Learn or revise key terms and concepts for your ACCA exams using OpenTuition interactive ACCA Flashcards
ACCA flashcards are interactive and only work on line, flashcards are NOT downloadable/printable
See also ACCA F2 flashcards: Set 2 | Set 3 | Set 4
Define the labour idle time ratio
Idle time ratio = idle hours / total hours x 100%
What is the definition of the Internal Rate of Return (IRR)?
The IRR is the rate of interest at which the Net Present Value of the project is zero.
In process costing, how are abnormal losses or gains valued?
Abnormal gains and losses are valued at full cost per unit.
How is the Residual Income (RI) calculated?
RI = profit less notional interest on the capital invested
What does the sales volume variance measure?
The sales volume variance measures the effect on the budgeted profit of the difference between the actual sales volume and the budgeted sales volume.
What is top-down budgeting?
Top-down budgeting is where the budgets are prepared by high-level management and then communicated to lower levels.
Lower level management do not participate in the budget process.
A Paasche price index number uses base year or current year quantities. Which?
A Paasche index number uses current year quantities.
In process costing, what is meant by an abnormal gain?
An abnormal gain is the amount by which the actual loss is less than the normal (or expected) loss.
Define the labour production volume ratio (activity ratio)
The labour production volume ratio = expected hours to produce actual output / total hours available (budgeted) x 100%
If the linear equation y = a + bx, were to be drawn on a graph, what would be the gradient of the line?
The gradient of the line would be ‘b’.
In the linear equation y = a + bx, where y is the total cost and x is the total production, what is the variable cost per unit?
The variable cost per unit is ‘b’ in the equation
In the linear equation y = a + bx, which is the dependent variable?
The dependent variable is y
If we have an equation relating the total sales revenue to the total advertising spend, which would be the dependent variable?
The dependent variable would be the sales revenue (it depends on the amount of advertising expenditure.)
When sampling, what is meant by a ‘sampling frame’?
A sampling frame is a numbered list of all items in a population
What is a ‘semi-variable cost’?
A semi-variable cost is a combination of variable and fixed costs.
Describe a ‘pie chart’?
A pie chart is a circle that is divided into segments representing each type of observation. The size of each segment is proportional to the proportion of the total that are within each type of observation.
In the linear equation y = a + bx, where y is the total cost and x is the total production, what is the fixed cost?
The fixed cost is ‘a’ in the equation
What is meant by ‘indirect costs (or overheads)’?
Indirect costs are those costs which cannot be specifically identified with a specific cost unit or cost centre.
What is meant by a ‘line of best fit’?
The line that most nearly goes through all the points when the data is plotted on a graph.
What is meant by ‘quota sampling’?
The population is stratified and a sample of each strata is restricted to a fixed number.
What are the purposes of costing (i.e. calculating the cost of producing a product or service)?
To enable a selling price to be set
To calculate a profit per unit
To value inventory
What is the purpose of management accounting?
To help management run the business in a way that achieves the objectives of the business.
soulpeter199603 says
April 16, 2018 at 10:01 amif there is no cash flows given ,can you use the savings as the cash flows
John Moffat says
April 16, 2018 at 4:26 pmI have no idea what topic of which flashcard you are referring to 🙂
chankanga says
November 23, 2016 at 9:43 amthank you to open tuition, I managed to clear F2 using you notes and lectures. Got 52% first attempt
John Moffat says
November 23, 2016 at 3:26 pmCongratulations – that is great news 🙂
tshegokau says
July 19, 2014 at 3:30 pmQuEstion 7 Chapter 4 An organisation operates a piecework system of remuneration, but also guarantees its employees 80% of a time-based rate of pay which is based on $20 per hour for an eight hour working day. Three minutes is the standard time allowed per unit of output. Piecework is paid at the rate of $18 per standard hour. If an employee produces 200 units in eight hours on a particular day, what is the employee’s gross pay for that day? A $128 eB $144 C $160 D $180
200×(3÷60)×18=180
Can someone please help me understand what method was used.?
John Moffat says
July 20, 2014 at 11:07 amThe standard time is 3 minutes per unit.
200 units were produced, so the standard time for those units is 200 x 3 = 600 minutes (or 10 hours).
They are paid $18 per standard hour, so a total of 10 a $18 = $180.
(The guaranteed minimum is 8hours x $20 = $160, but $180 is above the minimum)
In future, please ask questions like this in either the general F2 forum, or in the F2 Ask the Tutor Forum.
It has nothing to do with the Flashcards.
