This document contains different versions for assignment 4 of second semester 2022. Pay attention to the instructions and text or call me if you come across questions that are not in this memo
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VERSION 1
The flow of fixed overheads costs is through the Work-in-Progress Account, the Inventory and the
Finished Goods Account and the Cost of Sales Account.
Select one:
True
False
Question 2
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Question text
The financial manager is directly responsible for the management and control of inventory.
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True
False
Question 3
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Creditworthiness refers to the ability of customers to pay their accounts.
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True
False
Question 4
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2
,Question text
The job cost sheets are not part of the accounting records of the company.
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True
False
Question 5
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The balance of the workers’ leave entitlement is called discretionary leave.
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True
False
Question 6
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Cost accumulation is basically identical in job costing and process costing, except that in job costing, only
variable overheads are assigned to production, while process costing fully absorbs fixed production
overheads as well.
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True
False
Question 7
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Debtors are allowed to pay their accounts 45 days from the date of sale, but if they pay within 15 days of
the date of sale, they receive a 3% settlement discount. This is expressed as _____.
Select one:
A.
3/15, net 45
3
, B.
15/45, net 3
C.
15/3, net 45
D.
3/45, net 15
Question 8
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Working capital management is mainly concerned with _______.
Select one:
A.
the capital structure of the company
B.
financing and managing the company's current assets and current liabilities
C.
managing the inventory of the company
D.
managing the company's capital assets
Question 9
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When we use the high-low method, we determine the variable cost per unit by ________.
Select one:
A.
performing a regression analysis on the associated cost and cost driver database
4
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