Exam (elaborations)
Mac1501 Assignment 5 Semester 1 2024
- Institution
- University Of South Africa (Unisa)
Mac1501 Assignment 5 Semester 1 2024 distinction
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
Content preview
MAC 1501ASSIGNMENT 5 SEMESTER 1 2024
Use this document as a guide to learn, compare and reference
, EXPECTVIEW TUTORS
EX
,5/2/24, 9:04 PM Assessment 5: Attempt review
Started on Thursday, 2 May 2024, 7:58 PM
State Finished
Completed on Thursday, 2 May 2024, 8:58 PM
Time taken 1 hour
Marks 30.00/32.00
Grade 93.75 out of 100.00
Question 1 In time wage systems, the remuneration paid to an employee is based on the number of hours the
Complete employee worked.
Mark 1.00 out of
1.00 True
Flag question False
Question 2 Glue, staples, and varnish would be considered as direct material cost in a furniture manufacturing
Complete company.
Mark 1.00 out of
1.00 True
Flag question False
Question 3 The costs of purchase inventories comprise the purchasing price, transport and handling costs and
Complete other costs directly related to the acquisition of finished goods.
Mark 1.00 out of
1.00 True
Flag question False
Question 4 The overtime premium is always considered as an indirect labour cost.
Complete
Mark 1.00 out of True
1.00
False
Flag question
Question 5 In terms of the Basic Conditions of Employment Act, all employees are entitled to 31 consecutive
Complete (calendar) days paid leave per year.
Mark 1.00 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
1/4
, 5/2/24, 9:04 PM Assessment 5: Attempt review
Question 7
Complete the following statement by choosing the correct answer:
Complete
Mark 2.00 out of under -absorbed overhead occurs when actual overhead is greater than absorbed overhead,
2.00
Flag question and therefore too little overhead has been charged to production.
Question 8
Complete the following statement by choosing the correct answer:
Complete
Mark 2.00 out of over -absorbed overhead occurs when actual overhead is less than absorbed overhead, and
2.00
Flag question therefore too much overhead has been charged to production.
Question 9
Complete
Complete the following statements by choosing the correct answer from the options provided:
Mark 2.00 out of
2.00 Absorbed overheads are total overheads allocated to the cost of products based on a
Flag question 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 10
Complete the following statements by choosing the correct answer from the options provided.
Complete
Mark 2.00 out of Theoretical capacity is a factory’s capacity based on the assumption of 100% efficiency
2.00
Flag question at the time.
Mixed costs contain both variable and fixed cost elements.
Question 11
Complete the following statements by choosing the correct answer:
Complete
Mark 2.00 out of A manufacturing firm is very busy trying to meet the deadline for a specific customer, and
2.00
overtime is being worked. The amount of overtime premium contained in direct wages would
Flag question
normally be classified as direct labour cost
The procedure whereby indirect costs (overheads) are spread fairly between cost
centres/departments is known as apportionment
2/4
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ExpectviewTutors. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R50,00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
52510 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now