Case
MAC2601 Assignment 1 First Semester 2023
- Course
- Institution
This document contain different versions of the first assignment for the first semester 2023. A distinction of 100% is guaranteed
[Show more]
Seller
Follow
TheTeachingMachine
Reviews received
Content preview
MAC2601ASSIGNMENT 1
FIRST SEMESTER 2023
BY: MTHOMBENI: 0767297208
1
,Question 1
Carefully consider the four statements below and then select the correct alternative.
A The management accountant always reports to the financial accountant of the company.
B The management accountant is responsible for ensuring that the annual financial statements comply
with International Financial Reporting Standards.
C Management accountants provide information that managers need for planning.
D The management accountant is responsible for controlling expenses in the company.
a.
Only statement C is correct.
b.
Only statements C and D are correct.
c.
Only statements A and B are correct.
d.
Only statement B is correct.
Question 2
Non-manufacturing costs expensed in the income statement in the period that they are incurred
are called …
a.
product costs.
b.
manufacturing costs.
c.
period costs.
d.
conversion costs.
2
,Question 3
What is a common element of both prime and conversion costs?
a.
Direct labour
b.
Fixed production overheads
c.
Variable production overheads
d.
Direct materials
Question 4
Which one is a method used for apportioning production overheads?
a.
Process costing method
b.
Traditional costing method
c.
Job costing method
d.
Standard costing method
Question 5
The break-even point on the cost-volume-profit (CVP) graph occurs where ...
a.
total variable costs are equal to total contribution margin.
b.
total profit is equal to total fixed costs.
c.
total contribution margin is equal to total fixed costs.
d.total profit is equal to total costs.
3
, Question 6
The general term that refers to any group or individual who can affect, or is affected by, an
organisation’s activities is …
a.
stakeholders.
b.
employees.
c.
shareholders.
d.
managers.
Question 7
Which one is not a basis for the measurement of production (manufacturing) costs?
a.
Actual costing basis
b.
Budget costing basis
c.
Normal costing basis
d.
Standard costing basis
Question 8
Which one of the following is not a cost-volume-profit analysis (CVP analysis) assumption?
a.
All the units manufactured are sold.
b.
CVP analysis applies to short-term planning only.
c.
The analysis is always done out of the relevant range.
4
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller TheTeachingMachine. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.61. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
52510 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now