F2ManagementaccountingF2-Chapter12a
ACCA考试报告分析F2-examreport-2014J
Examiner’s reportF2/FMA Management AccountingFor CBE and Paper exams covering January to June 2014 General CommentsThe structure of the exam changed from previous sittings due to the introduction of multi task questions (MTQs) to both the CBE and paper based examination. From now onwards section A of the paper will contain 35 multiple choice questions (MCQs) – each worth 2 marks, and section B will have 3 MTQs worth ten marks each. All questions are compulsory. The paper remains a two hour examination. A pilot paper reflecting this new structure is available on the ACCA website together with a number of practice MTQsAs always, excellent scores were achieved by some candidates. I congratulate both them and their teachers. I offer my commiserations to those who were not successful.In section A the worst answered MCQ questions were calculation based. Calculation questions accounted for approximately 40% of MCQ questions, and as usual were answered worse than the narrative based MCQs.The best answered questions were of a narrative nature.In section B two thirds of the marks were for calculation. There was little difference in performance between section B calculation and narrative questions.As is usually the case for this paper, F2 candidates on average, performed better than FMA candidates, but on this occasion the difference was narrower than usual.The following questions are ones where the performance of candidates was very weak. Each of these questions relate to a mainstream topic in the Study Guide.Section A Sample questions for discussionExample 1A company uses standard absorption costing. Actual profit last period was $25,000, which was $5,000 less than budgeted profit. The standard profit on actual sales for the period was $15,000. Only three variances occurred in the period: a sales volume profit variance, a sales price variance and a direct material price variance.Which of the following is a valid combination of the three variances?Sales volume Sales price Direct materialprofit variance variance price varianceA $15,000 A $2,000 F $8,000 FB $5,000 A $2,000 A $2,000 FC $15,000 A $2,000 A $8,000 AD $5,000 A $5,000 F $5,000 AThe correct answer is A.The correct answer can be arrived at by looking for a combination of variances that satisfy two criteria(i)The total of the variances must add to $5,000 adverse as actual profit is $5,000 less than budgetedprofit(ii)As budgeted profit is $30,000 ($25,000 actual plus a $5,000 adverse variance) and standard profit on actual sales is $15,000 (given) then the sales volume variance must be $15,000 adverse.Only alternative A meets both of these criteria. D was the most popular choice by candidates, suggesting that most understood criteria 1, but not criteria 2.Questions on standard cost operating statements have been mentioned in previous reports and are a commonly amongst the worst answered questions on the paper.Example 2A company has prepared flexed budgets at two activity levels. The cost per unit of three costs is given below. All three costs behave in a linear manner with respect to activity.Activity level (units)10,000 15,000CostX $3·0 per unit $2·0 per unitY $1·0 per unit $1·0 per unitZ $3·5 per unit $3·0 per unitIs each of the costs variable, semi-variable or fixed?X Y ZA Variable Fixed Semi-variableB Variable Fixed VariableC Fixed Variable Semi-variableVariable FixedD FixedThe correct answer is C.The key to the question is to understand that for variable costs the cost per unit is constant, whilst for fixed costs the total cost is constant. Cost X can quickly be identified as a fixed cost as the total cost between the two output levels is unchanged (10,000 units x $3 = 15,000 units x $2). Cost Y is a variable cost because the cost per unit is constant. Cost D meets neither of these criteria because it contains elements of both fixed and variable cost, and therefore is a semi variable cost. Alternatives A and B were selected by majority of candidates, suggesting some confusion between cost per unit and total cost.Example 3An accountant wishes to use the following spreadsheet to calculate budgeted production units.Which formula should be entered in cell B5?A =B3-C4+B4B =B3-B4C =B3+C4D =B3+C4-B4The correct answer is DTo arrive at this answer candidates had to understand that production units = sales units + closing inventory of finished goods – opening inventory of finished goods, and that the opening inventory for August was the closing inventory for July.Alternative B was the most popular answer presumably on the basis that it totalled the column. Alternatives A and C were selected by only small percentages of candidates.Section BSection B contained 3 questions, one from each of syllabus areas C Budgeting, D Standard Costing and E Performance Measurement. This approach will continue in future papers. The balance of MCQ questions in section A was altered to reflect this change and to preserve the overall balance of the paper. The pilot paper reflects the new weightings. This balance of questions will be used in future papers.Common problems with section B questions included the following∙An apparent lack of knowledge of the net present value (NPV) technique. Many candidates appeared to confuse it with net book value (NBV) and unnecessarily calculated depreciation provisions over the asset’s life. Many candidates were unable to suggest one advantage of using net present value.∙An inability to calculate material price and usage variances and fixed overhead volume variances.∙An inability to explain the causes of variances.∙An imprecise knowledge of commonly used accounting ratios. Return on capital employed should not be calculated by any profit figure divided any asset figure. Its formal definition is operating profit divided by ordinary shareholder’s funds plus non-current liabilities.∙Weak understanding of a businesses’ performance. A significant minority of candidates did not know which ratios measured liquidity and which measured gearing. For the paper exam, many provided weak commentary, such as “the gearing ratio is higher”. This alone does not tell whether this a good or bad, and greater clarity is required for full marks. Again for paper exam only, there were often poor layout of calculations, making it very difficult to understand what candidates were trying to do.Future candidates are advised to:• Study the whole syllabus, because the paper will cover the full syllabus.• Practise as many multiple choice questions as possible.• Read questions very carefully in the examination.• Try to attempt the “easy” examination questions first.• Not to spend too much time on apparently “difficult” questions.• Attempt all questions in the examination (there are no negative marks for incorrect answers).∙For those taking paper exam, present section B answers as tidily as possible∙For those taking CBE exam, read each requirement carefully• Read previous Examiner’s Reports.。
ACCAF2练习题2012（题）
ACCAF2练习题2012（题）F2 MANAGEMENT ACCOUNTING-Q1. A firm which bottles shampoo selects some filled bottles for examination. The procedure used is that two random numbers, x and y, are chosen. Starting at the xth bottle filled, every bottle at an interval of y is then chosen for examination.This type of sampling is known as:A Multi-stageB RandomC SystematicD Stratified2. The following statements relate to responsibility center:(i) Return on capital employed is a suitable measure of performance in both profit and investment centers.(ii) Cost centers are found in manufacturing organizations but not in service organizations.(iii) The manager of a revenue center is responsible for both sales and costs in a part of anorganization.Which of the statements are incorrect?A (i) and (ii)B (ii) and (iii)C (i) and (iii)D All of them3. A pie chart is being produced to represent the sales from different regional offices of a business:$000North 125North West 180East 241South 691South East 147Total 1,384What would be the angle of the East divisions section on the pie chart (to the nearest whole degree)?A 63°B 33°C 180°D 5804.Which of the following is not a type of benchmarking?A InternalB StrategicC InternationalD Functional5.K Class has calculated the following indicators: (i)Return on capital employed (ii)Training costs as a percentage of total costs Which of the balanced scorecard perspectives would these measures relate to?(i) (ii)A Financial FinancialB Financial InternalC Internal Learning and growthD Financial Learning and growth6. A government body uses measures based upon the ‘three Es’ to t he measure value for money generated by a publicly funded hospital. It considers the most important performance measure to be ‘cost per successfully treated patient’.W hich of the three E’s best describes the above measure?A EconomyB EffectivenessC EfficiencyD Externality6.The diagram represents the behaviour of a cost item as the level of output changes: Which ONE of the following situations is described by the graph?A Discounts are received on additional purchases of material when certain quantities are purchased.B Employees are paid a guaranteed weekly wage, together with bonuses for higher levels of production.C A license is purchased from the government that allows unlimited production.D Additional space is rented to cope with the need to increase production8.The following production and total cost information relates to a single product organization for the last three months: Month production units total costs1 1200 66,6002 900 58,2003 1400 68200The variable cost per unit is constant up to a production level of 2,000 units per month but a step up of $6,000 in the monthly total fixed cost occurs when production reaches 1,100 units per month. What is the total cost for a month when 1,000 units are produced?A $54,200B $55,000C $59,000D $60,2009.Which of the following will be completed by a production department requiring new materials to be obtained from suppliers?A A purchase orderB A delivery noteC A purchase requisitionD A goods received noteThe following information applies to questions 10, 11 and 12 Point uses the economic order quantity (EOQ) model to establish the reorder quantity for raw material Y. The company holds no buffer inventory. Information relating to raw material Y is as follows:48,000 units Annual usage$80 per unit Purchase price$120 per order Ordering costs10% of the purchase price Annual holding cost10.The EOQ for raw material Y is:A 438B 800C 1,200D 3,79511.The total annual cost of purchasing, ordering and holding inventory of raw material Y is：A $3,849,600B $3,850,400C $3,853,600D $3,854,40012.The supplier has offered Point a discount of 1% on the purchase price if each order placed is for 2,000 units.The total annual saving to Point of accepting this offer is :A $29,280B $30,080C $37,200D $38,00013.Which of the following are included in the cost of holding inventory?