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2nd Semester Bachelor Business Informatics — Cost Accounting

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Diese Lernkarten behandeln fortgeschrittene Themen der Kosten- und Managementrechnung auf Universitätsniveau. Sie konzentrieren sich auf relevante Kosten, Budgetierung, Break-even-Analyse, Kostenmanagement und Investitionsrechnung. Besonders relevant sind Themen wie die Bestimmung von Transferpreisen, die Bewertung von Investitionen und die Analyse von Kostenstrukturen. Die Karteikarten richten sich an Studierende und Berufstätige im Finanzbereich, die ihr Verständnis von Kostenkontrolle und Entscheidungsfindung vertiefen möchten.

Cartes-fiches

Utilisateurs

Langue

Allemand

Catégorie

Finances

Niveau

Université

Créé / Mis à jour

23.06.2016 / 23.06.2016

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The standard cost of a product is:

The unit cost of products incurred at the start of a particular period

The planned unit cost of products produced during a particular period

The average unit cost of products produced in the previous period

The average unit cost of products produced during a particular period

The unit cost of products incurred at the start of a particular period

The planned unit cost of products produced during a particular period

The average unit cost of products produced in the previous period

The average unit cost of products produced during a particular period

The efficiency ratio can be defined as:

Actual hours worked / budgeted labour hours

Standard hours produced / budgeted labour hours

Actual hours worked / actual production based on standard hours

Standard hours produced/ actual labour hours worked

Actual hours worked / budgeted labour hours

Standard hours produced / budgeted labour hours

Actual hours worked / actual production based on standard hours

Standard hours produced/ actual labour hours worked

The break even point can be defined as:

The level of activity at which there is neither a profit nor a loss

The level of activity where profits equal fixed costs

The level of activity where cash flow is zero

The level of activity where variable costs are covered by sales revenue

The level of activity at which there is neither a profit nor a loss

The level of activity where profits equal fixed costs

The level of activity where cash flow is zero

The level of activity where variable costs are covered by sales revenue

In break even analysis which of the following is true?

The greater the angle of incidence, the lower the level of contribution per unit

The greater the angle of incidence the more profit can be earned

The greater the angle of incidence the greater the risk of the project

The greater the angle of incidence the more costs the business will incur

The greater the angle of incidence, the lower the level of contribution per unit

The greater the angle of incidence the more profit can be earned

The greater the angle of incidence the greater the risk of the project

The greater the angle of incidence the more costs the business will incur

If actual units produced are lower than the budgeted level of production which of the following types of cost would you expect to be lower than the budget?

Total variable costs

Variable costs per unit

Total fixed costs

Fixed costs per unit

Total variable costs

Variable costs per unit

Total fixed costs

Fixed costs per unit

The break even point in units is represented by the equation:

Fixed costs / Variable costs

Fixed costs / selling price per unit

Fixed costs / Contribution per unit

(Sales revenue - Fixed costs)/ Contribution per unit

Fixed costs / Variable costs

Fixed costs / selling price per unit

Fixed costs / Contribution per unit

(Sales revenue - Fixed costs)/ Contribution per unit

An example of a semi variable cost would be:

Electricity costs

The costs of material to be used in production

The salaries of supervisors in a department

The costs of insuring assets

Electricity costs

The costs of material to be used in production

The salaries of supervisors in a department

The costs of insuring assets

Which one of the following statements is not true?

Retained profits are the main source of business funds

The issuing of shares to raise finance can be expensive

Retained profits represent a free source of funds

Borrowing can increase the risk that a company faces

Retained profits are the main source of business funds

The issuing of shares to raise finance can be expensive

Retained profits represent a free source of funds

Borrowing can increase the risk that a company faces

A project would normally be undertaken if its net present value is:

Negative

Zero

Positive

Exactly the same as the NPV of existing projects

Negative

Zero

Positive

Exactly the same as the NPV of existing projects

Capital investment appraisal refers to:

Evaluating the costs and benefits of proposed investments in operating assets

Making sure that assets pay for themselves as soon as possible

Making sure that we have enough assets to operate

Making sure that we have enough money to buy assets

Evaluating the costs and benefits of proposed investments in operating assets

Making sure that assets pay for themselves as soon as possible

Making sure that we have enough assets to operate

Making sure that we have enough money to buy assets

Why is the payback method often considered inferior to discounted cash flow in capital investment appraisal?

It is more difficult to calculate

It only takes into account the future income of a project

It does not calculate how long it will take to recoup the money invested

It does not take account of the time value of money

It is more difficult to calculate

It only takes into account the future income of a project

It does not calculate how long it will take to recoup the money invested

It does not take account of the time value of money

The discount factor used to appraise capital investment decisions is a measure of:

The current high street interest rate

The opportunity cost of capital of all businesses in the same industry

The current inflation rate

The opportunity cost of capital of the business

The current high street interest rate

The opportunity cost of capital of all businesses in the same industry

The current inflation rate

The opportunity cost of capital of the business

Which of the following is not an advantage of the accounting rate of return (ARR) method of investment appraisal?

