BACC2005 Management Accounting Final Exam Information (1).docx - BACC2005 Management Accounting Exam Information Structure 1 10 MCQs(10 marks 2 1 theory

BACC2005 Management Accounting Final Exam Information (1).docx

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BACC2005 Management Accounting Exam Information Structure: 1. 10 MCQs (10 marks) 2. 1 theory question and 4 calculation questions (40 Marks) Duration: 2 hours Coverage: topics 6-11 (Weeks 6-11) To prepare for the exam, please revise the weekly MCQs, tutorial questions, and the relevant chapters in the ebook. Please attempt the following sample questions. Please note the sample questions will give you an indication of the difficulty level of the exam questions. But they are NOT the exam questions. Please revise the weekly MCQs, tutorial questions, and the relevant chapters in the ebook Question 1 Explain equivalent units and why equivalent-unit calculations might be necessary in process costing. Solution: Equivalent units is a derived amount of output units that takes the quantity of each input (factor of production) in units completed or in incomplete units in work in process, and converts the quantity of input into the amount of completed output units that could be made with that quantity of input. Each equivalent unit is comprised of the physical quantities of direct materials or conversion costs inputs necessary to produce output of one fully completed unit. Equivalent unit measures are necessary since all physical units are not completed to the same extent at the same time. Question 2 In each of the following situations, determine whether job costing or process costing would be more appropriate, and briefly explain your answer: a. a textbook publisher b. a sparkling water producer c. a boat builder building to customer specification d. a commercial aircraft manufacturer e. an oil refinery
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f. a pharmaceutical company g. a clothing production plant h. a breakfast cereal company i. a car servicing and repair business Solution: (10 min.) Job costing, process costing a. job costing b. process costing c. job costing d. job costing e. process costing f. process costing g. process costing h. process costing i. job costing Question 3 Brainblocks Ltd makes interlocking children’s blocks in a single processing department.
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