Hi Sir,
Could you please help me to answer the following questions as I can't find there answers any where.
Which of the following about mission statements are true?
(1) They are stated in a standard format
(2) They play an important role in the planning process
(3) They help ensure consistency in decision making
Which of the following statements about standard costing are true?
(1) A standard cost is a predetermined estimated unit cost
(2) A standard cost can be used as a control device to help improve performance
(3) A standard cost card shows the unit cost details only of each product
(i) 1 and 3 only
(ii) 2 and 3 only
(iii) 1 and 2 only
(iv) 1 2 and 3
Which TWO of the following statements about fixed and flexible budgets are true?
(i) Fixed budgets are useful for monitoring fixed costs
(ii)Comparison of a fixed budget with the actual results is useful for budgetary control purposes
(iii) Flexible budgets are prepared using marginal costing techniques
(iv) Flexible budgeting assumes that most costs are semi-variable
Ask the Tutor ACCA MA
Mission statement, standard costing, fixed and flexible budget
A company manufactures two main products, J and K, and the by-product L. The by-product has a net realisable value of $2 per litre. The following information relates to last month, when there were no opening inventories.
Product
J. K. L
Litres. Litres. Litres
Production
50,000. 40,000. 10,000
Sales. 45,000. 30,000. 10,000
Joint costs last month were $290,000. Company policy is to apportion joint costs on a physical measure basis and to treat the net realisable value of the by-product as a deduction from the cost of the main products.
What was the cost value of last month's closing inventory of product J?
(i) $13,500
(ii) $16,200
(iii) $16,400
(iv) $15,000
8y ago#2Please do not simply set test questions and expect answers.
You must have answers in the same book in which you found the questions, and so ask about whatever it is in the answers that you are not clear about and then I will help you.
My free lectures cover everything needed to be able to answer all these questions, and I do suggest that you watch them. The lectures are a complete free course for Paper F2 and cover everything needed to be able to pass the exam well.
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