Untitled form Total points 72/100

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( 1 ) Which of the following performance indicators is a financial 2/2

performance measure?  

A Quality rating

B Number of customer complaints

C Cash Bow

D System (machine) down time

( 3 ) In order for a business's strength to have a real benefit, it has to be 2/2

linked to critical success factors.  What are critical success factors?  

A Factors contributing to reduced costs

B Factors necessary to match strengths to opportunities

C Factors necessary to build on strengths

D Factors fundamental to strategic success

( 7 ) Which of the following would be suitable for measuring resource 2/2
utilisation in a parcel delivery company?  

A Number of customer complaints

B Cost per consignment

C Depot proMt league tables

D Client evaluation interview

( 8 ) Which of the following is not a measure of service quality?   2/2

A Number of complaints

B Proportion of repeat bookings

C Customer waiting times

D Staff turnover

( 12 ) Which of the following would not be expected to appear in an 2/2

organisation's mission statement?  

The organisation's values and beliefs

The products or services offered by the organisation

QuantiMed short term targets the organisation seeks to achieve

The organisation's major stakeholders

 ( 14 ) A division of a service company is aware that its recent poor 2/2
performance has been attributable to a low standard of efficiency amongst
the workforce, compared to rival firms. The company is adopting a
balanced scorecard approach to setting performance targets. As part of its
objective of closing the skills gap between itself and rival companies, the
division's management has set a target of providing at least 40 hours of
training each year for all its employees. What does this performance target
reflect?

A customer perspective

A learning and growth perspective

An internal process perspective

A Mnance perspective

( 16 ) Which  of the following are elements of a mission statement? ( 1 ) 2/2

Purpose  ( 2 ) strategy ( 3 ) Values ( 4 ) Culture

All of them

1 and 2 only

2 only

2 and 4 only
:
 ( 20 ) In the last year a division's controllable return  investment was 25% 0/2
 and its controllable profit was $8000 . The cost of finance appropriate to
the division was 18% per annum .  What was the division's controllable
residual income in the last year?

$5600

$22400

$74400

$76400

Correct answer

$22400

( 24 ) A government is looking at assessing state schools by reference to a 0/2

range of both financial and non-financial factors , one of which is average
class sizes. Which of the three E's best describes the above measure?

Economy

Effectiveness

EVciency

Externality

Correct answer

EVciency
:
 ( 28 ) The direct labour capacity ratio for a period was 104% . What could 2/2
have caused this?

Actual hours worked being greater than budgeted hours

Actual hours worked being less than budgeted hours

Standard time for actual output beeing greater than budgeted hours

Standard time for actual output being less than budgeted hours

( 32 ) Which balanced scorecard perspective would the performance 2/2

indicator ' Training costs as a % of total costs' come under?

Financial

Customer

Learning and growth

Internal
:
 ( 41 ) A company wants to encourage an investment centre to make new 2/2
investments. Performance measurement using which of the following KPIs
would achieve this?

ROI

ROCE

RI

IRR

( 42 )Why would a company want to encourage the use of non-financial 2/2

performance indicators?

To encourage short termism

To look at the fuller picture of the business

To enable results to be easily manipulated to the beneMt of the manager

To prevent goal congurance

:
 ( 45 ) In a responsibility accounting system for which of the following 2/2
should the purchasing manager be held responsible ?

Raw material prices

Raw Material usage

Labour hours worked

Labour wage rates

( 47 ) How can short-termism be prevented? 0/2

Focus performance measurement on Mnancial performance only

Focus performance measurement on non-Mnancial performance only

Focus performance measurement on both Mnancial and non-Mnancial

performance

Create budgets for more than one year at a time.

Correct answer

Focus performance measurement on both Mnancial and non-Mnancial

performance
:
 ( 50 ) RL Inc budgeted to make 200units in June with a standard labour 2/2
usage of 0.6 hours per unit .Actual output was 180 units which took 126
hours. What is the efficiency ration ?