(i) the cost of insurance(ii)rental payment of storage space(iii)the cost of placing a orderA (i) and (ii)B (i) and (iii)C (ii) and (iii)D (i), (ii) and (iii)14.If the direct labor costs in a manufacturing company are $95,000 in March, the costs would be recorded in the cost ledger as:A Debit Work-in-progress $95,000, Credit Wages and salaries $95,000B Debit Wages and salaries $95,000, Credit Bank $95,000C Debit Wages and salaries $95,000, Credit Work-in-progress $95,000D Debit Bank $95,000, Credit Wages and salaries $95,00015.A direct labor employee works a standard 37 hour week and is paid a basic rate of $15 per hour. Overtime is paid at time and a half. In a week when 40 hours were worked and a Bonus of $20 was paid, what was the direct labor cost?A $555B $600C $622.50D $642.5016.A cost centre has an overhead absorption rate of $4.25 per machine hour, based ona budgeted activity level of 12,400 machine hours.In the period covered by the budget, actual machine hours worked were 2% more than the budgeted hours and the actual overhead expenditure incurred in the cost center was $56,389.What was the total over or under absorption of overheads in the cost center for the period?A $1,054 over absorbedB $2,635 under absorbedC $3,689 over absorbedD $3,689 under absorbed17.The management accountant’s report shows that fixed production overheads were over-absorbed in the last accounting period. The combination that is certain to lead to this situation is:A Production volume is lower than budget and actual expenditure is higher than budgetB production volume is higher than budget and actual expenditure is higher than budgetC production volume and actual cost are as budgetedD production volume is higher than budget and actual expenditure is lower than budget.18.A law firm recovers overheads on chargeable consulting hours. Budgeted overheads were $615,000 and actual consulting hours were 32,150. Overheads were under-recovered by $35,000.If actual overheads were $694,075, the budgeted overhead absorption rate per hour is (to 2 decimal places):A $20.21B $20.50C $21.59D $22.68/doc/091272678.htmlst month a manufacturing company’s profit was $2,000, calculated using absorption costing principles. If marginal costing principles had been used, a loss of $3,000 would have occurred. The company’s fixed production cost is $2 per unit. Sales last month were 10,000 units.What was last month’s production (in units)?A 7,500B 9,500C 10,500D 12,500The following data are for questions 20 and 21.The budget for Bright’s first month of trading, producing and selling boats was as follows: $Variable production cost of boats 45Fixed production cost 30Production cost of 750 boats 75Closing inventory of 250 boats (25)Production cost of 500 sold 50Variable selling cost 5Fixed selling cost 2580Profit 10Sales revenue 90The budget has been produced using an absorption costing system.20.If a marginal costing system were used, the budgeted profit would be:A $22,500 lowerB $10,000 lowerC $10,000 higherD $22,500 higher21.Assume that at the end of the first month unit variable costs and fixed costs and selling price for the month were in line with the budget and any inventory was valued at the same unit cost as in the above budget.However, if production was actually 700 and sales 600, what would be the reported profit using absorption costing?A $9,000B $12,000C $14,000D $15,00022.For a product that has a positive unit contribution, which of the following events would tend to increase total contribution by the greatest amount:A 10% decrease in variable cost.B 10% increase in selling price.C 10% increase in volume sold.D 15% decrease in total fixed costs23.A company uses process costing to value output. During the last month the following information was recorded: Output: 2800kg valued at $7.5/kgNormal loss: 300kg which has a scrap value of $3/kgActual gain: 100kgWhat was the value of the input?A $22,650B $21,900C $21,600D $21,15024.Vare produces various inks at its Normanton factory. Production details for Process 1 are as follows:Opening work-in-progress, 1 April 400 units60% complete Closing work-in-progress, 30 April 600 units20% complete Units started 1,000Units finished 800The degree of completion quoted relates to labour and overhead costs. Three-quarters of the materials are added at the start of the process and the remaining quarter added when the process is 50% complete. The company uses the FIFO method of cost allocation.The equivalent units of production for materials in the period are:A 1,250B 1,000C 850D 68025.In process costing, if an abnormal loss arises the process account is generally:A debited with the scrap value of the abnormal loss unitsB debited with the full production cost of the abnormal loss unitsC credited with the scrap value of the abnormal loss unitsD credited with the full production cost of the abnormal loss units26.X uses process costing. In Process 3 the normal loss is 4% of total input.Last period the input from Process 2 was 8,500 kg and additional material of 4,250 kg was added to process 3.Actual output to finished goods was 12,700 kg.There was no opening or closing work-in-progress in the period.The abnormal gain or loss in kg for period 3 was:A 460 kg gainB 460 kg lossC 290 kg gainD 290 kg loss27.Which of the following are features of service organizations?(i)High levels of inventory(ii)High proportion of fixed costs(iii)Difficulty in identifying suitable cost unitsA (i) and (ii) onlyB (i) and (iii) onlyC (ii) and (iii) onlyD All of these28.Which ONE of the following is an advantage of Activity Based Costing?A It provides more accurate product costsB It is simple to applyC It is a form of marginal costing and so is relevant to decision makingD It is particularly useful when fixed overheads are very low29. As an indirect result of purchase of under-standard materials, are the materials usage variance and labor efficiency variance likely to be adverse or favorableMaterials usage Labor efficiencyA Favorable FavorableB Adverse FavorableC Favorable AdverseD Adverse Adverse30. A company operates a standard absorption costing system. The standard fixed production overhead rate is $15 per hour.The following data relate to last month:Actual hours worked 5500Budgeted hours 5000Standard hours for actual production 4800What was the fixed production overhead capacity variance?A$7,500 adverseB$7,500 favourableC$10,500 adverseD$10,500 favourable31. Which of the following could be the cause of an adverse sales volume variance for garden furniture.(i)The company offers discounts on sales prices in order to maintain business.(ii)Poor weather leads to a reduction in sales.(iii)A strike in the factory causes a shortage of finished goods.A (i) and (ii) onlyB (i) and (iii) onlyC (ii) and (iii) onlyD all above32. An extract from the standard cost card for product CJ is as follows:Direct labour (0.5 hours × $12) $6710 units of CJ were produced in the period and staff worked 378 hours at a total cost of $4,725. Of these hours 20 were lost due to a material shortage.The labour efficiency variance is:A$516 favourableB$36 favourableC$36 adverseD$516 adverse33. A flexible budget is:A a budget for semi-variable overhead costs only;B a budget which, by recognising different cost behaviour patterns, is designed to change as volume of activity changes;C a budget for a twelve month period which includes planned revenues, expenses, assets and liabilities;D a budget which is prepared for a rolling period which is reviewed monthly, and updated accordingly34. Which of the following statements are true about IRRs?(i)IRR considers the time value of money(ii)if the IRR exceeds the companies cost of capital the NPV at the company’s cost ofcapital should be positive(iii)it is possible for one investment to have 2 IRRsA (i) onlyB (i) and (ii) onlyC (ii) and (iii) onlyD (i), (ii) and (iii)35. A company is considering an investment of $400,000 in new machinery. The machinery is expected to yield incremental profits over the next five years as follows:Year Profit ($)1 175,0002 225,0003 340,0004 165,0005 125,000Thereafter, no incremental profits are expected and the machinery will be sold. It is company policy to depreciate machinery on a straight line basis over the life of the asset. The machinery is expected to have a value of $50,000 at the end of year 5. Calculate the payback period of the investment in this machinery to the nearest 0.1 years.A 0.9 yearsB 1.3 yearsC 1.5 yearsD 1.9 years36. Performance standards that have remained unchanged over a long period of time are known as:A deal standardsB current standardsC basic standardsD Attainable standards37. A company has determined that the net present value of an investment project is $17,706 when using a 10% discount rate and $(4,317) when using a discount rate of 15%. Calculate the internal rate of return of the project to the nearest 1%.A 13%B 14%C 15%D 16%38. CC Company is considering an investment of $300,000 which will earn a contribution of $40,000 each year for 10 years at today’s prices. The company’s cost of capital is 11% per annum.Calculate the net present value of the project:A ($64,440)B $23,556C $64,440D $235,56039. The