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MAC2601 Assignment 1 semester 1 2023
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Question 1Correct
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Question text
… is not a function of a management accountant in an organisation.
a.
Preparation of financial statements and cash flow statements.
b.
Preparation of cost estimates, project planning, and analysis
c.
Budgetary controls and investigation
d.
Performance evaluation and reporting
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The correct answer is:
Preparation of financial statements and cash flow statements.
Question 2
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Which one of the following statements is not correct?
a.
"Cost to company" will include the employer’s contribution to the pension fund.
b.
The salary of the factory supervisor is classified as indirect labour and will be included in
production overhead costs.
,c.
An overtime premium is the amount paid over and above the normal rate in respect of
overtime hours worked.
d.
Net wage payable = taxable income plus all employee contributions to benefit schemes.
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The correct answer is:
Net wage payable = taxable income plus all employee contributions to benefit schemes.
Question 3
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Which of the following is an advantage of using the high-low method?
a.
It ignores stepped costs.
b.
It cannot establish the exact degree of correlation between the variables.
c.
It has a strong statistical foundation.
d.
It is fairly accurate where correlation between the variables is very close to 1.
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The correct answer is:
It is fairly accurate where correlation between the variables is very close to 1.
Question 4
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When overhead costs are assigned to production during the month, the correct journal
entry would be …
a.
Dr Production Overheads Clearance; Cr Accounts Payable.
b.
Dr Work-in-Progress; Cr Production Overheads Clearance.
c.
Dr Work-in-Progress; Cr Account Payable.
d.
Dr Production Overheads Clearance; Cr Work-in-Progress.
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The correct answer is:
Dr Work-in-Progress; Cr Production Overheads Clearance.
Question 5
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A detailed financial plan is known as a/an …
a.
financial report.
b.
performance report.
c.
budget.
, d.
organisation chart.
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The correct answer is:
budget.
Question 6
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Production overheads are applied to production based on a predetermined recovery
rate. Direct labour hours (DLH) were used as the denominator in determining the
recovery rate. If overheads were under-applied the end of the year, the reason may be
that …
a.
actual DLH were more than budgeted and actual production overhead cost was less than
budgeted.
b.
actual DLH were fewer than budgeted and actual production overhead cost was less than
budgeted.
c.
actual DLH were fewer than budgeted and actual production overhead cost was more
than budgeted.
d.
actual DLH were more than budgeted and actual production overhead cost was more
than budgeted.
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The correct answer is:
actual DLH were fewer than budgeted and actual production overhead cost was more
than budgeted.
Question 7
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