Quiz Results "Paper F2 Mock Exam"

Date/Time January 22, 2024 12:28 PM

Answered: 33 / 46

71% Student Score 64 / 90 (71%)

Passed Passing score 45 (50%)

Time Spent: 1 h 36 sec

Questions

# Question Awarded Points Result

A sample of people is taken with the same proportion of individuals in

1. 0 2
separate age bands as in the population as a whole. This is an example

Which of the following costs for a manufacturing organisation would be

2. 0 2
classified as production costs?(Select all that apply)

Data is information that has been processed in such a way as to be

3. 0 2
meaningful to its recipients Is this statement true or false?

A company manufactures and sells desks. Which of the company's

4. 2 2
costs listed below will be classed as production costs (tick all that

The following statements relate to financial accounting and to

5. 2 2
management accounting: (i) the main users of financial accounting

A company purchases 5,000 units per quarter at an even rate throughout

6. 2 2
the year.Each order placed with the supplier incurs a delivery charge of

A company purchases 5,000 units per quarter at an even rate throughout

7. 2 2
the year.Each order placed with the supplier incurs a delivery charge of

A company operates a piecework system of remuneration, but also

8. 2 2
guarantees its employees a minimum wage of $10 per hour for an 8

A company manufactures two products L and M in a factory divided into

9. 2 2
two cost centres, X and Y. The following budgeted data are available:

A company budgeted on producing 20,000 units and taking 8,000 labour

10. 2 2
hours.They actually took 11,000 hours to produce 25,000 units. What

A business absorbs its fixed production overheads on the basis of labour

11. 2 2
hours worked.The following data is available:Budgeted fixed overheads
 A company made 17,500 units at a total cost of $16 each. Three
12. 0 2
quarters of the costs were variable and one quarter fixed. 15,000 units

A process has a normal loss of 5% of input.All losses have a realisable

13. 2 2
value of $22 per litre.Last month 20,000 litres were input into the

Information relating to two processes - P and Q - is as follows: Process

14. 2 2
PNormal loss is 10% of input; Input: 50,000 kg; Output: 44,000 kg

Which of the following statements referring to spreadsheets are correct

15. 0 2
(select all that apply)?

AA Co had budgeted production of 40,000 units for December, and the

16. 2 2
budgeted costs were:Materials: $120,000Labour:

In 2008 a company purchased 10,000 kg of material for a total cost of

17. 2 2
$25,000.In 2011 they purchased 12,000 kg of the same material and

Which of the following is not a feasible value for the correlation

18. 2 2
coefficient?

5 years ago an item was costing $10.The relevant index number 5 years
19. 2 2
ago was 125.The same index now stands at 220. What is the current

In a time series analysis, the additive model is used to forecast sales

20. 2 2
and the following seasonal variations apply:Quarter 1 2

A credit card company charges interest at the rate of 1.5% per month.
21. 0 2
What is the effective annual rate of interest (or APR)?

A company is considering investing in a new machine that will cost

22. 2 2
$270,000 and will last for 4 years with a scrap value at the end of 4

What is the present value of $2,000 per annum, receivable for a total of
23. 0 2
8 years with the first receipt being in 3 years time, with interest at 5% per

A company has a budgeted labour cost of $360,000 for the production of

24. 2 2
60,000 units per month.Each unit is budgeted to take 3 hours of

The actual sales figure for a product in January was $6,400.The

25. 2 2
standard selling price for the product is $25 per unit, and the number of

When a manufacturing company operates a standard marginal costing

26. 0 2
system, then are no fixed production overhead variances. Is this

An investment division earns a return on investment of 15% and a

27. 2 2
residual income of $200,000. The cost of capital is 18%. A new project

Which of the following is not a perspective associated with the balanced

28. 0 2
scorecard?
 A company has capital employed of $500,000 It has a cost of capital of
29. 2 2
15% per year, and a return on investment of 17% per year. What is the

The accounts of Lola plc for the year ended 31 December 2015 include
30. 2 2
the following information: Revenue 7,200Gross profit

Section B - Question 1 (a) Able Ltd is considering a new project, the

31. 3 3
details of which are attached (click to enlarge). a) Calculate the Net

Section B - Question 1 (b) Able Ltd is considering a new project, the

32. 0 3
details of which are attached (click to enlarge). b) Calculate the

Section B - Question 1 (c) Able Ltd is considering a new project, the

33. 2 2
details of which are attached (click to enlarge). c) Calculate the Payback

Section B - Question 1 (d) Able Ltd is also considering another project

34. 2 2
and has calculated that the Internal Rate of Return of this project is 13%.

Section B - Question 2 (a) Beech Ltd has budgeted on producing

35. 6 6
12,000 desks during April. Their standard cost card shows the standard

Section B - Question 2 (b) Beech Ltd currently uses absorption costing,

36. 0 2
but is considering changing to marginal costing.Which of the following

Section B - Question 2 (c) Which of the following could be reasons for

37. 2 2
having an adverse labour efficiency variance? (Select all that apply) (2

Section B - Question 3 (a) Cherry Ltd sells books over the

38. 1 1
internet.Attached is information relating to last year (click to enlarge). (a)

Section B - Question 3 (b) Cherry Ltd sells books over the

39. 0 1
internet.Attached is information relating to last year (click to enlarge). (b)

Section B - Question 3 (c) Cherry Ltd sells books over the

40. 1 1
internet.Attached is information relating to last year (click to enlarge). (c)

Section B - Question 3 (d) Cherry Ltd sells books over the

41. 1 1
internet.Attached is information relating to last year (click to enlarge).

Section B - Question 3 (e) Cherry Ltd sells books over the

42. 1 1
internet.Attached is information relating to last year (click to enlarge).

Section B - Question 3 (f) Cherry Ltd sells books over the

43. 1 1
internet.Attached is information relating to last year (click to enlarge). (f)

Section B - Question 3 (g) Cherry Ltd sells books over the

44. 1 1
internet.Attached is information relating to last year (click to enlarge). (g)

Section B - Question 3 (h) Cherry Ltd sells books over the

45. 1 1
internet.Attached is information relating to last year (click to enlarge). (h)
 Section B - Question 3 (i) Cherry Ltd sells books over the
46. 0 2
internet.Attached is information relating to last year (click to enlarge). It