319chi5y says
July 15, 2016 at 9:32 amSir in the flash cards it’s explained that residual income is profit less notional interest on the capital invested … so now whats the difference between RI and Net profit
Saagiba says
December 11, 2013 at 1:06 pmsir, i was very fed up about my F2 exam.. i did the exam in November CBE.. i do not have any idea about the FMA and i’m planning to do resit on january.. please provide me a help to get through the exam or the syllabus.. nothing is there i have understood in the F2 syllabus.. 🙁
opentuition_team says
December 11, 2013 at 1:31 pmDid you watch F2 lectures on this website??
Reena says
December 12, 2013 at 4:53 pmHello,
all syllabus is found on OPentuition including examiners reports.Please check you will found it.
319chi5y says
July 15, 2016 at 9:01 amWith investment appraisals how do you compute the the internal rate of return when you are not given the cash flows the periods
John Moffat says
July 15, 2016 at 3:48 pmYou can’t (unless the NPV’s have already been calculated for you)!!
Have you watched my free lectures on investment appraisal?
(Please ask this sort of question in the Ask the Tutor Forum, and not as a comment on the flashcards)
Reena says
November 11, 2013 at 4:11 pmDear Sir,
Please confirm the anwser & explain below:
A Company uses standard marginal costing.Last month , when all sales were at the standard selling price, the standard contribution from actual sales was $50 000 and the following variances arose:
Total variable cost variances $ 3500 adverse
Total fixed costs variances $ 1000 favourable
Sales volume contribution variances $ 2000 favorable
What was the actual contribution for last month?
John Moffat says
November 11, 2013 at 4:19 pmThe actual contribution is 50,000 – 3500 + 1000 = 47,500.
The sales volume variance is not relevant because 50,000 is the standard contribution from actual sales. (if you had been given the budgeted contribution, then the sales volume variance would be relevant).
(I don’t know why you have posted this question here – it is not one of the flashcard questions. Better is to ask questions on the Ask the ACCA Tutor Forums – we cannot read every comment, but we always read the Ask the Tutor questions very regularly)
Reena says
May 29, 2013 at 4:14 pmWhat is a master budget?When it is prepare before the operational budget or After.
What is dysfunctional manager is ?.
In a canned foods manufacturing what term will be used process, batch, job or joint to be used?
What is a service costing?
John Moffat says
May 29, 2013 at 4:41 pmThe master budget usually comprises a budgeted income statement for the year, a budgeted balance sheet, a cash budget, and a capital expenditure budget. (I say usually, because it is up to the individual company to decide whether or not they find all of the above useful for them, and therefore whether or not they prepare them all).
The master budget is prepared after the operational (functional) budgets – they are the budgets for each individual area (e.g. materials usage budget, labour budget etc..)
‘dysfunctional manager’ manager is not a standard term. However a manager who makes dysfunctional decisions is one who makes decisions that are good for him, but not good for the company as a whole.
There is no rule for a canned food manufacturer (or for any business for that matter) as to what type of costing they use – it is whatever the company feels is more appropriate. However, depending on the exact circumstances, process costing is probably more appropriate.
Service costing is costing for a service business (for example, for a hotel, calculating the costs for one room/night in order to be able to decide on what price to charge per night).
Reena says
May 30, 2013 at 2:44 amThank you Sir,
josephine84 says
May 28, 2013 at 11:39 amhey, where I can find solutions to the tests provided on your syllabus, to check my answers?
John Moffat says
May 28, 2013 at 3:09 pmI don’t know which tests you mean. If you mean the tests in the Course Notes, then the answers are at the back of the Course Notes.
If you mean the flash cards, then you can see the answer by clicking on the question.
josephine84 says
May 28, 2013 at 4:22 pmI mean in the course notes. Thank you very much!!!!
Ousainou says
May 13, 2013 at 11:51 amOpenTuition we students can’t thank you enough, you are really helping!!!
shareed says
February 27, 2013 at 1:39 pmwhen i click on ans question is also not available why?
innocent says
April 19, 2013 at 2:32 pmUr not a real user
John Moffat says
April 19, 2013 at 5:34 pmIf you click on the question then you get the answer. If you click on the answer then you get the question again.