principal budget factor for a footwear retailer is:A The cost item taking the largest share of total expenditure.B The product line contributing the largest amount to sales revenue.C The product line contributing the largest amount to business profits.D The constraint that is expected to limit the retailer’s activities during the budget period40. A process has a normal loss of 10% and budgeted output is 4,500 litres for the period.Opening inventory of raw material is 600 litres and is expected to increase by 20% by the end of the period. The material usage budget is:A 4,500 litresB 5,000 litresC 5,133 litresD 5,120 litres41. Put the stages of the product life cycle in the correct order:(i)Growth(ii)Decline(iii)Maturity(iv)Development(v)IntroductionA (i), (v), (iii), (iv), (ii)B (v), (iv), (i), (iii), (ii)C (iv), (v), (i), (iii), (ii)D (iv), (i), (iv), (iii), (ii)42. Which of the following correlation coefficients indicates the weakest relationship between two variables?A + 1.0B + 0.4C – 0.6D – 1.043. The correlation coefficient (r) for measuring the connection between two variables (x and y) has been calculated as 0.6.How much of the variation in the dependent variable (y) is explained by the variation in the independent variable (x).A 36%B 40%C 60%D 64%44. Charleville operates a continuous process producing three products and one by-product.Output from the process for a month was as follows:Product Selling price per unit Units of output from process1 $18 100002 $25 200003 $20 200004 (by-product) $2 3500Total joint costs were $277,000.What was the unit cost valuation for product 3 using the sales revenue basis for allocating joint costs assuming that the revenue receivable from the by-product is deducted from the joint costs?A $4.70B $4.80C $5.00D $5.1045. In the context of quality costs, customer compensation costs and test equipment running costs would be classified as: Customer compensation costs Test equipment running costA internal failure cost prevention costB internal failure cost appraisal costC external failure cost appraisal costD external failure cost prevention cost46. The selling price of product K is set at $450 for each unit.If the company requires a return of 20% in the coming year on product K, the target cost for each unit for the coming year is:A $300B $360C $400D $45047. Regression analysis is being used to find the line of best fit (y = a + bx) from eleven pairs of data. The calculations have produced the following information:Σx = 440, Σy = 330, Σx2 = 17,986, Σy 2 = 10,366 and Σxy = 13,467.What is the value of ‘b’ in the equation for the line of best fit (to 2 decimal places)?A 0.63B 0.69C 2.33D 5.3348. A time series model of sales volume has the following trend and additive seasonal variation.Trend Y = 5,000 + 4,000 XWhere Y = quarterly sales volume in units.X = the quarter number (Where the first quarter of 2009 = quarter 17, the second quarter of 2009 = quarter 18 etc).Quarter seasonal variationFirst +3000Second +1000Third -1500Fourth -2500What would be the time series forecast of sales units for the third quarter of 2010?A 79,500B 95,500C 97,000D 98,500The following information applies to questions 49 and 50.A company records the following information concerning a product:Standard time allowed per unit 16 munitesActual output in period 720 unitsActual hours worked 180Budgeted hours 18549. What is the labour efficiency ratio?A 93.75%B 97.3%C 102.5%D 106.7%50. What is the labour capacity ratio?A 102.8%B 99.4%C 98.6%D 97.3%。
ACCA F2 Lecture Notes(for student)
F2 Accounting for Management(Revision Notes)Prepare by Jane MaiAccounting for Management1. Data ≠ Information (1.10)Data --- process --> information (meaningful for users)2. Attributes of Good information (1.1 1.5)(a) Accuracy(b) Completeness(c) Cost-effective(d) Understandable (clarity)(e) Relevance(f) Confidence(g) Communication(h) Volume(i) Timing(j) Channel of communication3. Information for Management :Plan （:Control:Decision-making4. Anthony divides Management: (1.2 1.6 1.8 )Strategic Level :Long-term (2~5 years), Top managerTactical level :medium-term (around 1 year), middle managerOperational level : Routine, Operational staff5. The difference between financial accounting and management accounting (1.3 1.7 1.9 )Management Accounting Financial AccountingInformation mainly produced for Internal use: eg. Managers andemployeesExternal use: eg. Shareholders,creditors, lenders, banks,governmentPurpose of information To aid planning, controlling anddecision making To record the financial performance in a period and thefinancial position at the end of thatperiodNature of information Financial & non-financialinformationFinancial informationLegal None Limited companies must producefinancial accountsFormat Decide by the management andthe most useful way of presentingit Format and content of financial accounts intending to give a true and fair view should follow IAS and company lawTime period Historical and forward-looking Mainly a historical record others：（ 1.4 ）Source of Data1. Primary data vs Secondary data (2.1 2.2 2.4 )Primary data Secondary dataDefinition - collect for Specific purpose - collect for some otherpurposeAdvantage - nvestigator knowswhere the data camefrom and is aware ofany inadequacies orlimitation - Accurate and reliable (relative)- Cheap & convenientDisadvantage - Expense - Unaware of anylimitation2. Sampling (2.3 2.5)Sample data :Population:Sampling frame : is a numbered list of all items in a populationSampling methods1.) Probability sampling methodRandom sampling- Free from bias (Equal chance to be selected)Stratified random sampling- divide the population into strata or categories.- requires prior knowledge of each item in the populationSystematic sampling- select every nth item after a random start.- cheap and easy to handle- biasMultistage sampling- divide population into a number of sub-population and then selecting a small sample of these at random.Each sub-population is then divide further and be selected at a random.Cluster sampling- non-random sampling- select one definable subsection of the population as the sample.2.) Non-probability methodQuota sampling- Randomness is forfeited in the interests of cheapness and administrative simplicity- Bias- No need sampling framePresenting information(5.1 ~ 5.4)Simple bar ChartComponent bar chartMultiple (or compound) bar chartPie chartLine graphScatter diagramCost classification and cost behaviorCost unit (3.7 3.12)Cost center ( 3.11)- a function or location for which costs are ascertainedDirect cost (3.1 3.2 3.3 3.9)- Can be traced directlyIndirect cost- Cannot be traced directlyClassified by FunctionProduction costAdministrative costMarketing, selling and distribution cost (3.10)Fixed cost- Unaffected by change in the level of activityVariable cost- Tends to vary with the level of activity.Semi-variable cost- Part fixed and part variableProduction and non-production cost- The distinction between production and non-production costs is the basis of valuing inventoryPeriod cost (3.8)- Not include in the inventory costResponsibility center (3.5 3.6)- Responsible for controllable cost only- Cost center- Revenue center- Profit center- Investment centerCost behavior (4.1 4.3~4.7 4.9 4.12 4.14 4.16) Fixed costVariable costStep fixed costSemi-variable costThe high-low method (4.2 4.8 4.11 4.13 4.15 4.17 4.18)--- Analyzing semi-variable costs into their fixed and variable elements.Material and labor1. Valuation of stockFIFO (6.20)LIFO (6.21)Weighted average (6.22)Relevant documents & their function (6.1)Purchase requisitionGood received note (GRN)Good delivery note (GDN)Invoice2. Inventory control (6.6 6.12)Reorder level (6.3)Reorder quantityMinimum inventory levelMaximum inventory level (6.4 6.16)EOQ (6.5 6.13 6.15 6.19)C0 =D =C h =EBQ (6.7 6.17 6.18)C0 =D =C h =R =Free inventory (6.2)= Physical inventory + units on order from supplier – units outstanding on customer’s orders Average inventory (6.14)Safety inventoryAccounting for laborDirect labor cost vs Indirect labor cost (7.6)Overtime premiumIdle timeBonus payment (7.7 7.10)Labor cost calculation(7.3 7.4 7.5 )Labor turnover(7.9 7.12)Labor efficiency●Efficiency ratio (7.2)= ( Expected hours to produce actual output (std hours) / actual hours to produce output ) X 100%●Capacity ratio (7.1)=( (no. of hours spent working(active production) / total hours available (budgeted) ) x 100%●Production volume ratio= ((expected hours to produce actual output(std hours) / total hours available (budgeted) ) x 100% Accounts treatment (7.8 7.11)Absorption costing and marginal costing1. Absorption costing and process(8.1 ~ 8.24)The three stages of calculating the costs of overheads1. Allocation2. Apportionment3. absorption2.1 apportionmentThe repeated distribution methodThe simultaneous equations method3.1 Three main types of overhead absorption rate- Predetermined overhead absorption rate- Single factory-wide absorption rate- Separate departmental overhead absorption rate3.2 Absorption base (9.8 )3.3 under & over absorbed2. Absorption costing vs Marginal costing (9.1 ~ 9.18)ContributionProduction > sales AC profit > MC profitProduction < Sales AC profit < MC profitDifference in profit = change in inventory level x fixed overhead per unitProcess, Job, batch, service and alternative costingJob costing (10.2 10.3 10.4 10.5 10.14)Batch costing (10.6 )Service costing(10.7 10.8 10.9 10.10 10.11 10.12 10.13 10.15 10.16* Characteristics of service business- Intangibility,- Simultaneity- Perishability- Heterogeneity*Cost unit : Composition unitProcess costing (10.1 11.1~11.15)Normal lossAbnormal lossAbnormal gainEquivalent unitOnly closing WIPBoth Opening and Closing WIP- Weighted average method- The FIFO methodJoint product (12.1 12.2 12.3 12.4 12.5 12.6 12.7) Apportionment methods- Physical weight- Sales value at separation pointBy-product (12.3 12.4 12.5)Alternative costing●Activity based costing (13.1- Cost driver●Life cycle costing (13.2 13.3 13.5 13.6)●Target costing (13.4)Forecasting and budgeting Budget : is a plan of what the