These answers are laid out for ease of marking and not necessarily in the layout you would give as your answer.
They also do not show all the intermediate steps in determining an answer. This is because this is a sheet for marking, not specifically a revision aid.
The answers to written parts of questions are not laid out as model answers, just indications of what is expected.
If you make an error early on in a question it does not mean that you won’t get any marks from then on. There are always marks for method.
Jonathan Rooks
Management Accounting Systems Main Answers January 2012 11/12
Question One.
A. You are to calculate the actual profits under both Marginal Costing and Absorption Costing. (18 marks)
B. Explain why there is a difference. (7 marks)
Total 25 marks.
Students have been taught a particular method. If they don’t use this method but get the correct results they will be given the marks.
Objective 1.1 1) Management accounting: A) focuses on estimating future revenues, costs, and other measures to forecast activities and their results B) provides information about the company as a whole C) reports information that has occurred in the past that is verifiable and reliable D) provides information that is generally available only on a quarterly or annual basis Answer: A 2) Managers use management accounting information to ________ strategy. A) choose B) communicate C) implement…
Managerial Accounting Basics 1. (S.O. 1) Managerial accounting is a field of accounting that provides economic and financial information for managers and other internal users. Managerial accounting applies to all types of businesses—service, merchandising, and manufacturing—and to all forms of business organizations—proprietorships, partnerships and corporations. Managerial accounting is needed in not-for-profit entities as well as in profit-oriented enterprises. Comparing Managerial…
Name Date CHAPTER 1 Accounting and Business CHAPTER 1 REVIEW QUESTIONS (page 12) 1. The five main activities involved in accounting are gathering financial information; preparing and collecting permanent records; rearranging, summarizing, and classifying financial information; preparing information reports and summaries; and establishing controls to promote accuracy and honesty among employees. 2. Answers should include three of the 19 questions listed on pages 2 and 3 of the student textbook…
points In adopting International Financial Reporting Standards (IFSRs), the Australian Accounting Standards Board (AASB) has generally: Correct Answer: D. issued its own standards based on IASB’s and ‘re-badged' them as AASB’s. Question 2 1 out of 1 points In accordance with Corporations Act, which of the following companies will be required to conform to the relevant Australian Accounting Standards when preparing their financial reports? I. Proprietary Company with gross revenues…
fair value accounting. Fair value accounting is to measure selected assets at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The objective of fair value accounting is linked with the objective of ‘decision usefulness’ of general purpose financial reporting. That is, to provide relevant information that is representationally faithful for users. IASB’s (and FASB’s) accounting standard…
Marks: 100 Instructions: For Paper Setters:- Note:- The question paper covering the entire course shall be divided into three sections as follows:- Section A : This will have questions No. 1 consisting of 12 very short answer questions from the entire syllabus with answer to each question upto five lines in length. Students will attempt 10 questions. Each question will carry two marks; the total weightage being 20 marks. Section B : This will consist of essay type/numerical questions upto…
These objectives may be grouped into three macro-categories: ▪ Effectiveness and efficiency of operations (including business objectives linked to business scopes, such as customer service, quality, safety and efficient resource Management); ▪ Reliability of internal and external reporting (including issues related to information gathering systems and the possibility of promptly making accurate decisions on the basis of such reporting); ▪ Compliance…
Strategic Management Presented by Ralph Kober Accounting ACF5100 Advanced Strategic Management Accounting Can you pass it? YES YOU CAN! “Learning is not attained by chance, it must be sought for with ardour and attended to with diligence” (Abigail Adams, 1744 – 1818) 4 Who is the Chief Examiner? Ralph Kober Associate Professor (Week 1 seminar leader) Email: ralph.kober@monash.edu Phone: 9903 4541 Office: Caulfield, Building H, Room 3.63 5 A bit about me ... Background § PhD in Management Accounting…
Test bank Solutions for Management Accounting Information for Managing and Creating Value 6th Edition by Kim Langfield-Smith ISBN 9780070997608 0070997608 INSTRUCTOR TEST BANK SOLUTIONS VERSION DOWNLOAD NOW Test bank Solutions for Management Accounting Information for Managing and Creating Value 6th Edition by Kim Langfield-Smith ISBN 9780070997608 0070997608 INSTRUCTOR TEST BANK SOLUTIONS VERSION Test bank Solutions for Management Accounting Information for Managing and Creating Value…
University of Aberdeen Session 2010-2011 Examination for the Degree of MA AC1009: Accounting and Accountability Wednesday 26 January 2011, 15.00 – 17.00, Games Hall, Butchart Centre Rubric: Answer all questions from SECTION A, and two from the SECTION B. SECTION A (Answer all questions from this section) Question 1 (20 sub questions 2 marks each, total 40 marks) Select the correct answer (only one choice is correct) 1.1 The main purpose of a _______________ is to generate surpluses…
