indicates the weakest relationship between two variables?+0,9–0,6–0,8–1,0
SOURCE: ADAPTED FROM ACCA PAPER 1.2 The following statements relate to the calculation of the regression line y = a + bx.Using the information in the formula below:sum(xy) is calculated by multiplying the sum of x by the sum of y(sum(x 2)) is not the same as (sum(x))2 n represents the number of
Advanced (25 marks; 45 minutes)SOURCE: ADAPTED FROM RHODES UNIVERSITY (JOHN WILLIAMS)The following scenario and questions relate to the classication and behaviour of costs.Barcon (Pty) Ltd has been manufacturing and selling Acron for many years. As at 31 December 2XX8, the organisation had 20 000
Advanced (9 marks; 16 minutes)SOURCE: ADAPTED FROM CIMA FOUNDATION LEVEL PAPER 2 The management accountant of J Ltd, a supplier of farm machinery components, is compiling the budget for next year. Forecast sales for the rst seven months of 2XX4 are as follows:Other relevant information:Units held
Intermediate (9 marks; 16 minutes)SOURCE: ADAPTED FROM ACCA PAPER 1.2 Pointdextre Ltd, which manufactures and sells a single product, is currently producing and selling 102 000 units per month, which represents 85% of its full capacity. Total monthly costs are R619 000, but at full capacity these
Intermediate (23 marks; 41 minutes)SOURCE: ADAPTED FROM UCT (CAROL CAIRNEY)You are a university student doing vacation work at an audit rm and you have been assigned to the audit of GreyLine Carriers Ltd.GreyLine is a transport company specialising in the freighting of chemicals and commercial
Intermediate (11 marks; 20 minutes)SOURCE: ADAPTED FROM UCT (CAROL CAIRNEY)There are numerous types of operational decisions that need to be made on a regular basis within any organisation. Below are three scenarios that illustrate some of the most basic and typical decisions that are faced by
Equipment owned by an organisation has a net carrying amount of R1 800 and has been idle for some months. It could now be used on a six-month contract which is being considered. If not used on this contract, the equipment would be sold for a net amount of R2 000.After use on the contract, the
Which of the following should be classied as indirect labour?Machine operators in a factory producing furniture Lawyers in a legal rm Maintenance workers in a power generation organisation Lorry drivers in a road haulage company
An organisation has the following total costs at two activity levels:Variable cost per unit is constant in this activity range, but there is a step-up of R18 000 in the total xed costs when the activity exceeds 20 000 units. What are the total costs at an activity level of 18 000 units?R404 000
An organisation has 345 600 labour hours available to it each year(180 employees working 1 920 hours a year, who earn a salary of R60 000 per annum each). The organisation manufactures two kinds of units, type 1 and type 2. A type 1 unit requires 3 labour hours to manufacture, while type 2 requires
Full capacity is 200 000 units. The direct labour cost is R10 per hour.4 hours of labour time is required per unit. The current production level is 185 000 units. A large order for 40 000 units has been received. Staff will work overtime (at time and half) in order to create the additional capacity
At a sales level of 15 000 units per month, the manufacturing overhead per unit of company A is R6,00/unit. The next month the price of all manufacturing costs increase by 25%. If the sales level increases by 12 000 units, the manufacturing overhead per unit falls to R5,50. Determine the total
The total manufacturing cost incurred during a year was R460 000, which comprises both variable and xed costs in a ratio of 3:2 respectively, at a production level of 80 000 units. If a production level of 100 000 units is reached, a discount of 5% is available on all variable costs. What will the
At a sales level of 10 000 units per month, the manufacturing overhead is R4,00 per unit. The next month the price of all manufacturing costs increases by 5%. If the sales level increases by 4 000 units, the manufacturing overhead per unit falls to R3,48. What is the variable manufacturing overhead
At a sales level of 10 000 units per month, the manufacturing overhead per unit is R3,30 per unit. If the sales level increases by 4 000 units, the manufacturing overhead per unit falls to R2,70. What is the variable manufacturing overhead per unit?
If sales volume increases by 20%, selling expenses increase by 15%.What proportion of selling expenses was xed at the initial sales volume, and at the nal sales volume?
What local/federal partnerships were created? What local/state partnerships were created? What challenges to the federal system are demonstrated by the need to coordinate across local, state, and federal organizations for a public safety response that includes fire and emergency medical assets?
What programs are in place to create a community response to such an event?

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Global Cases In Best And Worst Practice In Crisis And Emergency Management 1st Edition Farazmand, Ali - Solutions

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