organization is aiming to achieve. Forecast : is an estimate of what is likely to occur in the future 1. ForecastLinear regression analysisY=a+ bx (14.2 14.6 14.7 14.8 14.9 )(不用记)Correlation coefficient: the degree of correlation between two variables (14.1 14.4 14.5 14.10)R = +1R= -1R=0Coefficient of determination : measures the proportion of the total variation in the value of one variable that can be explained by variations in the value of the other variable.The reliability of linear regression (14.3)A time series analysis (14.11 14.12 14.13 14.14 14.15 14.16~14.23 14.32)A time seriesFour component of a time series:- Trend- Seasonal variance- Cyclical variance- Random varianceMoving average : finding the trendEvaluating the seasonal variations- Additive model- Multiplicative modelIndex forecast (14.24 ~ 14.28)Others (14.29 14.30 14.31)2. BudgetingObjective of budgeting (15.1)- Co-ordination- Communication- Resource allocation- To ensure the achievement of the organisation’s objectives- To compel planning- To provide framework for responsibility accounting- To establish a system of control- To motivate employees to improve their performanceBudget manualBudget committeeThe Principle budget factor (15.2 16.3 16.4)- Is the factor which limits the activities of an organization- Should be identified at the beginning of the budgetary process and the budget for this is prepared before all others.Function budgets (16.2)- Production budgets (16.5 16.6 16.7 16.8 16.9 16.10 16.11 16.12 16.21 )- Marketing budgets- Sales budgets (16.15 )- Personnel budgets- Purchasing budgets (16.22)- Research and development budgetsCapital budgetsThe master budgets (16.1)- Cash flow budget (16.14 16.16 16.17 16.18 16.19 16.20)- Profit and loss budget- Balance sheet budgetFixed budget and flexed budget (15.3 15.9 15.10 16.13)Spreadsheet (15.4 15.5 15.6 15.7 15.8- Very useful for budgetCapital budget (18.4 )Others (16.23 16.24 )Budgetary control (17.6)- Is a cost which can be influenced by its budget holderParticipative approach vs Top-down approach (17.1 17.3 17.4 17.5 - Their individual limitation and advantageBudget as motivation (17.2)Capital investment appraisal1. Interest RateSimple interestCompound interest （19.1 19.2 19.3 19.7）- Both of interest and principal will get the interest.Nominal rate ←→ effective annual rate of interest (19.5 19.8 19.20 19.23) - Formula : (1+r) n = 1+R2．Cash flow method for project analysisRelevant cost (18.1 18.2 18.3)Irrelevant costNet present value method （19.4 19.17 19.24**）- Consider “time value of money”- Positive NPV --- > project acceptableNegative NPV -→project unacceptable- Example 5Internal rate of return (19.6 19.12 19.16 19.18)- Formula:- At the point of IRR, NPV = 0- IRR > rate of capital -- > accept the projectIRR < rate of capital -- > reject the projectAnnuity (19.9 19.10)- 每年都有一笔等额收入- Example 6：4.968 = 0.893 + 0.797 + 0.712 +。
ACCA F阶段考试科目之间的联系
在F1这门课中，会简单教大家用一些模型去分析企业所处的内部以及外部环境，以及职业道德，企业社会责任的简单介绍，而在SBL课程中，将会把这些知识点深入并细化地讲解，比如分析内外部环境之后企业将如何面对环境的变化，在专业层面上更偏战略，以及在公司治理，财务从业人员的职业道德中做了更深入的介绍。
但ACCA考试规则做了限制，你没法同时报考F1与SBL，中间还隔着F4-F9 6门技能课程。
所以你能做的就是打好基础。
对于备考SBL，F1的知识点是大量的基础知识，所以要注意在考过F1之后不要把所学的知识点还给老师哦。
F4和F8则以知识点琐碎的文字类考试，需要考生在理解知识点的同时大量记忆背诵。
因此在选择时避免和F4《CorporateandBusinesslaw》以及F8《AuditandAssurance》同时备考，增加记忆难度。
但是推荐在相邻两个考季中参加考试，因为risk，internalaudit内容有重叠的，侧重点不同，识记内容有重叠部分；F8学得很扎实的可以继续学习后面的SBL或者选修高级审计与鉴证《AdvancedAuditandAssurance(AAA)》。
F2、F5、F9之间奇妙的联系F2《ManagementAccounting》是F5业绩管理《PerformanceManagement》和选修高级业绩管理《AdvancedPerformanceManagement》的基础。
课程涉及管理会计与财务会计的区别，涵盖：管理会计，管理信息，成本会计，预算和标准成本，业绩衡量，短期决策方法。
F5和F2可以考虑先后或者同时学习，在相邻考季中备考，F2中的variance，在F5中更加灵活。
先学F2，再看F5，F2比较简单，很多常识的知识，为F5打好基础，又可以加深对F2的理解。
在这两个学科中ACCA小伙伴们将会学到：如何处理基本的成本信息，并能向管理层提供能用作预算和决策的信息。
同时F9科目又是F5升级版，但是RATIO部分是一样的；所以可以F5和F9也可以一起考。
ACCA F2
Course Notes 2016 Exams September 15 – June 17 ACCAPaper F2 - 双语讲义Management Accounting管理会计Tutor details2 Intro ductio n ACCA F 2No part of this publication may be reproduced, stored in a retrieval systemor transmitted, in any form or by any means, electronic, mechanical,photocopying, recording or otherwise, without the prior written permissionof First Intuition Publishing Ltd.Any unauthorised reproduction or distribution in any form is strictlyprohibited as breach of copyright and may be punishable by law.© First Intuition Publishing Ltd, 2015ACCA F 2Intro ductio n 3ContentsPageIntroduction 1Contents 31Course structure 52Course materials 53Qualification structure 64The exam 65Question types 76Exam tips 77How to study F2 88Study planner 91: Nature, source and purpose of management information 131Accounting for management 132Sources of data 153Cost classification 174Presenting information 262: Cost accounting techniques 331Accounting for material, labour and overheads 332Absorption and marginal costing 533Cost accounting methods 574Alternative cost accounting 703: Budgeting 751Nature and purpose of budgeting 752Statistical techniques 773Budget preparation 904Flexible budgets 975Capital budgeting and discounted cash flows 986Budgetary control and reporting 1107Behavioural aspects of budgeting 1134: Standard costing 1171Standard costing systems 1172Variance calculations and analysis 1183Reconciliation of budgeted and actual profit 1265: Performance measurement 1291Performance measurement overview 1292Performance measurement – application 1313Cost reductions and value enhancement 1414Monitoring performance and reporting 1424 Intro ductio n ACCA F 2Solutions to lecture examples 145Chapter 1 145 Chapter 2 146 Chapter 3 156 Chapter 4 164 Chapter 5 167Formulae sheets 169ACCA F 2Intro ductio n 5 1Course structureHome Study Introduction – How to Study F2To get off to the best possible start, we recommend you contact your tutor once you have receivedyour study materials. Your tutor will explain how to tackle your studies and get you started on yourfirst Study Session.If you prefer to get started straight away you should read “How to Study F2” below.Study sessionsThis study guide breaks down the syllabus into manageable study sessions, following the syllabus, andnumbered in accordance with the chapters in the Study notes. We tell you which chapters to read, andthen which questions to attempt from the Question Bank.It is not enough just to read the study notes. You must practise questions from the Question Bank asrecommended in each study session. The questions in the Question Bank are the same style as thosein the real exam and will give you exposure to all the possible pitfalls.It is better to attempt them as you go along, when the subject matter is fresh in your mind. You shouldcheck your answers with the answers and make sure you understand the suggested answer for anyquestions you get wrong.Revision sessionsWhen you have completed all the study sessions you should spend some time revising the core topicsWhen you are getting most of these right you are ready to attempt the Mock exam. If at all possibleyou should attempt this under real exam conditions, i.e. to the correct time and with no distractions.You can always come and sit your exam at First Intuition – just call your tutor to arrange a convenienttime.When you have completed the Mock you should check your answers. Make a note of any you getwrong and look at the model solution where given. If you still have any problems call your tutor orcome and see us for some final advice. If you score at least 60% in the Mock then you should be readyto take the real exam.2Course materialsYou will receive the following:First Intuition study notesFirst Intuition Question BankPasscards*Online Study Text (in conjunction with Kaplan EN-Gage)*produced by BPP Learning Media6 Intro ductio n ACCA F 23Qualification structureThe ACCA qualification is structured as follows.Fundamentals Level Knowledge Module F1 AB The Accountant in Business F2 MA Management Accounting F3 FA Financial AccountingFundamentals Level Skills Module F4 CL Corporate LawF5 PM Performance ManagementF6 TX TaxationF7 FR Financial ReportingF8 AA Audit & AssuranceF9 FM Financial Management Professional Level Essentials Module P1 PA Professional AccountantP2 CR Corporate ReportingP3 BA Business AnalysisProfessional Level Options Module (any two of these papers) P4 AFM Advanced Financial ManagementP5 APM Advanced Performance Management P6 ATX Advanced TaxationP7 AAA Advanced Audit & AssuranceAll papers are compulsory unless you gain exemptions from a relevant qualification. The modules must be attempted in the correct order, though you can sit the papers in any order. A maximum of fourpapers can be taken in any one exam sitting. Exams are in June and December each year. TheKnowledge Module subjects are examined by computer-based assessment and can be attempted atany time.4The examF2 is a two-hour computer-based or paper based examination.The paper is in two sectionsSection A contains 35 objective test questions. Each question is worth 2 marks (70 marks intotal)Section B contains 3 multi-task questions. Each question is worth 10 marks (30 marks in t otal).Multi task questions are a new question type which is being introduced in 2014. This newquestion type is explained more fully below.All questions are compulsory.The paper has a pass mark of 50%.ACCA F 2Intro ductio n 75 Question typesThe F2 exam consists of the following types of question: Objective test (OT) –These are single, short, automatically marked questions.Multiple task questions (MTQ) – These questions contain a series of tasks which relate t o one or more scenarios.The types of question that may be included are as follows:OT MTQMultiple Choice You are required to choose one answer from a list of options by clicking on the appropriate radio buttonMultiple Response You are required to select more than one response from the options provided by clicking the appropriate tick boxes Multiple Response Matching You are required to select a response to a number of related statements by clicking on the radio button whichcorresponds to the appropriate response for each statement Number Entry You are required to key in a numerical response to