Exam (elaborations)
Mac1501 Assignment 3 semester 2 2023
- Institution
- University Of South Africa (Unisa)
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9/12/23, 11:13 PM Assessment 3: Attempt reviewUNISA 2023 MAC1501-23-S2 Welcome Message Assessment 3
QUIZ
Started on Tuesday, 12 September 2023, 10:34 PM
State Finished
Completed on Tuesday, 12 September 2023, 11:13 PM
Time taken 39 mins 33 secs
Marks 36.00/40.00
Grade 90.00 out of 100.00
Question 1
Correct
Mark 1.00 out of 1.00
The higher the ordering costs of a company, the lower the holding costs will be; and
the higher the holding costs, the lower the ordering costs will be.
True
False
Question 2
Incorrect
Mark 0.00 out of 1.00
FIFO means that the actual goods that were purchased rst are physically
sold/(issued to production) rst
True
False
Question 3
Correct
Mark 1.00 out of 1.00
The costs of purchase inventories comprise the purchasing price, transport and
handling costs and other costs directly related to the acquisition of nished goods.
True
False
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=13286644&cmid=624509 1/8
,9/12/23, 11:13 PM Assessment 3: Attempt review
Question 4
Correct
Mark 1.00 out of 1.00
Labour cost consists of the cost of salaries, wages and bene ts paid to the people
employed in the manufacturing section of the company.
True
False
Question 5
Correct
Mark 1.00 out of 1.00
The rst-in- rst-out (FIFO) and weighted average inventory valuation methods can be
applied to nished goods only.
True
False
Question 6
Correct
Mark 1.00 out of 1.00
The predetermined absorption rate is used to assign overheads to the units of
production.
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:
Cost behaviour refers to how a costs will react or respond to
changes in the level of business activity.
Normal capacity is the factory’s average level of capacity for
meeting the company’s production demands, taking into account the expected
interruptions and seasonal uctuations.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=13286644&cmid=624509 2/8
,9/12/23, 11:13 PM Assessment 3: Attempt review
Question 8
Correct
Mark 2.00 out of 2.00
Complete the following statements by choosing the correct answer from the options
provided:
Absorbed overheads are total overheads allocated to the cost of
products based on a predetermined overhead rate.
The time an employee spends at work but not actively working or productive but
still gets remunerated for those hours is known as idle time
Question 9
Partially correct
Mark 1.00 out of 2.00
Choose the correct word(s) from the list to match the description.
The time it takes from placing the
order until the goods are delivered Lead time
when ordering inventory from a
supplier.
The temporary account where
actual costs incurred for overheads
are debited and held until the Wages clearance account
overheads are assigned and
transferred to the work-in-progress
account.
Question 10
Correct
Mark 2.00 out of 2.00
Complete the following statements by choosing the correct answer:
Perpetual inventory system involves counting and checking several
inventory items on a regular basis so that each item is checked at least once a
year.
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
budgeted capacity .
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=13286644&cmid=624509 3/8
, 9/12/23, 11:13 PM Assessment 3: Attempt review
Question 11
Correct
Mark 2.00 out of 2.00
Complete the following statement by choosing the correct answer:
under -absorbed overhead occurs when actual overhead is greater than
absorbed overhead, and therefore too little overhead has been charged
to production.
Question 12
Correct
Mark 2.00 out of 2.00
Motloung works as a machine operator and is paid R200 per hour. The normal
working hours per week is 40 hours. In week 2, Motloung worked 45 hours. Overtime
is paid at the basic rate plus 50%. His overtime premium during week 2 amounted to:
Select one:
A. R1 200
B. R1 000
C. R 1 500
D. R500
Question 13
Correct
Mark 2.00 out of 2.00
A company incurs the following costs at various activity levels:
Total costs Activity level
R Units
625 000 15 000
780 000 17 500
1 000 000 20 000
Using the high-low method, what is the variable cost per unit?
A. R55
B. R62
C. R75
D. R88
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=13286644&cmid=624509 4/8
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