Started on Wednesday, 24 April 2024, 9:30 PM
State Finished
Completed on Wednesday, 24 April 2024, 10:25 PM
Time taken 55 mins 45 secs
Marks 40.50/48.00
Grade 84.38 out of 100.00
Question 1
Correct
Mark 1.00 out of 1.00
The labour recovery rate is determined by dividing the total budgeted labour cost by the total budgeted productive hours per
employee for the year.
True
False
Question 2
Correct
Mark 1.00 out of 1.00
The general ledger accounts with credit balances that are reported in the Statement of Financial Position reflect the
financing decision of the company.
True
False
Question 3
Correct
Mark 1.00 out of 1.00
Labour cost consists of the cost of salaries, wages and benefits paid to the people employed in the manufacturing section
of the company.
True
False
,Question 4
Correct
Mark 1.00 out of 1.00
The overtime premium is always considered as an indirect labour cost.
True
False
Question 5
Correct
Mark 1.00 out of 1.00
A correlation coefficient of 0 (zero) indicates that there is correlation between two variables.
True
False
Question 6
Correct
Mark 1.00 out of 1.00
The job cost sheets are not part of the accounting records of the company.
True
False
Question 7
Correct
Mark 2.00 out of 2.00
Complete the following statements by choosing the correct answer from the options provided:
A rate that aims to recover all costs of labour from costs of production is known as labour recovery rate
.
Collection policy refers to the methods that the company uses to collect accounts that are past due.
,Question 8
Correct
Mark 2.00 out of 2.00
Complete the following statements by choosing the correct answer from the options provided:
The process of relying on feedback to ensure a plan is being implemented is referred to as controlling.
VAT charged on the purchase of materials is not considered as part of total cost of
inventory of a VAT-registered manufacturing company.
Question 9
Partially correct
Mark 1.00 out of 2.00
Complete the following statements by choosing the correct answer from the options provided:
Risk evaluation attempts to assess each risk according to probability and likelihood
A budget that is prepared for a single level of activity that is expected to occur in the future, is referred to as
static budget
Question 10
Correct
Mark 2.00 out of 2.00
Complete the following by choosing the correct answer from the options provided.
The area of accounting that provides economic and financial information for investors, creditors and other external
users is Financial accounting
A wholesaler who supplies goods to a retailer on credit would be most interested in the organisation’s
current ratio .
, Question 11
Partially correct
Mark 1.00 out of 2.00
Complete the following statements by choosing the correct answer from the options provided.
Inadequate levels of working capital, uncertain market and inexperienced managers are factors that belong to which
category of the Strengths, Weaknesses, Opportunities and Threats (SWOT) analysis Weaknesses.
A manufacturing company is very busy, and overtime is being worked. The amount of overtime premium contained in
direct wages would normally be classified as direct labour cost
Question 12
Correct
Mark 2.00 out of 2.00
Choose the correct word(s) from the list to match the description.
Return
The total gain or loss on an investment over a given period.
The costs relating to the preparation and processing of purchasing documentation, as well as Ordering costs
receiving and inspecting purchased items.
Question 13
Correct
Mark 2.00 out of 2.00
A company has over-absorbed production overheads for the period by R180 000. The production overhead absorption rate
was R160 per unit and is based on the budgeted level of activity of 7 100 units. Actual production was 6 750 units.
Required
Calculate the following item and choose the correct answer from the options provided:
Budgeted production overheads for the period R1 136 000
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