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2010.Dec.ACCA.F2_revision_mock_answers_with marks

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ACCA REVISION MOCK

December 2010
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

Management Accounting

ACCA F2 Management Accounting

? Kaplan Financial Limited, 2010 The text in this material and any others made available by any Kaplan Group company does not amount to advice on a particular matter and should not be taken as such. No reliance should be placed on the content as the basis for any investment or other decision or in connection with any advice given to third parties. Please consult your appropriate professional adviser as necessary. Kaplan Publishing Limited and all other Kaplan group companies expressly disclaim all liability to any person in respect of any losses or other claims, whether direct, indirect, incidental, consequential or otherwise arising in relation to the use of such materials. All rights reserved. No part of this examination may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without prior permission from Kaplan Publishing.

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Revision Mock Questions

FORMULAE SHEET
Linear regression r=
n ∑ xy - ∑ x ∑ y [n ∑ x - ( ∑ x) 2 ] [n ∑ y 2 - ( ∑ y) 2 ]
2

If y = a + bx, b=
n ∑ xy - ∑ x ∑ y n ∑ x - ( ∑ x)
2 2

and a =

∑y ∑x -b n n

Economic order quantity Economic order quantity =
2C O D CH

Economic batch quantity =

2C O D ? D? C H ? 1- ? ? R?

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ACCA F2 Management Accounting

ALL 50 questions are compulsory and MUST be attempted
1 Which one of the following statements about fixed costs is true? (i) (ii) (iii) A B C Fixed costs are constant per unit of output. Fixed costs are constant in total when production volume changes. Fixed costs are outside the control of management. (i) (ii) (iii) (1 mark)

2

What does the statement ‘the level of sales is the principal budget factor’ mean? A B C D The level of sales will determine the level of cash at the end of the period. The level of sales will determine the level of profit at the end of the period. The company’s activities are limited by the level of sales it can achieve. Only sales budgets are required for management accounts. (1 mark)

3

A company orders in components from an outside supplier. The components cost ?125 each, and 800 components are used in a year. The order cost is ?50 per order and the holding cost is ?8 per unit per year. What would be the economic order quantity for these components? A B C D 10 units 50 units 100 units 10,000 units (2 marks)

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Revision Mock Questions

4

A wine producer incurs the following three costs: (i) (ii) (iii) Rental of an off-site warehouse location. Case storage costs (wine is stored on behalf of customers until delivery can take place). Commission paid to wine brokers.

Which of these are classified as distribution costs? A B C D (i) and (ii) only (i) and (iii) only (ii) and (iii) only (i), (ii) and (iii) (2 marks)

5

Overtime is being worked in a manufacturing company because of temporary production problems. In which category of costs would the amount of overtime premium contained in direct wages be classified? A B C D Direct expenses Production overheads Direct labour costs None of the above (1 mark)

6

A manufacturing company uses 28,000 components at an even rate during the year. Each order placed with the supplier of the components is for 1,500 components, which is the economic order quantity. The company holds a buffer inventory of 700 components. The annual cost of holding one component in inventory is 3. What is the total annual cost of holding inventory of the component? A B C D 2,250 3,300 4,350 4,500 (2 marks)

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ACCA F2 Management Accounting

7

Regression analysis has produced the following results from the batch production costs for each of the past 6 months: ∑x ∑y ∑x2 ∑xy 600 950 53,000 88,560

Which of the following is the appropriate value for b in the regression line to 2 decimal places? A B C D –1.65 0.92 1.38 66.33 (2 marks)

8

Regression analysis is being used to find the line of best fit (y=a+bx) from eleven pairs of data. The calculations have produced the following information: ∑x ∑y ∑x2 ∑y2 ∑xy 420 350 18,225 9,636 14,212

What is the value of ‘a’ in the equation for the line of best fit, to 2 decimal places? A B C D 0.39 2.15 2.58 17.02 (2 marks)

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Revision Mock Questions

9

Caz currently pays its direct production workers on a time basis, at a rate of ?8.20 an hour. In an effort to improve productivity, Caz is introducing a bonus based on (time taken ÷ time allowed) × time saved × rate per hour. The standard time allowed for a worker in the assembly department to perform this particular operation once has been agreed at 45 minutes. In the first week of operation, one (very experienced) employee worked for a total of 45 hours and performed 99 operations. The gross wages for this employee for that week, to 2 decimal places, is: A B C D ?145.36 ?369.10 ?514.36 ?540.08 (2 marks)

10

Up to a given level of activity in each period, the purchase price per unit of raw material is constant. After that point, a lower price per unit applies both to further units purchased and also retrospectively to all units already purchased. Which of the following graphs depicts the total cost of the raw materials for a period?

