costingcw2June2009final - UNIVERSITY OF TECHNOLOGY JAMAICA...

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UNIVERSITY OF TECHNOLOGY, JAMAICA SCHOOL OF BUSINESS ADMINISTRATION COURSE-WORK NO. 2 GROUP: BBA3 – ACC3 /POM3 DURATION: 2 HOURS DATE: June 19, 2009 MODULE: INTRODUCTION TO COSTING – ACC 3002 INSTRUCTIONS : THIS EXAM CONSISTS OF THIS HEADER PAGE AND SEVEN PAGES WITH TWENTY- SEVEN QUESTIONS. ANSWER ALL QUESTIONS. READ ALL INSTRUCTIONS CAREFULLY! ALL MULTIPLE CHOICE QUESTIONS ARE COMPULSORY AND MUST BE ATTEMPTED BY ALL CANDIDATES. EACH MCQ IS WORTH 2 MARKS TOTAL MARKS FOR THE PAPER = 100 MARKS. PLEASE WRITE YOUR IDENTIFICATION NUMBER CLEARLY ON THE SCANTRON (MCQ) FORM AND QUESTION PAPER AS THESE WILL BE COLLECTED AT THE END. ANSWER ALL QUESTIONS ON THE MCQ FORM PROVIDED. THIS IS TO BE COMPLETED IN PENCIL (#2). DO NOT ANSWER ANY OF THE QUESTIONS ON THE QUESTION PAPER. WRITE YOUR TUTORS NAME CLEARLY ON EACH SCRIPT.
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SECTION I Answer all Questions in this Section This Section is worth fifty (50) marks (1) Jennifer Johnson’s wages for January was obtained from regular pay, overtime pay and a bonus payment. Her regular pay for January amounted to 60% of her total wages. Of the remainder 70% was obtained from overtime work. The remaining $3600 represents the bonus payment. How much was her total wages? (a) $12,000 (b) $30,000 (c) $9,000 (d) $19,584. (e) None of the above (2) A company has decided to pay bonus totaling $3600 to its three workers. Salmon is paid $400 more than Roach, who is made twice as much as Pike. How much bonus should Pike receive? (3) Which of the following is not an advantage of incentive schemes?
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