Cartes mémoires BWI-KORE (Seite 1 von 2)

Cartes-fiches	45
Langue	Deutsch
Catégorie	Finances
Niveau	Université
Crée / Actualisé	23.06.2016 / 23.06.2016
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Which one of the following items is NOT a management accounting function?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

An example of a production overhead would be:

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

Which of the following is not a function of budgeting?

Decision making

Motivating

Planning

Controlling

When a production budget is being prepared the quantity that needs to be produced is calculated by the following equation:

Opening stock plus quantity sold plus closing stock

Opening stock less quantity sold plus closing stock

Quantity sold plus closing stock less opening stock

Opening stock less quantity sold

A fixed budget is:

A budget that ignores inflation

A budget that never changes

A budget that itemises the fixed costs of a department

A budget that is set for a specified level of activity

A flexible budget is:

A budget that will be changed at the end of every month in order to reflect the actual costs of a department

A budget that is adjusted to reflect different costs at different activity levels

A budget that comprises variable costs only

A budget that is constantly being changed

When calculating cost variances under a standard costing system we must:

Compare actual costs with standard costs at the actual level of output

Compare actual outputs against budgeted outputs

Compare standard costs with actual costs at the standard level of activity

Compare actual costs with those that were budgeted

The formula for calculating the variable overhead total variance is:

Actual variable overhead less (actual hours x actual hours worked x variable overhead absorption rate)

Actual variable overhead less (standard hours x actual production x variable overhead absorption rate)

Actual variable overhead expenditure less budgeted variable overhead expenditure

(Standard hours less actual hours) x variable overhead absorption rate

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 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

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

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

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

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

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

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

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

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

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

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

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

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

What is an alternative term for expected value?

Weighted average

Eventual outcome

Forecasted profit

Estimated profit

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