Cost

Cost

A

B

Volume Cost Cost

Volume

C

D

Volume

Volume

(2 marks)

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ACCA F2 Management Accounting

The following information relates to questions 11 to 15. A product is manufactured in two processes. Details for the second process in period 4 were as follows: Opening work-in-progress Materials transferred from the first process Output transferred to finished goods Closing work-in-progress Normal loss is 5% of input. Losses have no scrap value. Closing work-in-progress is 100% complete for material and 60% complete for labour and overheads. The cost per unit equivalent has been calculated at $3.32 per litre for materials and $2.20 per litre for labour and overheads. Nil 4,000 litres 2,900 litres 800 litres

11

The abnormal loss for the period was: A B C D Nil 100 litres 200 litres 300 litres (2 marks)

12

The equivalent units of output for labour and overheads for the period were: A B C D 2,900 litres 3,440 litres 3,480 litres 3,800 litres (2 marks)

13

What is the value of the abnormal loss? A B C D $0 $220 $332 $552 (2 marks)

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Revision Mock Questions

14

What is the value of the closing work-in-progress? A B C D $2,649.60 $3,353.60 $3,712 $4,416 (2 marks)

15

What is the value of output? A B C D $16,008 $16,560 $20,976 $22,080 (2 marks)

16

Which one of the following groups of workers would be classified as direct labour? A B C D Builders for a construction company Supervisors of a production line Maintenance workers in a shoe factory Canteen staff in a factory (1 mark)

17

For which of the following is an cost centre manager responsible? A B C Costs only Revenue only Costs and revenues (1 mark)

18

A variable cost is constant per unit A B True False (1 mark)

19

Machine depreciation is an example of an indirect expense when costing a product A B True False (1 mark)

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ACCA F2 Management Accounting

20

A company uses standard marginal costing. Last month the standard contribution on actual sales was $25,000 and the following variances arose: Total variable costs variance Sales price variance Sales volume contribution variance $3,000 adverse $1,000 favourable $1,500 adverse

What was the actual contribution for last month? A B C D $21,500 $22,000 $23,000 $23,500 (2 marks)

21

Financial Accounting is mainly concerned with providing information on the future performance of a business, whilst Management Accounting is predominantly concerned with historical data. A B True False (1 mark)

22

The most appropriate costing method to use by a company that makes individual products to order for customers is: A B C D Standard costing Job costing Process costing Service costing (2 marks)

23

A firm uses standard costing and absorbs overheads on labour hours. Budgeted overheads were ?650,000 and labour hours were budgeted to be 125,000. Actual results showed overheads incurred as ?665,000 and labour hours worked as 122,500. The total fixed overhead variance is: A B C D ?28,000 favourable ?28,000 adverse ?15,000 favourable ?15,000 adverse (2 marks)

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Revision Mock Questions

24

A company has recorded the following costs and activity levels for the last two months: Month 1 Activity level (units) Total costs ($) 15,000 82,500 Month 2 18,000 93,000

What is the total cost at an activity level of 17,000? A B C D 89,500 87,833 93,500 86,000 (2 marks)

25

M plc makes a single product which has a budgeted production cost of ?38. This includes a fixed cost of ?6 per unit based upon budgeted production of 15,000 units per month. In October actual production was 9,000 units and Sales were 10,500 units. The actual profit for the period was ?44,000 prepared on a Marginal Costing basis. If the profit statement were prepared using Absorption Costing the profit would be; A B C D ?53,000 ?35,000 ?44,000 ?63,000 (2 marks)

26

In order to utilise some spare capacity, Smart Limited is preparing a quotation for a special order which requires 1,000 kg of material R. Smart Limited has 600 kg of material R in stock (original cost $5.00 per kg). Material R is used in the company’s main product Q. Each unit of Q uses 3 kg of material R, and, based on an input value of $5.00 per kg of R, each unit of Q yields a contribution of $9.00. The resale value of material R is $4.00 per kg. The present replacement price of material R is $6.00 per kg. Material R is readily available in the market. The relevant cost of the 1,000 kg of material R to be included in the quotation is: A B C D $4,000 $5,000 $5,400 $6,000 (2 marks)

