MAC1501
FIRST SEMSTER ASSIGNMENT
SOLUTIONS
PREPARED BY: MTHOMBENI
0767297208
, ASSIGNMENT 1
Version 1
The three cost elements ordinarily included in the inventoried cost of manufactured
product are direct materials, direct labour and marketing costs.
Select one:
True
False
Feedback
The three cost elements ordinarily included in the inventoried cost of manufactured
product are direct materials, direct labour and manufacturing overhead.
The correct answer is 'False'.
Question 2
Incorrect
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Question text
According to the perpetual inventory system, freight charges on merchandise purchased
are considered a cost of purchase and are debited to the inventory of merchandise control
account.
Select one:
True
False
Feedback
The correct answer is 'True'.
Question 3
Correct
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2
,Question text
Materials are those physical resources that a manufacturer requires to produce finished
goods to sell.
Select one:
True
False
Feedback
The correct answer is 'True'.
Question 4
Correct
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Question text
Standard costing uses predetermined rates for all elements of manufacturing costs.
Select one:
True
False
Feedback
The correct answer is 'True'.
Question 5
Correct
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Question text
Management accounting does not concern itself with monitoring and control in the
organisation.
Select one:
True
False
3
, Feedback
Management accounting is concerned with providing management with relevant and
timely information to management to assist them in their planning, decision-making,
monitoring and control responsibilities.
The correct answer is 'False'.
Question 6
Correct
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Question text
The three basic types of business organisations are distributors, wholesalers and retailers.
Select one:
True
False
Feedback
The three basic types of business organisations are manufacturers, merchandisers and
service organisations. Distributors, wholesalers and retailers are all merchandisers
The correct answer is 'False'.
Question 7
Correct
Mark 1.00 out of 1.00
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Question text
Which one of the following would most likely be included as part of manufacturing
overhead in the production of a wooden table?
Select one:
A.
The cost of glue used in the table.
B.
The cost of the wood used in the table.
4
FIRST SEMSTER ASSIGNMENT
SOLUTIONS
PREPARED BY: MTHOMBENI
0767297208
, ASSIGNMENT 1
Version 1
The three cost elements ordinarily included in the inventoried cost of manufactured
product are direct materials, direct labour and marketing costs.
Select one:
True
False
Feedback
The three cost elements ordinarily included in the inventoried cost of manufactured
product are direct materials, direct labour and manufacturing overhead.
The correct answer is 'False'.
Question 2
Incorrect
Mark 0.00 out of 1.00
Flag question
Question text
According to the perpetual inventory system, freight charges on merchandise purchased
are considered a cost of purchase and are debited to the inventory of merchandise control
account.
Select one:
True
False
Feedback
The correct answer is 'True'.
Question 3
Correct
Mark 1.00 out of 1.00
Flag question
2
,Question text
Materials are those physical resources that a manufacturer requires to produce finished
goods to sell.
Select one:
True
False
Feedback
The correct answer is 'True'.
Question 4
Correct
Mark 1.00 out of 1.00
Flag question
Question text
Standard costing uses predetermined rates for all elements of manufacturing costs.
Select one:
True
False
Feedback
The correct answer is 'True'.
Question 5
Correct
Mark 1.00 out of 1.00
Flag question
Question text
Management accounting does not concern itself with monitoring and control in the
organisation.
Select one:
True
False
3
, Feedback
Management accounting is concerned with providing management with relevant and
timely information to management to assist them in their planning, decision-making,
monitoring and control responsibilities.
The correct answer is 'False'.
Question 6
Correct
Mark 1.00 out of 1.00
Flag question
Question text
The three basic types of business organisations are distributors, wholesalers and retailers.
Select one:
True
False
Feedback
The three basic types of business organisations are manufacturers, merchandisers and
service organisations. Distributors, wholesalers and retailers are all merchandisers
The correct answer is 'False'.
Question 7
Correct
Mark 1.00 out of 1.00
Flag question
Question text
Which one of the following would most likely be included as part of manufacturing
overhead in the production of a wooden table?
Select one:
A.
The cost of glue used in the table.
B.
The cost of the wood used in the table.
4