the questionGapfill You are required to enter answers into blank areas Hot SpotYou are required to choose one or more answers by clicking on the appropriate hotspot area/ areas on an imageEach of the above types of question are included in the companion Question Bank. Examples of each of the question types and how they are marked can also be found on the ACCA’s website at Specimen examThe ACCA’s specimen exam reflecting the new exam formats and incorporating all question types, is included in this Question Bank.6 Exam tipsRead the requirement very carefully . With calculation questions there are many opportunities for your examiner to confuse you or try and catch you out. It will be very easy to arrive at a result that is one of the options available.Manage your time . You have an average of 2 minutes and 24 seconds per question. S ome will take longer than others, particularly those that involve calculating a numerical answer. So if you get stuck on a question, make a note of the question number and move on. If you have time at the end of the exam you can go back and tackle the tricky questionsYou may be asked to choose one or more correct statements from a given list. Read each statement carefully. If you are unsure about one or more of them, move on and deal with the statements you do agree with. You may find the correct answer by process of elimination without needing to revisit the statements you are unsure about. In any event you should certainly be able to narrow down your choices.If you think you will run out of time, stop five minutes before the end and guess any remaining answers – remember you have a one in four chance of getting those questions right which could make the difference between a pass and a fail.8 Intro ductio n ACCA F 2 7How to study F2Plan your study timeGet your diary out and decide when, where and how often you want to study. If you followed a FirstIntuition course you would receive a minimum of five full days tuition, and be expected to doadditional work at home. Studying on your own is harder and will take longer. You should expect tospend at least 3 hours studying per week. On this basis it should take approximately two months tolearn the study material, then you should allow additional time for revision and final question practice.Most students should be ready to take the exam 3 months after commencing their studies.Set a target date for the examThis is very important with computer-based exams. If you don’t set a target there is a danger that you will spread your study time over too long a period, will lose momentum or simply not get around totaking the exam. When you set your target bear in mind how you wish to progress through thesyllabus, as from paper F4 onwards you are tied to the paper-based exam sittings in June andDecember. For example, if you wish to progress to the Skills level papers for a December sitting youshould complete your computer-based exams by 31 July.Make the most out of your study sessionsTry and complete each study session in one go so that you learn each topic in turn. Some sessions are longer than others, but make sure you take a break between sessions.Read the ACCA study guide at the start of each session so you know the learning outcomes for thatparticular session. Check the tutor tips for advice on how to tackle questions or which areas focus on.Then read the relevant chapter of the course notes.It is essential that you try the questions from the Question Bank where indicated. You will not passthe exam if you don’t attempt the questions. Check your answers and make sure you understand the workings for any that you get wrong. Often you will find that you got the wrong answer because youdidn’t read the question properly – the examiner does like to try and catch you out! If you get stuckgive your tutor a call and ask for advice.RevisionYou should attempt the additional question banks for each of the revision sessions as well as re-reading the study notes. When you are getting at least half of the questions right you are ready toattempt the Mock Exam. If you achieve at least 60% in the Mocks then you should be ready to attempt the real exam.The real examWhen are ready to attempt the real exam give us a call to arrange your CBE (or contact your nearestCBE centre). We hold weekly exam sessions but will do our best to be flexible so you can sit the examat a time that suits you.ACCA F 2Intro ductio n 9 8Study planner10 Intro ductio n ACCA F 2ACCA F 2Intro ductio n 118.1 Practical Experience Requirements (PER) and Performance ObjectivesACCA requires students to have 36 months’ practical experience in order to become members. Part ofthe practical experience requirements is achieving performance objectives that demonstrate that youcan apply what you’ve learnt when studying to real-life, work activities.ACCA has set out 20 performance objectives in 9 areas. You are required to achieve 13 performanceobjectives – all 9 Essentials performance objectives and any 4 Options performance objectives. ACCAhas provided guidance on which objectives are strongly linked to which exam. The relevant objectivesfor F2, which comprise Essentials and Options objectives, are:Manage self (relevant for all exams)(5)Communicate effectively (relevant for all exams)(6)Use information and communications technology (relevant for all exams)(12)Prepare financial information for management (relevant for F2, F5 and P5)(13)Contribute to budget planning and production (relevant for F2, F5 and P5)(14)Monitor and control budgets (relevant for F2, F5 and P5)No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of First Intuition Publishing Ltd.Any unauthorised reproduction or distribution in any form is strictly prohibited as breach of copyright and may be punishable by law.© First Intuition Publishing1 Accounting for management(a)Describe the purpose and role of cost and management accounting within an organisation.(b)Compare and contrast financial accounting with cost and management a ccounting.The purpose of cost and management accounting is to assist the management in running theirbusiness to achieve its overall plans, make the correct decisions and to control the business.1 管理会计(a)描述组织内部成本会计和管理会计的目的与作用。
2014年6月ACCA F2考试真题
Fundamentals Level – Knowledge Module Management AccountingSpecimen Exam applicable from June 2014Time allowed: 2 hoursThis paper is divided into two sections:Section A – ALL 35 questions are compulsory and MUSTbe attemptedSection B – ALL THREE questions are compulsory and MUSTbe attemptedFormulae Sheet, Present Value and Annuity Tables are onpages 16, 17 and 18.Do NOT open this paper until instructed by the supervisor.This question paper must not be removed from the examination hall. The Association of Chartered Certified AccountantsSection A – ALL 35 questions are compulsory and MUST be attemptedPlease use the space provided on the inside cover of the Candidate Answer Booklet to indicate your chosen answer to each multiple choice question.Each question is worth 2 marks.1 A manufacturing company benchmarks the performance of its accounts receivable department with that of a leadingcredit card company.What type of benchmarking is the company using?A B C D Internal benchmarking Competitive benchmarking Functional benchmarking Strategic benchmarking2 3 Which of the following BEST describes target costing?ABCDSetting a cost by subtracting a desired profit margin from a competitive market price Setting a price by adding a desired profit margin to a production costSetting a cost for the use in the calculation of variancesSetting a selling price for the company to aim for in the long runInformation relating to two processes (F and G) was as follows:Process Normal loss as% of inputInput(litres)Output(litres)FG8565,00037,50058,90035,700For each process, was there an abnormal loss or an abnormal gain?Process F Process GABCDAbnormal gainAbnormal gainAbnormal lossAbnormal lossAbnormal gainAbnormal lossAbnormal gainAbnormal loss4 The following budgeted information relates to a manufacturing company for next period:Units $Production Sales 14,00012,000Fixed production costsFixed selling costs63,00012,000The normal level of activity is 14,000 units per period.Using absorption costing the profit for next period has been calculated as $36,000. What would be the profit for next period using marginal costing?A B C D $25,000$27,000$45,000$47,00025 The Eastland Postal Service is government owned. The government requires it to provide a parcel delivery service toevery home and business in Eastland at a low price which is set by the government. Express Couriers Co is a privately owned parcel delivery company that also operates in Eastland. It is not subject to government regulation and most of its deliveries are to large businesses located in Eastland’s capital city. You have been asked to assess the relative efficiency of the management of the two organisations.Which of the following factors should NOT be allowed for when comparing the ROCE of the two organisations to assess the efficiency of their management?A B C D Differences in prices charged Differences in objectives pursued Differences in workforce motivation Differences in geographic areas served6 Under which sampling method does every member of the target population has an equal chance of being in thesample?A B C D Stratified sampling Random sampling Systematic sampling Cluster sampling7 A Company manufactures and sells one product which requires 8 kg of raw material in its manufacture. The budgeteddata relating to the next period are as follows:UnitsSalesOpening inventory of finished goods Closing inventory of finished goods 19,000 4,000 3,000KgOpening inventory of raw materials Closing inventory of raw materials 50,000 53,000What is the budgeted raw material purchases for next period (in kg)?A B C D 141,000147,000157,000163,0003 [P.T.O.8 Up to a given level of activity in each period the purchase price per unit of a raw material is constant. After that pointa lower price per unit applies both to further units purchased and also retrospectively to all units already purchased.Which of the following graphs depicts the total cost of the raw materials for a period?