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ACCA F2 Management Accounting

27

Which of the following are relevant costs: (i) (ii) (iii) A B C D Sunk costs Opportunity costs Avoidable costs (i) and (ii) only (ii) and (iii) only (i) and (iii) only (i), (ii) and (iii) (2 marks)

28

Budgeted production in a factory for next period is 2,600 units. Each unit requires two labour hours to make. Labour is paid $16 per hour. Idle time represents 20% of the total labour time. What is the budgeted total labour cost for the whole period? A B C D ?66,560 ?83,200 ?99,840 ?104,000 (2 marks)

29

Sweep Ltd makes three products. X, Y and Z. These products all use a material which is in short supply, there are only 1000 kg available this period. Because of this limitation, an optimal production plan has been worked out: X Production plan Maximum demands 4,000 units 4,000 units Y 5,000 units 10,000 units Z 0 units 5,000 units

Which of the following is true? A B C D X is the most profitable product, per kg of materials, and Z is the least X is the most profitable product, per kg of materials, and Y is the least Z is the most profitable product, per kg of materials, and Y is the least None of the above (2 marks)

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Revision Mock Questions

30

A company makes a product that uses two materials. Standard cost information is given below: Material A: 2 kg × $7 Material B: 3 litres × $11

In a period 1,300 units were made, and the following actual results were recorded: Material A: Material B: 2,600 kg were bought at a cost of $18,400 and 2,400 kg were used 3,900 litres were bought at a cost of $38,800 and 4,000 litres were used.

The company maintains its inventory at standard cost. What was the total price variance reported in the period? A B C D 4,300 (F) 3,600 (F) 3,900 (F) 3,600 (A) (2 marks)

31

Solid PLC manufactures a single product using two processes. During November process one opening work in progress was 600, each being 75% complete as to materials and 45% complete as to conversion costs. Additional materials added in the month were 2,800 At the end of the month 3,000 units transferred to process 2, Closing work in progress was 250 units, 60% complete for materials and 40% complete for conversion. The expected loss was 10% of new inputs. The FIFO method of valuation is used. The equivalent units in the month were: Materials A B C D 3,020 2,570 3,280 2,830 Conversion 2,970 2,700 3,230 2,960 (2 marks)

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ACCA F2 Management Accounting

The following is relevant to questions 32 to 34 A company which uses the weighted average method of valuation has produced the following statement of equivalent units for Process 2. Litres OWIP Finished Goods CWIP 1,200 16,300 1,800 Materials % complete 100 100 100 Conversion % complete 60 100 60

Normal loss for this process is 500 litres. The cost incurred in production this month are Materials ?54,700 for 17,200 litres and ?42,950 for Conversion. The expected losses are sold for ?2 per unit.

32

What was the abnormal gain or loss for the period? A B C D 108 kgs loss 200 kgs gain 950 kgs gain 1,000 kgs gain (2 marks)

33

What are the equivalent units for Material and Conversion? Materials A B C D 19,500 19,100 18,300 17,900 Conversion 18,300 17,900 18,060 17,180 (2 marks)

34

What is the value of the abnormal gain or loss to be displayed in the process 2 account, to the nearest ?. A B C D ?1,111 ?700 ?1,100 ?1,076 (2 marks)

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Revision Mock Questions

35

Which of the following is not a purpose of budgeting? A B C D Planning Co-ordination Consultation Communication (1 mark)

36

Which of these statements regarding expected values is correct: A B C D Expected values can be used to calculate the correlation coefficient An expected value is a long run average The project with the largest negative expected value will give you the best return The project with the lowest expected value should be chosen (2 marks)

37

The following breakeven chart has been produced for product Z.