86%

90%

105%

116%

~ Questio 6 ~ 0/2

A $1,000

B $3,500

C $7,500

D $11,000

Correct answer

B $3,500
:
 ~ Questio 8 ~ 2/2

A $10,000 Adverse

B $10,000 Favourable

C $25,000 Adverse

D $25,000 Favourable

~ Questio 9 ~   2/2

A No variance would be shown for Mxed production overhead

B Expenditure variance: $5,800 adverse

C Volume variance: $2,800 favourable

D Total variance: $3,000 adverse

:
 ~ Questio 10~   0/2

A 800 kg

B 1,000 kg

C 1,200 kg

D None of these

Correct answer

A 800 kg

~ Questio 12 ~ 2/2

$384,000

$405,000

$432,000

$459,000
:
 ~ Questio 14 ~ 2/2

[ 29,000 unit - $163,000 ] [ 35,000 unit - $181,000 ]

[ 29,000 unit - $163,000 ] [ 35,000 unit - $211,000 ]

[ 29,000 unit - $296,000 ] [ 35,000 unit - $344,000 ]

[ 29,000 unit - $296,000 ] [ 35,000 unit - $181,000 ]

~ Questio 15 ~ 0/2

$4,250 favourable

$4,250 adverse

$5,250 favourable

$5,250 adverse

Correct answer

$5,250 adverse
:
 ~ Question 16 ~ Last month Zed Co purchased 750kg of raw materials for 2/2
$13,500. The material price variance was $1,125 favourable. What was the
standard price per kg of the raw materials?

$15.00

$16.50

$17.00

$19.50

~ Question 17 ~ A company uses production labour hours to absorb its 0/2

fixed production overheads. A strike by its workforce results in a loss of
30% of the period’s budgeted production labour hours. Which of the
following variances will occur as a result of the loss in production labour
hours?

Adverse Mxed overhead capacity variance

Adverse Mxed overhead eVciency variance

Adverse direct labour eVciency variance

Adverse direct labour rate variance

Correct answer

Adverse Mxed overhead capacity variance

:
 ~ Question 20 ~Which of the following costs would NOT be classified as a 2/2
production overhead cost in a company that produces bottled mineral
water?

Depreciation of the bottling plant

The factory rent

The factory manager’s salary

The cost of the bottles

~ Question 21 ~ Which of the following describes a standard cost? 2/2

The planned unit cost of a product, component or service in a period

The budgeted cost ascribed to the level of activity achieved in a budget centre in
a control period

The budgeted production cost ascribed to the level of activity achieved in a

budget period

The amount of work achievable in an hour, working at standard eVciency levels

:
 ~ Question 22 ~ Which of the following statements best describes direct 2/2
costs?

Costs under the direct control of a manager

Costs to be paid within the current accounting period

Costs directly identiMed with a product or service

Costs passed directly to customers

~ Question 24 ~ 2/2

30000

40000

50000

60000
:
 ~ Question 26 ~ 2/2

Electricity bills made up of a standing charge and a variable charge

Bonus payment to employees when production reaches a certain level

Salesman's commissions payable per unit up to a maximum amount of

commission

Bulk discounts on purchases – the discount being given on all units purchased

~ Question 29 ~ A company has calculated a $10,000 adverse direct 0/2

material variance by subtracting its flexed budget direct material cost from
its actual direct material cost for the period.  Which TWO of the following
could have caused the variance?  

An increase in direct material prices

An increase in raw material usage per unit

Units produced being greater than budgeted

Units sold being greater than budgeted

Correct answer

An increase in direct material prices

An increase in raw material usage per unit

:
 ~ Question 30 ~ 0/2

$137,000

$103,000

$110,000

$130,000

Correct answer

$130,000

~Question 31 ~  A company's operating costs are 60% variable and 40% 2/2
fixed.  Which of the following variances' values would change if the
company switched from standard marginal costing to standard absorption
costing?

