MAC1501 Assignment 3 semester 1 2024

4/10/24, 8:39 AM Assessment 3: Attempt review




MAC1501-24-S1  Welcome Message  Assessment 3

QUIZ




Started on Wednesday, 10 April
2024, 8:08 AM
State Finished
Completed on Wednesday, 10 April
2024, 8:39 AM
Time taken 31 mins 5 secs
Marks 40.00/40.00
Grade 100.00 out of 100.00


Question 1

Correct

Mark 1.00 out of 1.00




In building a cost accounting system,
management must select a cost- ow
assumption from those prescribed by
IFRS.


True 

False




Question 2

Correct

Mark 1.00 out of 1.00




The cost of goods manufactured
statement is part of the nancial
statements and must therefore comply
with IFRS requirements.


True

False 




Question 3
Correct

Mark 1.00 out of 1.00




Labour turnover refers to the employees
joining the company.


True

False 



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,4/10/24, 8:39 AM Assessment 3: Attempt review

Question 4

Correct

Mark 1.00 out of 1.00




Process costing system is used in those
situations where units of a product are
homogeneous, such as in the
manufacture of sugar.


True 

False




Question 5

Correct

Mark 1.00 out of 1.00




For external nancial reporting purposes,
production overheads must be assigned
to inventory of nished goods as well as
work-in-progress.


True 

False




Question 6

Correct

Mark 1.00 out of 1.00




The costs of purchase inventories
comprise the purchasing price, transport
and handling costs and other costs
directly related to the acquisition of
nished goods.


True 

False




Question 7
Correct

Mark 1.00 out of 1.00




The purpose of the Unemployment
Insurance Fund (UIF) is to provide
bene ts to employees should they
become unemployed.


True 

False




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,4/10/24, 8:39 AM Assessment 3: Attempt review

Question 8

Correct

Mark 1.00 out of 1.00




Relevant range refers to the activity level
at which our assumption about the
behaviour of costs remains valid.


True 

False




Question 9
Correct

Mark 1.00 out of 1.00




In describing the cost equation, Y= a + bx,
‘a’ is:


Select one:
A. the dependent variable cost.

B. the independent variable of the
level of activity.

C. the total xed costs. 

D. the variable cost per unit of
activity.




Question 10
Correct

Mark 1.00 out of 1.00




_______ is anticipated and even planned
for in the budget.

Select one:
A. Normal idle time 

B. Practical idle time

C. Abnormal idle time

D. Theoretical idle time




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, 4/10/24, 8:39 AM Assessment 3: Attempt review

Question 11

Correct

Mark 1.00 out of 1.00




We apply the _____ method to establish
the variable cost per unit of production
and the total xed production costs.

Select one:
A. high-low 

B. reciprocal allocation

C. direct allocation

D. sequential allocation




Question 12
Correct

Mark 1.00 out of 1.00




Which one of the following would not be
classi ed as an example of indirect
materials?


Select one:
A. Ink used in the printing of
textbooks.

B. Vanish used to stain a coffee
table.

C. Wood used in the production 
of furniture.

D. Cotton used to stitch furniture.




Question 13
Correct

Mark 1.00 out of 1.00




One of the following is not deductible
from employee’s salary or wage:


Select one:
A. Employees’ retirement
contribution

B. Pay-as-you-earn (PAYE)

C. Employees’ Unemployment
Insurance Fund contribution

D. Employers’ medical aid 
contribution




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