It is easy to understand

It takes into account the time value of money by allowing for depreciation in the equation

There is comparability between the ARR and the ROCE ratio used in financial accounting

The ratio takes account of the overall profit that is generated by the investment

It is easy to understand

It takes into account the time value of money by allowing for depreciation in the equation

There is comparability between the ARR and the ROCE ratio used in financial accounting

The ratio takes account of the overall profit that is generated by the investment

Which costs may normally be ignored when determining whether to close a factory for a short period?

Opportunity costs

Fixed costs

Variable costs

Total costs

Opportunity costs

Fixed costs

Variable costs

Total costs

What is an alternative term for expected value?

Weighted average

Eventual outcome

Forecasted profit

Estimated profit

Weighted average

Eventual outcome

Forecasted profit

Estimated profit

Which one of the following items is relatively unimportant in decision making?

Relevant costs

Net cash flow

Opportunity costs

Accruals and prepayments

Relevant costs

Net cash flow

Opportunity costs

Accruals and prepayments

What is the minimum cost below which a company would be unwilling to price a one-off special contract?

Between variable cost and total cost

Variable cost

Below variable cost

Total cost

Between variable cost and total cost

Variable cost

Below variable cost

Total cost

Which of the following cost classification categories is almost identical to a relevant cost?

Committed cost

Avoidable cost

Sunk cost

Opportunity cost

Committed cost

Avoidable cost

Sunk cost

Opportunity cost

What is the ideal transfer price?

Total cost less internal savings

Market price

Total cost

Opportunity cost

Total cost less internal savings

Market price

Total cost

Opportunity cost

In what circumstances might a company be prepared to price a special contract at less than its relevant cost?

In the expectation that additional profitable orders will be placed by the same customer

When sales of other products will not increase

When the company is operating at almost full capacity

When there are signs of improved market conditions

In the expectation that additional profitable orders will be placed by the same customer

When sales of other products will not increase

When the company is operating at almost full capacity

When there are signs of improved market conditions

Which one of the following items is NOT a management accounting function?

Financial management

Purchasing

Decision-making

Internal auditing

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

Financial management

Purchasing

Decision-making

Internal auditing

A strategic plan may best be described as:

A broad short term plan

A detailed short term plan

A detailed long term plan

A broad long term plan

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

A broad short term plan

A detailed short term plan

A detailed long term plan

A broad long term plan

Which of the following statements is NOT true?

Qualitative data are an important element of a management accounting exercise

Management accounting practices are laid down by the Accounting Standards Board

Management accounting analyses incorporate forecasted data

Management accounting information is primarily prepared for internal use

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

Qualitative data are an important element of a management accounting exercise

Management accounting practices are laid down by the Accounting Standards Board

Management accounting analyses incorporate forecasted data

Management accounting information is primarily prepared for internal use

What does a management accountant mean by control?

The ability to ensure an entity does what a management accountant recommends

The ability to ensure budgetary targets are met

The ability to implement policies in order to gain economic benefits

The ability to discipline staff for inefficiency

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

The ability to ensure an entity does what a management accountant recommends

The ability to ensure budgetary targets are met

The ability to implement policies in order to gain economic benefits

The ability to discipline staff for inefficiency

As a company's' management accountant you would be primarily concerned with:

Providing information to shareholders on how the management are doing

The reporting of past data

Preparing plans and forecasts for the future activities of the business

The annual reporting of financial performance

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

Providing information to shareholders on how the management are doing

The reporting of past data

Preparing plans and forecasts for the future activities of the business

The annual reporting of financial performance

Which one of the following behaviour patterns is inappropriate for a management accountant?

Condescending

Prepared to listen

Helpful

Diplomatic

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

Condescending

Prepared to listen

Helpful

Diplomatic

The weighted average method of stock valuation would be most appropriate for:

A building contractor

A food retailer

A chemical manufacturer

A motor components retailer

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

A building contractor

A food retailer

A chemical manufacturer

A motor components retailer

Which of the following best describes a fixed cost?