$ $A B0 0$ $C D0 0A B C D Graph A Graph B Graph C Graph D9 Which of the following are benefits of budgeting?1 2 3 4 It helps coordinate the activities of different departments It fulfils legal reporting obligationsIt establishes a system of controlIt is a starting point for strategic planningA B C D 1 and 4 only1 and 3 only2 and3 only 2 and4 only10 The following statements relate to the participation of junior management in setting budgets:1.2.3. It speeds up the setting of budgetsIt increases the motivation of junior managers It reduces the level of budget paddingWhich statements are true?A B C D 1 only2 only2 and3 only1, 2 and 3411 A company has a capital employed of $200,000. It has a cost of capital of 12% per year. Its residual income is$36,000.What is the company’s return on investment?A B C D 30% 12% 18% 22%12 A company has calculated a $10,000 adverse direct material variance by subtracting its flexed budget direct materialcost from its actual direct material cost for the period.Which of the following could have caused the variance?(1) An increase in direct material prices(2) An increase in raw material usage per unit(3) Units produced being greater than budgeted(4) Units sold being greater than budgetedA B C D 2 and 3 only3 and4 only 1 and 2 only 1 and 4 only13 A company has recorded the following variances for a period:Sales volume variance Sales price variance Total cost variance $10,000 adverse $5,000 favourable $12,000 adverseStandard profit on actual sales for the period was $120,000. What was the fixed budget profit for the period?A B C D $137,000 $103,000 $110,000 $130,00014 Which of the following are suitable measures of performance at the strategic level?(1) Return on investment(2) Market share(3) Number of customer complaintsA B C D 1 and 22 only2 and 31 and 35 [P.T.O.15 Which of the following are feasible values for the correlation coefficient?1 2 3 4 +1·40 +1·04 0–0·94A B C D 1 and 2 only3 and4 only 1, 2 and 4 only 1, 2, 3 and 416 A company’s operating costs are 60% variable and 40% fixed.Which of the following variances’ values would change if the company switched from standard marginal costing to standard absorption costing?A B C D Direct material efficiency variance Variable overhead efficiency variance Sales volume varianceFixed overhead expenditure variance17 ABC Co has a manufacturing capacity of 10,000 units. The flexed production cost budget of the company is asfollows:Capacity 60% 100%Total production costs $11,280 $15,120What is the budgeted total production cost if it operates at 85% capacity?A B C D $13,680 $12,852 $14,025 $12,34018 Using an interest rate of 10% per year the net present value (NPV) of a project has been correctly calculated as $50.If the interest rate is increased by 1% the NPV of the project falls by $20.What is the internal rate of return (IRR) of the project?A B C D 7·5%11·7%12·5%20·0%619 A factory consists of two production cost centres (P and Q) and two service cost centres (X and Y). The total allocatedand apportioned overhead for each is as follows:P Q X Y $95,000 $82,000 $46,000 $30,000It has been estimated that each service cost centre does work for other cost centres in the following proportions: P 50 30Q 50 60X – 10Y – –Percentage of service cost centre X to Percentage of service cost centre Y toThe reapportionment of service cost centre costs to other cost centres fully reflects the above proportions. After the reapportionment of service cost centre costs has been carried out, what is the total overhead for production cost centre P? A B C D$124,500 $126,100 $127,000 $128,50020 A company always determines its order quantity for a raw material by using the Economic Order Quantity (EOQ)model.What would be the effects on the EOQ and the total annual holding cost of a decrease in the cost of ordering a batch of raw material? EOQ Annual holding cost Lower Higher Higher LowerA B C D Higher Higher Lower Lower21 A company which operates a process costing system had work-in-progress at the start of last month of 300 units(valued at $1,710) which were 60% complete in respect of all costs. Last month a total of 2,000 units werecompleted and transferred to the finished goods warehouse. The cost per equivalent unit for costs arising last month was $10. The company uses the FIFO method of cost allocation.What was the total value of the 2,000 units transferred to the finished goods warehouse last month? A B C D$19,910 $20,000 $20,510 $21,71022 A manufacturing company operates a standard absorption costing system. Last month 25,000 production hours werebudgeted and the budgeted fixed production cost was $125,000. Last month the actual hours worked were 24,000 and standard hours for actual production were 27,000.What was the fixed production overhead capacity variance for last month? A B C D$5,000 Adverse $5,000 Favourable $10,000 Adverse $10,000 Favourable7 [P .T.O.23 The following statements have been made about value analysis.(1) It seeks the lowest cost method of achieving a desired function(2) It always results in inferior products(3) It ignores esteem valueWhich is/are true ?A B C D 1 only2 only3 only1 and 3 only24 Under which of the following labour remuneration methods will direct labour cost always be a variable cost?A B C D Day ratePiece rate Differential piece rate Group bonus scheme25 A company manufactures and sells a single product. In two consecutive months the following levels of production andsales (in units) occurred:Month 1 3,800 Month 2 4,400SalesProduction 3,900 4,200The opening inventory for Month 1 was 400 units. Profits or losses have been calculated for each month using both absorption and marginal costing principles.Which of the following combination of profits and losses for the two months is consistent with the above data?Absorption costing profit/(loss) Marginal costing profit/(loss)Month 1$ Month 2$Month 1$Month 2$A B C D200(400)2004,4004,4003,2003,200(400)200(400)2003,2003,2004,4004,400 (400)26 The following statements relate to the advantages that linear regression analysis has over the high low method in theanalysis of cost behaviour:1.2.3. the reliability of the analysis can be statistically tested it takes into account all of the datait assumes linear cost behaviourWhich statements are true?A B C D 1 only1 and2 only2 and3 only1, 2 and 3827 A company operates a process in which no losses are incurred. The process account for last month, when there wasno opening work-in-progress, was as follows:Process Account$ $ Costs arising 624,000 Finished output (10,000 units) 480,000Closing work-in-progress (4,000 units) 144,000––––––––––––––––624,000 624,000––––––––––––––––The closing work in progress was complete to the same degree for all elements of cost.What was the percentage degree of completion of the closing work-in-progress?A B C D 12% 30% 40% 75%28 Which of the following would not be expected to appear in an organisation’s mission statement?A B C D The organisation’s values and beliefsThe products or services offered by the organisation Quantified short term targets the organisation seeks to achieve The organisation’s major stakeholders29 An organisation operates a piecework system of remuneration, but also guarantees its employees 80% of a time-basedrate of pay which is based on $20 per hour for an eight hour working day. Three minutes is the standard time allowed per unit of output. Piecework is paid at the rate of $18 per standard hour.If an employee produces 200 units in eight hours on a particular day, what is the employee’s gr oss pay for that day?A B C D $128 $144 $160 $18030 A company uses an overhead absorption rate of $3·50 per machine hour, based on 32,000 budgeted machine hoursfor 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?A B C D Under absorbed by $3,875Under absorbed by $7,000Over absorbed by $3,875Over absorbed by $7,0009 [P.T.O.31 Which of the following statements relating to management information are true?1.2.3.4. It is produced for parties external to the organisationThere is usually a legal requirement for the information to be produced No strict rules govern the way in which the information is presentedIt may be presented in monetary or non monetary termsA B C D 1 and 2 3 and 41 and 32 and 432 A company’s sales in the last year in its three different markets were as follows$Market 1 Market 2 Market 3 100,000 150,000 50,000 ––––––––Total 300,000––––––––In a pie chart representing the proportion of sales made by each region what would be the angle of the section representing Market 3 (to the nearest whole degree)?A B C D 17 degrees 50 degrees 61 degrees 120 degrees33 Which of the following BEST describes a flexible budget?A B C D A budget which shows variable production costs onlyA monthly budget which is changed to reflect the number of days in the monthA budget which shows sales revenue and costs at different levels of activityA budget that is updated halfway through the year to incorporate the actual results for the first half of the year34 The purchase price of an item of inventory is $25 per unit. In each three month period the usage of the item is20,000 units. The annual holding costs associated with one unit equate to 6% of its purchase price. The cost of placing an order for the item is $20.What is the Economic Order Quantity (EOQ) for the inventory item to the nearest whole unit?A B C D 7308941,4611,633.1035 Two products G and H are created from a joint process. G can be sold immediately after split-off. H requires furtherprocessing into product HH before it is in a saleable condition. There are no opening inventories and no work in progress of products G, H or HH. The following data are available for last period:$Total joint production costsFurther processing costs of product H 350,000 66,000Product Productionunits420,000330,000Closing inventory 20,000 30,000GHHUsing the physical unit method for apportioning joint production costs, what was the cost value of the closing inventory of product HH for last period?A B C D $16,640$18,625$20,000$21,600(70 marks)11 [P.T.O.Section B – ALL THREE questions are compulsory and MUST be attempted1 Cab Co owns and runs 350 taxis and had sales of $10 million in the last year. Cab Co is considering introducing anew computerised taxi tracking system.The expected costs and benefits of the new computerised tracking system are as follows:(i) The system would cost $2,100,000 to implement.