costingcw2Nov2008final - 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: November 13, 2008 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 (indicate RESIT status if applicable) 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? (a) $3,600 (b) $500 (c) $640 (d) $1,000 (e) none of the above (3) Which of the following is not an advantage of incentive schemes? (a) Increased production (b) May enable firm to remain competitive in inflationary period (c) May improve morale by ensuring extra effort is rewarded (d) Less efficient workers may be attracted by the opportunity to earn higher wages (4) An item passes through five successive hand operations in sequence. Operation A takes 25minutes.The Company plans to produce 800 dozen items and, each employee works a 40 hour week. How many workers are required for Operation A? (a) 100 (b) 80 (c) 120 (d) 48 (e) none of the above (5) In the operations of Golden Spring Electrical Limited a standard hour produces 60 units of the AD556. During a certain period 940,920 units were produced in 14960 hours. The labour efficiency ratio is? (a) 105% (b) 110% (c) 90% (d) 63% (e) none of the above (6) Which of the following is not a true statement about over time premium? (a) It is the difference between over time pay and regular pay
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This note was uploaded on 02/26/2012 for the course ECON 101 taught by Professor Adam during the Three '11 term at University of Technology, Sydney.

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costingcw2Nov2008final - UNIVERSITY OF TECHNOLOGY JAMAICA...

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