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MAC1501 A (QUESTIONS & ANSWERS) Semester 1 2024 - DUE 28 March %TRUSTED workings, explanations and solutions $2.80
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  3. University Of South Africa (Unisa)
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  5. Management Accounting (MAC1501)

Exam (elaborations)

MAC1501 A (QUESTIONS & ANSWERS) Semester 1 2024 - DUE 28 March %TRUSTED workings, explanations and solutions
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  • Course
  • Management Accounting (MAC1501)
  • Institution
  • University Of South Africa (Unisa)

MAC1501 A (QUESTIONS & ANSWERS) Semester 1 2024 - DUE 28 March %TRUSTED workings, explanations and solutions

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Document information

  • March 26, 2024
  • 7
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • management accounting

Written for

  • University of South Africa (Unisa)
  • Management Accounting (MAC1501)
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Question 1
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Question text

Complete the following statements by choosing the correct answer:


 IFRS refers to paid time off as Blank 1
compensated absences
.
clearance
 A Blank 2 account is a temporary

account in which costs are held until they can be transferred to

another account.

Question 2
Partially correct
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Question text
Consider the following statements and state whether they are true or false.
Answer 1
Prime costs refer to the cost of materials and labour.
False

The flow of the cost of direct materials is through the Inventory of
Answer 2
Materials Account, the Work-in-Progress Account, the Inventory of
True
Finished Goods Account and the Cost of Sales Account.
Question 3
Correct
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Question text
Spotless (Pty) Ltd provides cleaning services. In determining the cost of providing a cleaning
service to a particular client. Classify the following costs as direct or indirect.


Answer 1
The cost of carpet shampoo used by the cleaner.
direct

Advertising expenses incurred in attracting more clients to Spotless Answer 2
(Pty) Ltd business. Indirect

Question 4
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Question text

Complete the following statement by choosing the correct answer:

material inventory control
In a perpetual inventory system, the Blank 1 account
credited finished goods inventory
is Blank 2 , and the Blank 3 control
debited
account is Blank 4 every time completed goods are transferred from the factory

floor to the finished goods store.

Question 5
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Question text

Complete the following statements by choosing the correct answer:


 Blank 1
Employees’ retirement contribution
i

s not deductible from an employee’s salary or wage

 According to the perpetual inventory system, Blank 2
a cost of sales account is updated throughout the year




Question 6
Partially correct
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Question text

Complete the following statements by choosing the correct answer from the options provided:

marginal costing
 When using the Blank 1 method, only

variable manufacturing costs are included in the inventory

valuation.

 Factory overhead is an example of a Blank 2 .

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