(ii) (iii) Depreciation would be provided at $420,000 per annum.$75,000 has already been spent on staff training in order to evaluate the potential of the new system. Further training costs of $425,000 would be required in the first year if the new system is implemented.(iv) Sales are expected to rise to $11 million in Year 1 if the new system is implemented, thereafter increasing by 5% per annum. If the new system is not implemented, sales would be expected to increase by $200,000 per annum.(v) Despite increased sales, savings in vehicle running costs are expected as a result of the new system. These are estimated at 1% of total sales.(vi) Six new members of staff would be recruited to manage the new system at a total cost of $120,000 per annum. (vii) Cab Co would have to take out a maintenance contract for the new system at a cost of $75,000 per annum for five years.(viii) Interest on money borrowed to finance the project would cost $150,000 per annum.(ix) Cab Co’s cost of capital is 10% per annum.Required:(a) State whether each of the following items are relevant or irrelevant cashflows for a net present value (NPV)evaluation of whether to introduce the computerised tracking system.(i) Computerised tracking system investment of $2,100,000;(ii) Depreciation of $420,000 in each of the five years;(iii) Staff training costs of $425,000;(iv) New staff total salary of $120,000 per annum;(v) Staff training costs of $75,000;(vi) Interest cost of $150,000 per annum.Note: The following mark allocation is provided as guidance for this requirement:(i) 0·5 marks(ii) 1 mark(iii) 0·5 marks(iv) 1 mark(v) 1 mark(vi) 1 mark(5 marks)(b) Calculate the following values if the computerised tracking system is implemented.(i) Incremental sales in Year 1;(ii) Savings in vehicle running costs in Year 1;(iii) Present value of the maintenance costs over the life of the contract.Note: The following mark allocation is provided as guidance for this requirement:(i) 1 mark(ii) 0·5 marks(iii) 1·5 marks(3 marks)12(c) Cab Co wishes to maximise the wealth of its shareholders. It has correctly calculated the following measures forthe proposed computerised tracking system project:–––The internal rate of return (IRR) is 14%,The return on average capital employed (ROCE) is 20% and The payback period is four years.Required:Which of the following is true?A B C D The project is worthwhile because the IRR is a positive valueThe project is worthwhile because the IRR is greater than the cost of capitalThe project is not worthwhile because the IRR is less than the ROCEThe project is not worthwhile because the payback is less than five years (2 marks)(10 marks)13 [P.T.O.2 Castilda Co manufactures toy robots. The company operates a standard marginal costing system and values inventoryat standard cost.The following is an extract of a partly completed spreadsheet for calculating variances in month 1.Required:(a) Which formula will correctly calculate the direct labour efficiency variance in cell B18?A B C D = (C9*C4)- B13=B13-(C9*C4)= (C9*C4)- (150,000*8)=(150,000-(C9*6))*8 (2 marks)(5 marks)(b) Calculate the following for month 1:Sales volume variance and state whether it is favourable or adverse;(i)(ii) Sales price variance and state whether it is favourable or adverse.Note: The total marks will be split equally between each part.(c) Castilda’s management accountant thinks that the direct labour rate and efficiency variances for Month 1 couldbe interrelated.Required:Briefly explain how the two direct labour variances could be interrelated. (3 marks)(10 marks)143 Nicholson Co sells mobile telephones. It supplies its customers with telephones and wireless telephone connections.Customers pay an annual fee plus a monthly charge based on calls made.The company has recently employed a consultant to install a balanced scorecard system of performance measurement and to benchmark the results against those of Nicholson Co’s competitors. Unfortunately the consultant was called away before the work was finished. You have been asked to complete the work. The following data is available.Nicholson CoOperating data for the year ended 30 November 2013Sales revenueSales attributable to new products Average capital employed $480 million $8 million $192 million $48 million 1,960,00010,000Profit before interest and taxAverage numbers of customersAverage number of telephones returned for repair each dayNumber of bill queries 12,000Number of customer complaintsNumber of customers lostAverage number of telephones unrepaired at the end of each day21,600 117,600804Required:(a) Calculate the following ratios and other statistics for Nicholson Co for the year ended 30 November 2013.Return on capital employed;(i)(ii) Return on sales (net profit percentage);(iii) Asset turnover;(iv) Average wait for telephone repair (in days);(v) Percentage of customers lost per annum;(vi) Percentage of sales attributable to new products.Note: The following mark allocation is provided as guidance for this requirement:(i) 1·5 marks(ii) 1·5 marks(iii) 1·5 marks(iv) 1·5 marks(v) 1 mark(vi) 1 mark(8 marks)(c) A balanced scorecard measures performance from four perspectives: customer satisfaction, growth, financialsuccess and process efficiency.Required:Briefly explain any ONE of the four perspectives above. (2 mark)(10 marks)15 [P.T.O.Formulae Sheet Regression analysisy = a + bxEconomic order quantity2C 0D C hEconomic batch quantity2C 0D C h (1–DR)16Present Value TablePresent value of 1 i.e. (1 +r)–nWhere r = discount raten = number of periods until paymentDiscount rate (r)Periods(n) 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%12345 0·9900·9800·9710·9610·9510·9800·9610·9420·9240·9060·9710·9430·9150·8880·8630·9620·9250·8890·8550·8220·9520·9070·8640·8230·7840·9430·8900·8400·7920·7470·9350·8730·8160·7630·7130·9260·8570·7940·7350·6810·9170·8420·7720·7080·6500·9090·8260·7510·6830·62112345678910 0·9420·9330·9230·9410·9050·8880·8710·8530·8370·8200·8370·8130·7890·7660·7440·7900·7600·7310·7030·6760·7460·7110·6770·6450·6140·7050·6650·6270·5920·5580·6660·6230·5820·5440·5080·6300·5830·5400·5000·4630·5960·5470·5020·4600·4220·5640·5130·4670·4240·3866789101112131415 0·8960·8870·8790·8700·8610·8040·7880·7730·7580·7430·7220·7010·6810·6610·6420·6500·6250·6010·5770·5550·5850·5570·5300·5050·4810·5270·4970·4690·4420·4170·4750·4440·4150·3880·3620·4290·3970·3680·3400·3150·3880·3560·3260·2990·2750·3050·3190·2900·2630·2391112131415(n) 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%12345 0·9010·8120·7310·6590·5930·8930·7970·7120·6360·5670·8850·7830·6930·6130·5430·8770·7690·6750·5920·5190·8700·7560·6580·5720·4970·8620·7430·6410·5520·4760·8550·7310·6240·5340·4560·8470·7180·6090·5160·4370·8400·7060·5930·4990·4190·8330·6940·5790·4820·40212345678910 0·5350·4820·4340·3910·3520·5070·4520·4040·3610·3220·4800·4250·3760·3330·2950·4560·4000·3510·3080·2700·4320·3760·3270·2840·2470·4100·3540·3050·2630·2270·3900·3330·2850·2430·2080·3700·3140·2660·2250·1910·3520·2960·2490·2090·1760·3350·2790·2330·1940·1626789101112131415 0·3170·2860·2580·2320·2090·2870·2570·2290·2050·1830·2610·2310·2040·1810·1600·2370·2080·1820·1600·1400·2150·1870·1630·1410·1230·1950·1680·1450·1250·1080·1780·1520·1300·1110·0950·1620·1370·1160·0990·0840·1480·1240·1040·0880·0740·1350·1120·0930·0780·065111213141517 [P.T.O.Annuity Table1 – (1 + r)–nPresent value of an annuity of 1 i.e. ————––rWhere r = discount raten = number of periodsDiscount rate (r)Periods(n) 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%12345 0·9901·9702·9413·9024·8530·9801·9422·8843·8084·7130·9711·9132·8293·7174·5800·9621·8862·7753·6304·4520·9521·8592·7233·5464·3290·9431·8332·6733·4654·2120·9351·8082·6243·3874·1000·9261·7832·5773·3123·9930·9171·7592·5313·2403·8900·9091·7362·4873·1703·79112345678910 5·7956·7287·6528·5669·4715·6016·4727·3258·1628·9835·4176·2307·0207·7868·5305·2426·0026·7337·4358·1115·0765·7866·4637·1087·7224·9175·5826·2106·8027·3604·7675·3895·9716·5157·0244·6235·2065·7476·2476·7104·4865·0335·5355·9956·4184·3554·8685·3355·7596·1456789101112131415 10·3711·2612·1313·0013·879·78710·5811·3512·1112·859·2539·95410·6311·3011·948·7609·3859·98610·5611·128·3068·8639·3949·89910·387·8878·3848·8539·2959·7127·4997·9438·3588·7459·1087·1397·5367·9048·2448·5596·8057·1617·4877·7868·0616·4956·8147·1037·3677·6061112131415(n) 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%12345 0·9011·7132·4443·1023·6960·8931·6902·4023·0373·6050·8851·6682·3612·9743·5170·8771·6472·3222·9143·4330·8701·6262·2832·8553·3520·8621·6052·2462·7983·2740·8551·5852·2102·7433·1990·8471·5662·1742·6903·1270·8401·5472·1402·6393·0580·8331·5282·1062·5892·99112345678910 4·2314·7125·1465·5375·8894·1114·5644·9685·3285·6503·9984·4234·7995·1325·4263·8894·2884·6394·9465·2163·7844·1604·4874·7725·0193·6854·0394·3444·6074·8333·5893·9224·2074·4514·6593·4983·8124·0784·3034·4943·4103·7063·9544·1634·3393·3263·6053·8374·0314·1926789101112131415 6·2076·4926·7506·9827·1915·9386·1946·4246·6286·8115·6875·9186·1226·3026·4625·4535·6605·8426·0026·1425·2345·4215·5835·7245·8475·0295·1975·3425·4685·5754·8364·9885·1185·2295·3244·6564·7934·9105·0085·0924·4864·6114·7154·8024·8764·3274·4394·5334·6114·6751112131415End of Question Paper18。
F2.ManagementaccountingF2-Chapter6
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Inventory Categories
Merchandise Inventory Goods acquired for resale
Manufacturing Inventory Raw materials(原材料） Work in process（在产品） Finished goods（产成品） Spare parts/consumables（备品备件）
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Order, receipt and issue of raw materials
Materials Requisition Note(领料单)– What information must be recorded on it?
