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MAC1501 Assignment 1 Semester 2 2022
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MAC1501 Assignment 1 Semester 2 2022 Questions and answers. 100%
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1. Holding costs include costs such as insurance costs for inventory and rent ofstorage space.
True
2 Cost drivers are those activities for which an increase in the level of activity will
lead to a decrease in the total of that variable cost.
False
3 The strategic plan is the long-term plan of an organisation.
True
4 Materials are those physical resources that a manufacturer requires to produce
finished goods to sell.
True
5 Management accounting is concerned with providing information to creditors,
lenders, SARS and others outside an organisation
False
6 Except for option the following are key principles that ensure the
professional and ethical behaviour of management accountants.
• Popularity
7 On the last day of the financial year, merchandise purchased on account was
delivered to the premises of Isizwe Limited. The items delivered were included in
the physical count of inventory, but the accounting staff neglected to record the
purchase in the accounting records of Isizwe. This oversight will result in
• liabilities being reported at too low an amount, and profit being
reported at too high an amount
8 contains a summary of the detail transactions of transactions
recorded in the creditors' subsidiary ledger.
• Creditors control account
9 According to the perpetual inventory system, .
• a cost of sales account is updated throughout the year
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