Direct material eVciency variance

Variable overhead eVciency variance

Sales volume variance

Fixed overhead expenditure variance

:
 ~Question 34 ~ A company uses an overhead absorption rate of $3.50 per 2/2
machine hour, based on 32,000 budgeted machine hours for the period.
During the same period the actual total overhead expenditure amounted to
$108,875 and 30,000 machine hours were recorded on actual production.
 By how much was the total overhead under or over absorbed for the
period?  

Under absorbed by $3,875

Under absorbed by $7,000

Over absorbed by $3,875

Over absorbed by $7,000

~Question 35 ~ 2/2

$41,500

$40,800

$38,500

$39,200
:
 ~Question 36 ~ ( 10 mark ) - Task 1 2/2

20

30

40

50

[ no need to answer ( Favourable , Adverse ) Just only amount ] 2/2

1550

1650

1750

1850
:
 Task 2 During June 450 tables were produced, which used 950 mand 2/2
5,000 labour hours at a total cost of $113,400. Actual fixed overheads for
the month were $21,000. Calculate the following variances: Labour
Efficiency Variance [ no need to answer ( Favourable , Adverse ) Just only
amount ]

8000

7000

6000

5000

Task 2 During June 450 tables were produced, which used 950 mand 2/2
5,000 labour hours at a total cost of $113,400. Actual fixed overheads for
the month were $21,000. Calculate the following variances: Labour Rate
Variance [ no need to answer ( Favourable , Adverse ) Just only amount ]

11400

12400

13400

14400
:
 Task 2 During June 450 tables were produced, which used 950 mand 2/2
5,000 labour hours at a total cost of $113,400. Actual fixed overheads for
the month were $21,000. Calculate the following variances: FPOH
Expenditure Variance [ no need to answer ( Favourable , Adverse ) Just
only amount ]

500

1000

1500

2000

~Question 37~ ( 10 mark )

Time

: AM
:
 Task 1 -  Calculate the direct labour rate variance for June [ no need to 0/2
answer ( Favourable , Adverse ) Just only amount ]

432000

442000

452000

400000

Correct answer

432000

Calculate the variable overhead efficiency variance for June [ no need to 0/2
answer ( Favourable , Adverse ) Just only amount ]

170000

175000

180000

185000

Correct answer

180000
:
 Task 2 The sales volume profit variance reported for June was $24,000 0/2
(A). Seashell Co is considering using standard marginal costing as the
basis for variance reporting in the future. Calculate the sales volume
variance to be shown in a marginal costing operating statement for June.  [
no need to answer ( Favourable , Adverse ) Just only amount ]

23600

33600

34600

35600

Correct answer

33600

Task 3 (i) In July, Seashell Co's management accountant thinks that the 2/2
direct material price and direct material usage variances could be
interrelated. Which of the following could explain their interrelationship?

Actual production was less than budgeted

Cheaper materials led to more material wastage

Unforeseen discounts were received

There was a price increase in materials

:
 (ii) Which TWO of the following factors are the MOST important for 2/2
Seashell to consider before it investigates its variances?

Materiality

Controllability

Personnel involved

Whether they are adverse or favourable

~Question 38~ ( 10 mark )

Option 1

Task 1 Select the appropriate words, phrases or numbers to correctly complete the
commentary on the last month’s results.  

Option 1

Hendry uses standard _______________  costing. 1/1

absorption

marginal
:
 In the last month actual selling price was  ____________  standard. 1/1

higher than

lower than

equal to

Actual units sold were ___________budgeted 2/2

1,000 less than

1,000 more than

 actual sales revenue was  ____________. 0/2

$1,210,000

$1,310,000

Correct answer

$1,310,000
:
 Production was ____________  than budgeted. 1/1

100 units less than

100 units more than

Materials caused the biggest cost variance, where a decision to pay 1/1
____________.

less than

more than

standard price resulted in the company using __________. 0/2

200kg less than Bexed budget

200kg more than original budget

200kg more than Bexed budget

200kg less than original budget

Correct answer

200kg less than Bexed budget

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