MAC1501 ASSESSMENT 5 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS
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Course
MAC1501 (MAC1501)
Institution
University Of South Africa (Unisa)
THIS DOCUMENT CONTAINS CAREFULLY WORKED OUT MAC1501 ASSESSMENT 5 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS. USING IT CORRECTLY WILL HELP YOU SCORE ABOVE 75%
OSCAR THE TUTOR
oscardiura@gmail.com
+27737560989
Started on Thursday, 2 May 2024, 10:44 PM fac,ecs,mac,tax,fin inv,bnu,qmi,dsc,sta
State Finished tutorials
Completed on Thursday, 2 May 2024, 11:05 PM Fin Accounting, management Accounting,
Time taken 20 mins 40 secs taxation, investment management , financial
Marks 28.00/32.00 mathematics,
Grade 87.50 out of 100.00 business statistics, quantitative decision
making for busines
Question 1 A correlation coefficient of 0 (zero) indicates that there is correlation between two variables.
Complete
Mark 1.00 out True
of 1.00
False
Flag
question
Question 2 Relevant range refers to the activity level at which our assumption about the behaviour of costs remains
Complete valid.
Mark 1.00 out
of 1.00
True
Flag
question False
Question 3 FIFO means that the actual goods that were purchased first are physically sold/(issued to production) first
Complete
Mark 0.00 out True
of 1.00
False
Flag
question
Question 4 The remuneration of a factory supervisor in a manufacturing plant would be classified as cost of indirect
Complete labour.
Mark 1.00 out
of 1.00
True
Flag
question False
Question 5 Glue, staples, and varnish would be considered as direct material cost in a furniture manufacturing
Complete company.
Mark 0.00 out
of 1.00
True
Flag
question False
Question 6 In building a cost accounting system, management must select a cost-flow assumption from those
Complete prescribed by IFRS.
Mark 1.00 out
of 1.00
True
Flag
question False
,Question 7 Complete the following statements by choosing the correct answer:
Complete
Perpetual inventory system involves counting and checking several inventory items on a regular
Mark 1.00 out
of 2.00
basis so that each item is checked at least once a year.
Flag
question Factory’s capacity where the anticipated use of available capacity is based on the planned production
levels in the budget of the company is referred to as normal capacity .
Question 8 Choose the correct word(s) from the list to match the description.
Complete
Mark 2.00 out The time it takes from placing the order until the goods
of 2.00 are delivered when ordering inventory from a supplier. Lead time
Flag
question The temporary account where actual costs incurred for
overheads are debited and held until the overheads are
assigned and transferred to the work-in-progress Production overheads clearance account
account.
Question 9 Classify the following costs as manufacturing overhead cost or non-manufacturing overhead cost.
Complete
Mark 1.00 out Depreciation of secretary’s laptop.
of 2.00
Manufacturing overhead cost
Flag The City of Tshwane water bill for factory where Product A is
question manufactured. Manufacturing overhead cost
Question 10
Complete the table by selecting the appropriate description from the list below:
Complete
Mark 2.00 out Category of Description
of 2.00 Inventory
Flag merchandise assets bought and held for sale in the ordinary course of business
question
work-in-
assets in the process of being manufactured to be sold in the ordinary course of business
progress
Question 11
Complete the following statements by choosing the correct answer from the options provided.
Complete
Mark 2.00 out Theoretical capacity is a factory’s capacity based on the assumption of 100% efficiency at the
of 2.00
Flag time.
question
Mixed costs contain both variable and fixed cost elements.
Question 12
Complete
,Mark 4.00 out
of 4.00
Overheads in a factory are apportioned to four production departments (A, B, C, and D). Direct labour hours
Flag (DLH) are used to absorb overheads in A and C and machine hours (MH) are used in B and D. The following
question
budgeted information is available:
Production departments
A B C D
Overhead costs R376 250 R568 750 R920 275 R846 000
Direct labour hours 3 010 3 670 6 550 2 980
Machine hours 550 3 250 1 360 2 500
Required:
Calculate the following items and choose the correct answer from the list of options provided:
Overheard absorption rate for departments A R125 per DLH and B R175 per MH ,
respectively
Overheard absorption rate for departments C R140,50 per DLH and D R338,40 per MH ,
respectively
Question 13
Sebenzelaphi Company has two (2) production departments. The predetermined overhead rate is based on
Complete
Mark 4.00 out labour cost in Department A and on machine hours in Department B. At the beginning of the year, the
of 4.00
company made the following estimates:
Flag
question
Department A Department B
Direct labour cost R65 000 R42 000
Manufacturing overheads R91 000 R48 000
Direct labour hours 8 000 10 000
Machine hours 3 000 12 000
Required:
Calculate the predetermined overhead rates for Departments A and B by choosing the correct answer from
the options provided:
OSCAR THE TUTOR
Department A 140% oscardiura@gmail.com
+27737560989
Department B R4.00 fac,ecs,mac,tax,fin inv,bnu,qmi,dsc,sta
tutorials
Fin Accounting, management Accounting,
taxation, investment management , financial mathematics,
business statistics, quantitative decision making for busines
Question 14
Complete
Makhadzi M (Pty) Limited provides personal development seminars. The number of seminars offered over
the last five months along with the total costs of offering these seminars are as follows:
, Mark 4.00 out Month Seminars offered Cost incurred
of 4.00
Flag April 8 R15 200
question
May 10 R17 000
June 13 R19 400
July 16 R21 800
August 14 R20 000
September 11 R18 200
Required:
Using the high-low method calculate the following and choose the correct answer from the options
provided:
Variable cost per seminar R825
Total fixed cost per month R8 600
Question 15
Ngwavuma Wholesale had an opening inventory of 250 units of product Bet valued at R345 per unit at the
Complete
Mark 4.00 out beginning of April 2024. Ngwavuma Wholesale uses a perpetual inventory system. The following
of 4.00
purchases and sales were recorded during April.
Flag
question
Date 2 April 13 April 23 April 30 April
Purchases/receipts (units) - 380 - -
Sales (units) 190 - 210 80
The purchase cost of all receipts for the month of April was R359,50 per unit. A mark-up of 40% on cost is
applied consistently to establish the selling price.
Required
Using a FIFO method of valuation, calculate the following items and choose the correct answer from the
list of options provided:
Cost of sales for the month of April 2024 R168 935
Gross profit for the month of April 2024 R67 574
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