You will be provided with feedback on your work

This preview shows page 3 - 8 out of 41 pages.

You will be provided with feedback on your work within 2 weeks of the assessment due date. All other feedbacks will be provided by the end of the term. Should you not answer the questions correctly, you will be given feedback on the results and your gaps in knowledge. You will be given another opportunity to demonstrate your knowledge and skills to be deemed competent for this unit of competency. If you are not sure about any aspects of this assessment, please ask for clarification from your assessor. Please refer to the College re-assessment and re-sit policy for more information. Managing Finance, Assessment No. 1 Page 3 v1.1, Last updated on 08/09/2014
T-1.8.1 Week 1: Task 1: Give some examples for the following costs: (2 Mark)
Managing Finance, Assessment No. 1 Page 4 v1.1, Last updated on 08/09/2014
T-1.8.1 Task 2: Classifying costs and Monitoring process for actual expenditure: Part a: (2 Mark) A company incurs the following costs (as shown under ‘Workings’) during a manufacturing process. Identify them with one of the cost elements (direct material, direct labour or other costs) by ticking the appropriate column. Also indicate by a tick whether it is a direct or an indirect cost. Workings: Costs Direct material Direct labour Overhead / Other cost Direct cost Indirect cost 1 Raw materials X X 2 Electricity X X 3 Foreperson’s salary X X 4 Telephone calls X X 5 Machine operators’ wages X X 6 Rent and rates for factory premises X X 7 Insurance on machinery X X 8 Maintenance materials X X 9 Cleaners’ wages X X 10 Gas X X 11 Telesales wages X X 12 Nuts and bolts X X Managing Finance, Assessment No. 1 Page 5 v1.1, Last updated on 08/09/2014
T-1.8.1 Part b: i) Complete the following variance report. ( 1 Mark)
ii) Complete the missing figures in the following cost of production report for product X.( 1 Mark)
Managing Finance, Assessment No. 1 Page 6 v1.1, Last updated on 08/09/2014
T-1.8.1

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture