MAC1501 ASSIGNMENT 7 EXPECTED QUESTIONS AND ANSWERS SEM 2 OF 2023

Started on Friday, 10 November 2023, 12:29 PM
State Finished
Completed on Friday, 10 November 2023, 1:12 PM
Time taken 42 mins 52 secs
Marks 24.00/30.00
Grade 80.00 out of 100.00


Question 1 The current UIF contribution is 1% of the gross remuneration of the employee paid by the employee, plus 1%
Correct of the gross remuneration of the employee paid by the employer.
M ark 1.00 out of
1.00 Select one:
Flag question True
False




Question 2 Indirect labour costs are charged to the work-in-progress account.
Correct
M ark 1.00 out of Select one:
1.00 True
Flag question
False




Question 3 Ordering costs are costs relating to the storage of inventory.
Correct

M ark 1.00 out of
Select one:
1.00 True
Flag question
False




Question 4 Product costs consist of direct material, direct labour costs and manufacturing overheads.
Correct

M ark 1.00 out of
Select one:
1.00
True
Flag question
False




Question 5 FIFO means that the actual goods that were purchased first are physically sold/(issued to production) first
Incorrect
M ark 0.00 out of
Select one:
1.00
True
Flag question
False

,Question 6 The first-in-first-out (FIFO) and weighted average inventory valuation methods can be applied to finished
Incorrect goods only.
M ark 0.00 out of
1.00 Select one:
Flag question True
False




Question 7 Financial accounting is concerned with providing information to creditors, lenders, SARS and others outside
Correct an organisation
M ark 1.00 out of
1.00 Select one:
Flag question True
False




Question 8 According to the perpetual inventory system, freight charges on merchandise purchased are considered a
Correct cost of purchase and are debited to the inventory of merchandise control account.
M ark 1.00 out of
1.00 Select one:
Flag question True
False




Question 9 The primary users of information provided by management accounting are:
Correct

M ark 1.00 out of
Select one:
1.00 A. shareholders and the public
Flag question B. none of the mentioned alternatives
C. managers within the organisation
D. customers of the organisation




Question 10 In a manufacturing company, direct materials costs combined with direct labour costs are known as:
Correct

M ark 1.00 out of A. period costs.
1.00
B. conversion costs.
Flag question
C. prime costs.
D. opportunity costs.




Question 11 In absorption costing, input costs typically consist of ______
Correct

, M ark 1.00 out of Select one:
1.00
a. direct materials, direct labour administrative costs and marketing costs
Flag question
b. direct materials, direct labour and administrative costs
c. direct materials, direct labour and marketing costs
d. direct materials, direct labour and production overheads




Question 12 The variable cost per unit is R10 and the total fixed costs are R275 000. If the number of units produced
Correct increased by 5%, fixed costs would ______ .
M ark 1.00 out of
1.00 Select one:
Flag question
A. also decrease by 5%
B. also increase by 5%
C. remain the same total amount of R275 000
D. have a per unit cost that has increased.




Question 13 The following are all purchased inventory except for ….
Correct

M ark 1.00 out of Select one:
1.00 A. finished goods
Flag question B. Merchandise
C. Consumables
D. Materials




Question 14 Select the correct alternative to complete the sentence below:
Correct _____ statements are prepared for external users, while management reports are prepared for
M ark 1.00 out of _____ users.
1.00

Flag question
Select one:
A. wage; internal
B. financial; internal
C. financial; external
D. budget; internal




Question 15 In _________, the remuneration paid to employees is based on the output of the employee.
Correct

M ark 1.00 out of
Select one:
1.00 A. piece wage systems
Flag question B. fixed salary systems
C. time wage systems