If that does not work for you then it is a problem at your end. Try another browser.
shareed says
February 27, 2013 at 1:38 pmwhich other browse?
admin says
February 27, 2013 at 6:06 pmGoogle chrome
tayiba1 says
May 20, 2013 at 5:32 pmthank you for providing flash cards for f2 can you kindly provide a mock exam and test centre for f2 this would be really appreciated let me know soon
John Moffat says
May 20, 2013 at 7:35 pmSorry, but we do not provide mock exams or a test centre for paper f2 at the moment
tayiba1 says
May 21, 2013 at 3:23 pmwhen would that be possible there is mock exam for F1 & F3 when will there be for F2
John Moffat says
May 21, 2013 at 3:25 pmWe will prepare one during the summer, but it will not be before the June exams.
tayiba1 says
May 21, 2013 at 3:55 pmin the course notes there r some topics not shown like in the syllabus we have job batch and service costing , some aspects of budgeting like cash budgets and capital expenditure budgeting and standard costing what it is and types of standards like ideal , basic etc
John Moffat says
May 21, 2013 at 4:29 pmWe make it clear that (as with all course notes – ours and those published by other companies) they are not meant to replace Study Texts. They do however contain more than enough to pass the exams provided that you get hold of a Revision/Exam Kit and practice lots of questions).
veronica mkwezalamba says
February 19, 2013 at 2:52 pmother cards they dont give the ans please help
admin says
February 19, 2013 at 3:31 pmtry another browser. flashcards work fine
sen17 says
February 4, 2013 at 6:44 amI need mobile version !!
Samuel Mayes says
January 10, 2013 at 1:33 pmHi, Compliments to the author!
montasir says
December 4, 2012 at 3:11 pmhelpful
papa0905 says
November 27, 2012 at 1:47 pmAdmin, when I click on the answers on the flash cards some of them are blank. Why?
admin says
November 27, 2012 at 2:58 pmNo idea why, you don’t even mention what device / browser you ate using ..,
As always you should Try another browser and see if it works
ikechno says
November 24, 2012 at 8:06 pmsimple and on point
manzoorulmulk says
November 14, 2012 at 9:25 amnice notes for FI and F2..we are waiting for f3.
amr239 says
November 11, 2012 at 1:14 pmno flash cards for F3
2ishanisah says
November 7, 2012 at 5:34 pmfor some flashcards,when i click on the view answers i finf it blank..why so?can sm1 plz help?
admin says
November 7, 2012 at 7:35 pmyhm, strange, try another browser.
2ishanisah says
November 9, 2012 at 5:46 pm@admin, its stil same
admin says
November 9, 2012 at 6:10 pm@2ishanisah, sorry, but they work OK from this end. and I can’t replicate your problem,
it;s either your internet connection, but more likely software on your PC or settings that prevent it,..
katimoses says
October 21, 2012 at 12:06 pmin the past i used to access video lectures online. this nolonger works for me now, what happened?
admin says
October 21, 2012 at 1:52 pmI don’t know why/ please check support page for help.
ps. flashcards – are not videos
annienguyen says
October 15, 2012 at 3:51 pmvery usefull, thks very much xxx <3
osama bin aqeel says
October 14, 2012 at 9:18 pmits more usefull for quick revision…………..
yash17 says
October 14, 2012 at 8:36 pmquick reminder 🙂
rogerio says
October 14, 2012 at 2:38 pmGood snap shot of this paper content
michiboo100 says
October 13, 2012 at 2:25 amFantastic! Helped me to pass, please roll out for all papers 😀
kolema says
October 12, 2012 at 2:59 pmthats very great i went through all the staff. also can ask for f3
danaradoi1986 says
October 12, 2012 at 12:14 amVery helpfull,great idea !!
nashlove says
October 10, 2012 at 9:04 amreally helpful.. hope gonna have for f3 soon.
annajuly says
October 9, 2012 at 11:45 amIts a quick memory reminder thanks
Vanessa says
October 9, 2012 at 1:11 amThis is brilliant, went through all the notes today and they were quite helpful. hope we get something for F1 and F3 soon….Thumbs up guys…..
admin says
October 9, 2012 at 8:59 amYou have F1 Mock exam and tests on the website
lety85 says
October 8, 2012 at 10:57 pmthis is great for a quick review!
sabaaizaz says
October 8, 2012 at 12:53 pmPlease introduce these for F3 also
enahoro says
October 8, 2012 at 12:26 pmThis is helpful,
thanks
tayiba1 says
October 4, 2012 at 7:47 pmthis is really when u gonna introduce for f3 and others
wasara says
October 4, 2012 at 11:29 amawesome
singeley says
October 3, 2012 at 1:26 pmTHIS IS SO HELPFUL, THANK YOU