Question # 1
A healthcare company specializes in hip, knee and shoulder replacement operations, known as surgical procedures. As well as providing these surgical procedures the company offers pre operation and post operation in-patient care, in a fully equipped hospital, for those patients who will be undergoing the surgical procedures.
Surgeons are paid a fixed fee for each surgical procedure they perform and an additional amount for any follow-up consultations. Post procedure follow-up consultations are only undertaken if there are any complications in relation to the surgical procedure. There is no additional fee charged to patients for any follow up consultations. All other staff are paid annual salaries.
The company’s existing costing system uses a single overhead rate, based on revenue, to charge the costs of support activities to the procedures. Concern has been raised about the inaccuracy of procedure costs and the company’s accountant has initiated a project to implement an activity-based costing (ABC) system. The project team has collected the following data on each of the procedures.
Calculate the profit per procedure for each of the three procedures, using the current basis for charging the costs of support activities to procedures. What was the profit for the knee procedure? | | A. $1510 | | B. $1210 | | C. $1390 | | D. $1485 |
B. $1210
Question # 2
Select the benefits to a company of using sensitivity analysis in investment appraisal.
(Select all the true statements.) | | A. Sensitivity analysis enables a company to determine the effect of changes to variables on the planned outcome. | | B. Sensitivity analysis enables a company to assess the risk associated with a project. | | C. Sensitivity analysis enables identification of fixed costs that are of special significance. | | D. Sensitivity analysis enables risk management strategies to be put in place to focus on those variables of special significance. |
A. Sensitivity analysis enables a company to determine the effect of changes to variables on the planned outcome.
B. Sensitivity analysis enables a company to assess the risk associated with a project.
D. Sensitivity analysis enables risk management strategies to be put in place to focus on those variables of special significance.
Question # 3
| A master budget comprises the... | | A. budgeted income statement and budgeted cash flow statement only.
| | B. budgeted income statement and budgeted balance sheet only.
| | C. budgeted income statement and budgeted capital expenditure only
| | D. budgeted income statement, budgeted balance sheet and budgeted cash flow statement only. |
D. budgeted income statement, budgeted balance sheet and budgeted cash flow statement only.
Question # 4
A company has a budgeted contribution to sales (C/S) ratio of 30% and a budgeted operating profit margin of 20%. Budgeted sales were $100,000.
In month 2, actual production and sales volumes and all costs were as budgeted. The actual C/S ratio was 33% .
Which of the following statements, about the company's contribution and operating profit in month 2, is correct? | | A. Actual operating profit was more than 10% higher than budgeted operating profit.
| | B. Actual contribution was less than 10% higher than budgeted contribution.
| | C. Actual operating profit was less than 10% higher than budgeted operating profit.
| | D. Actual contribution was exactly 10% higher than budgeted contribution. |
A. Actual operating profit was more than 10% higher than budgeted operating profit.
Question # 5
TP makes wedding cakes that are sold to specialist retail outlets which decorate the cakes according to the customers’ specific requirements. The standard cost per unit of its most popular cake is as follows:
The general market prices at the time of purchase for Ingredient A and Ingredient B were
$23 per kg and $20 per kg respectively.
TP operates a JIT purchasing system for ingredients and a JIT production system; therefore, there was no inventory during the period.
Prepare a statement which reconciles the flexed budget material cost and the actual material cost. Your statement should include the material price planning variances, and the operational variances including material price, material mix and material yield. What was the material price planning variance for ingredient A? | | A. The Material price planning variance – Ingredient A was $73 000 F | | B. The Material price planning variance – Ingredient A was $72 000 F | | C. The Material price planning variance – Ingredient A was $71 000 F | | D. The Material price planning variance – Ingredient A was $75 000 F |
B. The Material price planning variance – Ingredient A was $72 000 F
Question # 6
A company manufactures a range of products. It is deciding whether to make one of its products internally or to buy the product partially completed from an external source and complete the manufacture in-house. The table below gives details of the variable costs of the two alternatives. Fixed production costs will remain the same under both alternative.
What is the sensitivity of the decision to a change in the external purchase price?
Give your answer as a whole percentage. |
Answer: 10%
Question # 7
A company is forecasting sales volume using time series analysis. The following equation has been derived from past data and is considered to be a reliable predictor of future sales volume:
y = 20,000+80x
Where y is the total sales units each quarter and x is the time period (the first quarter of year 1 is time period 1).
The following set of seasonal variations for each quarter has been calculated using the additive model.
What is the forecast sales units for the second quarter of year 3? | | A. 21,200 | | B. 20,400 | | C. 21,520 | | D. 20,720 |
A. 21,200
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