F2 Chapter 24 Questions
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how come we no longer have that platform where solutions are submitted at once and results are assessed as percentages
how come we nolonger have that point where results are viewed in percentages
Hi Sir John M,
Question 4 looked logically simple after checking the answer but l did not quite grasp the concept l got it all wrong
I can’t really add anything to my explanation that comes with the answer, but if any of it does not make sense then do say and I will try and explain more.
Have you watched the free lectures for this chapter?
how do i calculate actual units when given standard cost card and an absorption costing operating statement .
Normally divide the total standard cost by the standard cost per unit.
(Are you referring to one of these questions? If so then say which one.
If not, then please ask in the Ask the Tutor Forum in future, and not as a comment here.)
The Materials/Labour Question is peculiar. I know that I have done work where I used superior materials and paid less in the long run. Things like glue or paint, If you buy the quality stuff, it goes further and covers better or adheres better, so you use less, which in the long run saves money. How can you know what the right answer will be if you can think or alternative correct answers?
The question (which is actually a past exam question) asks which two statements are consistent with the variances. It is not asking for certain what caused the variances – we do not know that – but which statements are consistent.
As far as the favourable expenditure variance is concerned, it could have occurred for several reason, but of the statements available to choose from it can only be because they bought inferior materials – they are obviously likely of have cost less.
As far as the adverse labour efficiency variance is concerned, again there could be lots of reasons for the workers to take longer, but of the choices available it can only be because they used lower graded workers (who are likely to take longer than higher graded workers).
Again, this was an actual past exam question testing that you understand variances and have not just learned formulae.
That’s understandable. Thanks for your prompt reply.
Are you the lecturer? I’ve enjoyed the F2 lectures. Concise and informative, and I can tell you enjoy the material.
Yes, I am the lecturer, and thank you for your comment.
When i clicked on the start quiz button nothing is happened…!why it does not open?
The quiz is working fine, so the problem must be at your end.
Please ask on the support page – the link is above.
I only could see 5 questions as supposed 24 questions . What could be wrong please?
Nothing is wrong – there are 5 questions relating to Chapter 24 of the free lecture notes (and the lectures that go with the chapter).
There is no point in attempting any of the tests until you have watched the free lecture on the relevant chapter.