Consider the following incomplete statements relating to features of management information:(1) Communicated in writing(2) Presented in report format(3) Supported by calculations(4) Timely and clear to the userWhich of the above are necessary features of useful management information?
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1 .What is the purpose of management information?
A Planning only B Planning and control only C Planning, control and decision-making only D Planning, control, decision-making and research and development
2 .Which of the following are characteristics of management accounting information?(1) Non-financial as well as financial(2) Used by all stakeholders(3) Concerned with cost control only(4) Not legally required
A 1 and 4 only B 2 and 3 only C 1, 2 and 3 only D 2, 3 and 4 only
3 .Which of the following statements about cost and management accounting are true? (1) Cost accounting cannot be used to provide inventory valuations for external financial reporting(2) There is a legal requirement to prepare management accounts(3) The format of management accounts may vary from one business to another(4) Management accounting provides information to help management make business decisions
A 1 and 2 only B 1 and 4 only C 2 and 3 only D 3 and 4 only
4 .Which of the following are characteristics of management accounting information? (1) Forward looking(2) Legally required(3) Concerned with cost control(4) Follows clearly defined standards
A 1 and 3 only B 2 and 4 only C 1, 3 and 4 only D 1, 2 and 3 only
5 .A company’s budgeted sales for last month were 8,000 units with a standard unit selling price of USD50. The company generates USD0.40 contribution for each USD1 of revenue (i.e. has a contribution to sales ratio of 40%). Actual sales of 8,400 units resulted in total revenue of USD409,500.What was the sales volume contribution variance?
A USD8,000 favourable B USD8,000 adverse C USD20,000 favourable D USD20,000 adverse
7 .Which sampling method selects items from identifiable sub-populations?
A Cluster B Multi-stage C Simple random D Stratified
8 .Which of the following selection methods provide a sample which is representative of a population?(1) Cluster(2) Multi-stage(3) Quota sampling(4) Simple random
A 1 and 3 only B 1 and 4 only C 2 and 3 only D 2 and 4 only
9 .After a time series exercise had been performed on a collection of quarterly data the following key figures were identified for Year 2 Quarter 3:Trend +102Average seasonal variation -5Residual variation +4What was the original data for this quarter?
A 93 B 101 C 103 D 111
10 .At the start of its financial year a company had 5,050 units in inventory, each valued at USD12.50 (including USD3 for fixed overheads).At the end of the financial year there are 6,820 units, each valued at USD12.20 (including USD2.90 for fixed overheads).What will be the difference between marginal costing profit and absorption costing profit for the financial year?
A Absorption costing profit USD5,133 higher B Absorption costing profit USD4,628 higher C Absorption costing profit USD4,628 lower D Absorption costing profit USD5,133 lower