Which letter represents the variable costs? A B C D A B C D (2 marks)

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ACCA F2 Management Accounting

38

When comparing the profits reported under absorption and marginal costing during a period when stocks increased; A B C D Absorption costing profits will be higher and closing stock valuations lower than those under marginal costing. Absorption costing profits will be higher and closing stock valuations higher than those under marginal costing. Marginal costing profits will be higher and closing stock valuations lower than those under Absorption costing. Marginal costing profits will be lower and closing stock valuations higher than those under Absorption costing. (2 marks)

39

Based on historic information P Ltd has produced the following table for daily sales and the probability of the level of sales occurring: Daily sales (units) 450 500 600 Probability 0.2 0.6 0.2

What are the future expected daily sales? A B C D 517 550 510 500 (2 marks)

40

A building firm who construct extensions to private houses is most likely to use: A B C D Service Costing Batch Costing Job Costing Process Costing (2 marks)

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Revision Mock Questions

41

A joint process results in 2 products, The Leg & The Wing. Neither require any further processing and are sold for ?25 and ?40 per tonne respectively. In October output of the Leg was 400 tonnes and Wing 240 tonnes. The joint production costs were ?14,750. What is the value attributed to The Wing using the Sales Value method, rounded to the nearest ?? A B C D ?7,224 ?7,526 ?5,531 ?7,375 (2 marks)

42

Declan has the following standard material costs: Material G 4kg at $55 per kg Actual usage to produce 1,802 units was 6,307kg of material G at a cost of $353,192. What are the material price and material usage variances: Price A B C D 6,307F 6,307A 6,307A 6,307F Usage 49,555F 49,555F 49,555A 49,555A (2 marks)

43

An organisation pays it 12 direct production workers a fixed weekly salary of ?375 each for a 37.5 hour week. Overtime is paid at time and a half. In the last week, 520 hours were worked in total, which included 40 overtime hours worked at the specific request of a customer. How much is charged to direct labour for the week? A B C D ?5,550 ?4,500 ?5,400 ?5,100 (2 marks)

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ACCA F2 Management Accounting

44

A furniture company produces 2 types of Sofa, The Squash and The Stretch which require 10 and 16 Labour Hours respectively. The budgeted data for the next period is as follows: Squash Stretch Sales Opening Inventory of Finished Goods 7,500 1,800 12,000 2,400

Closing Inventory of Finished Goods are expected to be reduced by 50% What is the total budgeted Labour Hours for the next period. A B C D 295,200 267,000 238,800 210,600 (2 marks)

The following is relevant to questions 45 and 46 A company uses standard costing. There are 6 standard hours required to produce 1, while production staff are paid at the standard rate of ?9 per hour. Budgeted production is 700 units per month. In November 750 units were produced, taking 4,750 hours at a cost of $41,150.

45

The labour efficiency variance was: A B C D ?2,250 adverse ?2,250 favourable ?4,950 favourable ?4,950 Adverse (2 marks)

46

The labour rate variance was: A B C D ?3,350 adverse ?3,350 favourable ?1,600 favourable ?1,600 Adverse (2 marks)

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Revision Mock Questions

47

A company manufactures two products, the Biscuit and the Cake. The contribution earned by the Biscuit is $10 per unit and the Cake earns $12 per unit. Two materials (K and I) are used in the manufacture of these products. Supplies of these materials are limited to 6000 litres of K and 4500 litres of I What is the optimal mix of production (in units) for the next period? Biscuit A B C D 10 40 25 0 Cake 70 0 60 100 (2 marks)

48

A company manufactures a single product. In a computer spreadsheet, the cells B1 to B12 contain the budgeted monthly sales units for the twelve months of next year in sequence, with January sales in cell B1 and finishing with December sales in B12. The company policy is for the closing inventory of finished goods each month to be 5% of the budgeted sales units for the following month. Which of the following formulae will generate the budgeted production (in units) for July next year? A B C D = [B7 + (0.05* B8)] = [B7 – (0.05* B8)] = [(1.05* B7) – (0.05* B8)] = [(0.95* B7) + (0.05 * B8)] (2 marks)

49

The following statements refer to organisations using Batch Costing: (i) (ii) (iii) Unit cost per batch are calculated by dividing the total cost by the units in the batch Batch costing is very common in clothing manufacturing Batch costing is used where the units produced are identical.

Which of the two statements are correct? A B C (i) & (ii) (ii) & (iii) All of them (1 mark)

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ACCA F2 Management Accounting

50

A company uses an overhead absorption rate of ?6.00 per labour hour, based on 48,000 budgeted labour hours for the period. The actual overhead expenditure incurred was ?294,250 and 21,500 units were produced, taking 46,250 hours. A B C D Under absorbed by ?6,250 Under absorbed by ?30,000 Under absorbed by ?16,750 Under absorbed by ?36,250 (2 marks)

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