Materials Transfer Note(转用单) & Materials Returned Note(退料单)
Paper F2
Management Accounting
1
Chapter 6 Accounting for materials
2
Chapter Preview
Accounting for materials
Inventroy control system
Ordering & receiving Storage
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The importance of inventories
Typically represent the largest current asset of manufacturing
and retail firms.
For many companies inventories are a significant portion of total assets as well.
part 1-1
F2 Management Accounting ACCAF2 Management Accounting –Part 1INDEXTask 1.Accounting for management (4)Task rmation (7)Task 3.Presenting information (15)Task 4.Cost classification (22)Task 5.Linear assumption and cost forecasting (27)Task 6.Accounting for material (37)Task 7.Accounting for labour (56)Task 8.Accounting for overhead .......................... Error! Bookmark not defined. Task 9.Absorption rate ......................................... Error! Bookmark not defined. Task 10.Absorption and Marginal Costing ............. Error! Bookmark not defined. Task 11.Job and batch costing ............................... Error! Bookmark not defined. Task 12.Process costing .......................................... Error! Bookmark not defined. Task 13.Equivalent unit .......................................... Error! Bookmark not defined. Task 14.Joint Products & By product ..................... Error! Bookmark not defined. Task 15.Service costing .......................................... Error! Bookmark not defined. Task 16.Alternative cost accounting ...................... Error! Bookmark not defined. Task 17.Budgeting .................................................. Error! Bookmark not defined. Task 18.Budget preparation ................................... Error! Bookmark not defined. Task 19.Behavioural aspects of budgeting............. Error! Bookmark not defined. Task 20.Flexible budget .......................................... Error! Bookmark not defined. Task 21.Capital budgeting ...................................... Error! Bookmark not defined. Task 22.Discounted cash flow ................................ Error! Bookmark not defined. Task 23.Budgetary control and reporting .............. Error! Bookmark not defined. Task 24.Statistical techniques ................................ Error! Bookmark not defined. Task 25.Forecasting and indices ............................. Error! Bookmark not defined. Task 26.Variance –Part 1 ........................................ Error! Bookmark not defined. Task 27.Variance –Part 2 ........................................ Error! Bookmark not defined. Task 28.Planning & control system ........................ Error! Bookmark not defined. Task 29.Short term Vs Long term ........................... Error! Bookmark not defined. Task 30.Performance measure .............................. Error! Bookmark not defined.Task 31.Ratio Analysis ............................................ Error! Bookmark not defined. Task 32.Balanced Scorecard ................................... Error! Bookmark not defined. Task 33.Assess managerial performance ............... Error! Bookmark not defined. Task 34.Cost reduction and value enhancement ... Error! Bookmark not defined.Task 1.Accounting for management✧Describe the purpose and role of cost and managementaccounting✧Compare and contrast financial accounting with cost andmanagement accounting1. Financial accountingFinancial accounting involves recording the financial transactions of an organisation and summarising then in periodic financial statement for external users who wish to analyse and interpret the financial position of the organisation.Financial accounting systems ensure that the assets and liabilities of a business are properly accounted for.These external parties include shareholders, customers, suppliers, tax authorities and employees.2. Management accountingManagement accounting systems provide information specifically for the use of managers within an organisation.2.1 PurposeManagement accounts assist in planning and controlling an organisation’s activities and help the decision-making process.There are no legal requirements to prepare management accounts or any set format. Management accounts can focus on specific areas of an organisation’s activities. Management accounts incorporate non-monetary measures and can be used as a future planning tool.2.2 RoleThe management information system of an organisation is likely to be able to prepare annual statutory accounts, budget and forecasts, product profitability reports, cash flow reports, capital investment appraisal reports, and standard cost and variance analysis reports.The term ‘cost accounting’ and ‘management accounting’ are often used to mean the same thing.SummaryCost accountingCost accounting is a system for recording data and producing information about costs for the products produced by an organisation or the service it provides.Cost accounting is part of management accounting. Cost accounting provides a bank of data for the management accountant to use.Cost accounting information is, in general, unsuitable for decision making.The information required for decision making is different from the information provided by conventional cost accounts. Decision-making information should be relevant.Management control systemA management control system is a system which measures and corrects the performance of activities of subordinates in order to make sure that the objectives of an organisation are being met and the plans devised to attain them are being carried out.The management function of control is the measurement and correction of the activities of subordinates in order to make sure that the goals of the organisation, or planning targets are achieved.The basic elements of a management control system are planning, recording, carrying out, comparing, evaluating, correcting.Task rmation✧Distinguish between data and information and explain theattributes of good information✧Identify and explain the attributes of good information.✧Describe sources of information from within and outside theorganisation✧Explain the uses and limitations of published information/data✧Explain the limitation of management information in providingguidance for managerial decision-making✧Explain sampling techniques.✧Choose an appropriate sampling method in specific situation.。
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7 000 B
6 000 C
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Accounting for by-products
The sales of the by-product may be treats as:
Added to sales of the main product
Treated as a separate, incidental source of income
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Allocating Joint Costs
Joint costs
If we allocate the joint costs of raising the animal to the two products based on weight, which product
Various methods: as specified in question
Do not allocate costs Various methods
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Joint Costs
A single cost incurred in producing or purchasing two or more different products.
Product One Two Three
Percent
Joint
Allocated
Value of Total
Cost
Cost
$ 80,000
20% × $ 200,000 = $ 40,000
200,000
50% × 200,000 = 100,000
120,000
30% × 200,000 = 60,000
Paper F2
Management Accounting
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Chapter 12 Process costing, joint products and by products
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Chapter Preview
Process costing, joint & by-products
Similar to an indirect expense since it is shared among more than one cost object.
Example: The cost of crude oil is a joint cost for many petrochemical products.
5
Joint products and by-products - accounting
Joint products
Substantial sales value
By-products
Relatively low sales value Secondary to process
Apportion joint costs
Joint products
By-products
Allocating joint costs
Accounting treatments
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Joint products and by-products
forestry
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Direct material(3000units) $60 000
/
Conversion costs
$76 500 $226 200
Normal loss
10% of input
Scrap value of normal loss $0.5$2源自Output (units)
26 000 10 000 A
Deducted from the cost of production or cost of sales of the main product
would receive the largest cost allocation?
Hamburger, because there is more of it.
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Allocating Joint Costs
Joint costs
If we allocate the joint costs of raising the animal to the two products based on sales value, would the steak receive a greater portion of the cost allocation?
Joint products
By product
4
Joint products and by-products
Inputs
Process
(Joint costs)
Split-off point
Product 1 Product 2 By-product
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Yes, steak has a higher sales value than hamburger.
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Allocating Joint Costs on a Value Basis
Product One Sales value = $80,000
$200,000 Joint Cost
Total $ 400,000 100%
$ 200,000
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Joint products in process accounts
Example: P248-3.1
Data for the period are as follows.
process 1 process 2
Product Two Sales value = $200,000
Product Three Sales value = $120,000
Allocate the $200,000 joint cost based on sales value.
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Allocating Joint Costs on a Value Basis