Has a direct relationship with output

Remains constant irrespective of the level of activity

Increases proportionately with output

Represents a fixed proportion of total costs

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

Has a direct relationship with output

Remains constant irrespective of the level of activity

Increases proportionately with output

Represents a fixed proportion of total costs

Direct labour costs will include:

Direct labour costs plus any bonuses

Direct labour costs plus any bonuses and overtime premiums

Total direct labour hours at the normal hourly rate of pay

All labour costs attributable to a product

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

Direct labour costs plus any bonuses

Direct labour costs plus any bonuses and overtime premiums

Total direct labour hours at the normal hourly rate of pay

All labour costs attributable to a product

Responsibility accounting aims to:

Ensure that a manager is punished if things go wrong

Reduce the costs that a department incurs

Ensure that costs become the responsibility of a specific manager

Allocate costs to all areas of a business

Commandes clavier:

= tourner,

= avant/arrière,

= faire défiler

Ensure that a manager is punished if things go wrong

Reduce the costs that a department incurs

Ensure that costs become the responsibility of a specific manager

Allocate costs to all areas of a business

A cost centre is:

An area of the business accountable for both costs and revenues

The part of the business where all costs are paid to suppliers

An area for which costs are accumulated

A production department where all production costs are aggregated

An area of the business accountable for both costs and revenues

The part of the business where all costs are paid to suppliers

An area for which costs are accumulated

A production department where all production costs are aggregated

Which of the following is true of an activity based costing system?

An activity based costing system will provide a more accurate apportionment of overheads to products than absorption costing

An activity based costing system is easier to administer than an absorption costing system

An activity based costing system will be less detailed than an absorption costing system

An activity based costing system will cost less to administer than an absorption costing system

An activity based costing system will provide a more accurate apportionment of overheads to products than absorption costing

An activity based costing system is easier to administer than an absorption costing system

An activity based costing system will be less detailed than an absorption costing system

An activity based costing system will cost less to administer than an absorption costing system

The total cost of a product will include:

Prime cost plus absorbed direct production overhead

Prime costs plus direct production overhead plus indirect-production overhead plus tax

Prime cost only

Prime costs plus direct production overhead plus indirect production overhead

Prime cost plus absorbed direct production overhead

Prime costs plus direct production overhead plus indirect-production overhead plus tax

Prime cost only

Prime costs plus direct production overhead plus indirect production overhead

Which of the following would not normally be a suitable method of absorbing costs into products?

Total cost centre overhead / Total cost centre direct labour cost

Total cost centre overhead / Number of employees

Total cost centre overhead / Number of units processed in department

Total cost centre overhead / Cost centre total machine hours

Total cost centre overhead / Total cost centre direct labour cost

Total cost centre overhead / Number of employees

Total cost centre overhead / Number of units processed in department

Total cost centre overhead / Cost centre total machine hours

Overhead absorption exercises will be most useful where:

A departmental manager will be held responsible for the costs that are apportioned to them

Selling prices can be based on costs

The market determines the selling price of a product

The total direct cost of a department is needed

A departmental manager will be held responsible for the costs that are apportioned to them

Selling prices can be based on costs

The market determines the selling price of a product

The total direct cost of a department is needed

Under-recovery of overheads occurs when:

The basis of apportioning overheads has changed during the period

Actual overheads have fallen in relation to what they were expected to be

The overhead charged to production is lower than the actual overhead incurred

The actual overhead incurred is less than the overhead that has been charged to production

The basis of apportioning overheads has changed during the period

Actual overheads have fallen in relation to what they were expected to be

The overhead charged to production is lower than the actual overhead incurred

The actual overhead incurred is less than the overhead that has been charged to production

Which of the following is true?

Absorption rates will change continuously to reflect changes in output and costs

Once set, overhead absorption rates will not change from one year to the next

Overhead absorption rates will normally be based on estimates of what costs are expected to be

Overhead absorption rates will only be calculated when all actual costs are known

Absorption rates will change continuously to reflect changes in output and costs

Once set, overhead absorption rates will not change from one year to the next

Overhead absorption rates will normally be based on estimates of what costs are expected to be

Overhead absorption rates will only be calculated when all actual costs are known

An example of a production overhead would be:

Rent

Materials

Labour costs

Supervisory costs

Rent

Materials

Labour costs

Supervisory costs

What functional role do management accountants play in the budgeting process?

They decide what bonuses should be paid to the staff

They set targets for other managers

They audit the financial statements

They facilitate and co-ordinate the budgeting process

They decide what bonuses should be paid to the staff

They set targets for other managers

They audit the financial statements

They facilitate and co-ordinate the budgeting process

Which of the following is not a function of budgeting?

Decision making

Motivating

Planning

Controlling

Decision making

Motivating

Planning

Controlling

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Which one of the following items is relatively unimportant in decision making?

Relevant costs

Net cash flow

Opportunity costs

Accruals and prepayments

What is the minimum cost below which a company would be unwilling to price a one-off special contract?

Between variable cost and total cost

Variable cost

Below variable cost

Total cost

Which of the following cost classification categories is almost identical to a relevant cost?

Committed cost

Avoidable cost

Sunk cost

Opportunity cost

What is the ideal transfer price?

Total cost less internal savings

Market price

Total cost

Opportunity cost

In what circumstances might a company be prepared to price a special contract at less than its relevant cost?

In the expectation that additional profitable orders will be placed by the same customer

When sales of other products will not increase

When the company is operating at almost full capacity

When there are signs of improved market conditions

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