Started on Wednesday, 10 April
2024, 8:08 AM
State Finished
Completed on Wednesday, 10 April
2024, 8:39 AM
Time taken 31 mins 5 secs
Marks 40.00/40.00
Grade 100.00 out of 100.00
Question 1
Correct
Mark 1.00 out of 1.00
In building a cost accounting system,
management must select a cost- ow
assumption from those prescribed by
IFRS.
True
False
Question 2
Correct
Mark 1.00 out of 1.00
The cost of goods manufactured
statement is part of the nancial
statements and must therefore comply
with IFRS requirements.
True
False
Question 3
Correct
Mark 1.00 out of 1.00
Labour turnover refers to the employees
joining the company.
Process costing system is used in those
situations where units of a product are
homogeneous, such as in the
manufacture of sugar.
True
False
Question 5
Correct
Mark 1.00 out of 1.00
For external nancial reporting purposes,
production overheads must be assigned
to inventory of nished goods as well as
work-in-progress.
True
False
Question 6
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
Question 7
Correct
Mark 1.00 out of 1.00
The purpose of the Unemployment
Insurance Fund (UIF) is to provide
bene ts to employees should they
become unemployed.
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