1 Which of the following would normally be carried out by higher level management?
1 Day to day planning and control
2 Defining the objectives of the business
3 Making strategic decisions
A    2 and 3
B 1, 2 and 3
C    1 and 3
D    1 and 2 ( )
2 The total cost of production for two levels of activity is as follows:
2
Level
1  Level
5,000
3,000
(units)
Production
6,750
9,250
cost
Total
($)
The variable production cost per unit and the total fixed production cost both remain
constant in the range of activity shown.
What is the variable production cost per unit?
A $0.80
B $1.25
C $1.85
(  )
D $2.25
3    A manufacturing company has four types of cost (identification as T1, T2, T3 and
T4).  The total cost of each type at two different production levels is:
cost
Total
for
for
Total
block truncated
cost
units
units  180
Type
125
Cost
$ $
1,260
1,000
T1
1,750
2,520
T2
2,826
2,475
T3
4,644
T4
3,225
Which two cost types would be classified as being semi-variable?
A T1 and T3
B T1 and T4
C T2 and T3
D T2 and T4 ( )
4    A company has recorded its total cost for different levels of activity over the last five
months as follows:
Total
($)
coast
(units)
level
Month
Activity
7  300    17,500
8 360    19,500
9 400      20,500
10 320      18,500
11 280      17,000
The equation for total cost is being calculated using regression analysis on the above
data. The equation for total cost is of the general form ‘y  = a + bx’ and the value of ‘b’
has been calculated correctly as $29.53.
What is the value of ‘a’ (to the nearest $) in the total cost equation?
A 7,338
B 8,796
C 10,430
D 10,995
(  )
5 Which of the following correlation coefficients indicates the weakest relationship
between two variables?
A +
1.0
0.4
B +
C - 0.6
(  )
D -1.0
6 Connie Furwood estimates the following probabilities of returns on an investment
she has made depending on the behaviour of the economy,
Estimated return
Probability %
13
Boom
0.10
8
Normal  0.65
5
Recession  0.25
What is the expected return on Connie’s investment?
A 9.00%
B 8.67%
C 7.75%
(  )  D 8.00%
7 There are 27,500 units of part number X35 on order with the suppliers and 16,250
units outstanding on existing customers’ orders.
If the free inventory is 13,000 units, what is the physical inventory?
A 1,750
B 3,250
C 24,250
(  )
D 29,250
8 Data relating to a particular stores item as follows:
units
400
usage
Average
daily
units
usage  520
Maximum
daily
180
usage
units
daily
Minimum
Lead time for replenishment of inventory 10 to 15 days
units
Reorder
quantity    8,000
What is the reorder level (in units) which avoids stockouts (running out of  i nventory)?
A 5,000
B 6,000
C 7,800
(  )
D 8,000
9 An organization’s stock records for last month show the following transactions in  respect
of one item:
receipts  issues
stock
Date
(units)
(units)
(units)
1st      300
200
5th    100
800
13th 600
500
20th    300
300
28th    200
The opening stock was valued at a total cost of $9,300 and all receipts on the 13th  were
purchased at a cost of $33 per unit.
The organization uses the weighted average method of valuation and calculates a  new
weighted average after each stores receipt.
What was the total value of the closing stock?
A $9,500
B $9,700
C $9,750
(  )  D $9,900
10 An employee is paid on a piecework basis. The basis of the piecework scheme is
follows:
as
1 to 100 units -  $0.20 per unit
101 to 200 units -  $0.30 per unit
201 to 299 units -  $0.40 per unit
With only the additional units qualifying for the higher rates. Rejected units do not
qualify for payment.
During a particular day the employee produced 210 units of which 17 were
rejected as faulty.
What did the employee earn for their day’s work?
A $47.90
B $54.00
C $57.90
(  )
D $63.00
11    A company operates a job costing system. Job number 605 requires $300 of direct
materials and $400 of direct labour. Direct labour is paid at the rate of $8 per hour.
Production overheads are absorbed at a rate of $26 per direct labour hour and non-
production overheads are absorbed at a rate of 120% of prime cost.
What is the total cost of job number 605?
A $2,000
B $2,400
C $2,840
(  )  D $4,400
12    A factory consists of two production cost centres (P and Q) and two service cost
centres (X and Y). The total allocated and apportioned overhead for each is as
follows:
P      Q    X    Y
$95,000 $82,000 $46,000 $30,000 It has been estimated that each service cost centre does work for the other cost centres
in the following proportions:
P Q X Y
Percentage of service cost centre X to 40 40 - 20
Percentage of service cost centre Y to 30 60 10 -
After the reapportionment of service cost centre costs has been carried out using a
method that fully recognises the reciprocal service arrangments in the factory, what is the total overhead for production cost centre P?
A $122,400
B $124,716
C $126,000
D $127,000      (  )
13    A company manufactures two products, X and Y, in a factory divided into two
production cost centres, Primary and Finishing. The following budgeted data are
available:
Cost
Primary  Finishing
Centre
Allocated and apportioned fixed
costs  $96,000  $82,500
Overhead
Direct labour minutes per unit:
X  36  25
- product
Y  48  35
-
product
Budgeted production is 6,000 units of product X and 7,500 units of product Y. Fixed
overhead costs are to be absorbed on a direct labour hour basis.
What is the budgeted fixed overhead cost per unit for product Y?
A $11
B $12
C $14
(  )  D $15

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