Pyq Acc 116
Pyq Acc 116
Pyq Acc 116
CONF1DENTIAL
COURSE
COURSE CODE
EXAMINATION
TIME
INSTRUCTIONS TO CANDIDATES
1.
2.
Answer ALL questions in the Answer Bookiet. Start each answer on a new page.
3.
Do not bring any material into the examination room unless permission is given by the
invig ilator.
4.
Please check to make sure that this examination pack consists of:
i)
ii)
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AC/SEP 20141ACCII6/165/211
QUESTION 1
a.
State any three (3) roles and responsibilities of a cost accountant or a management
accountant towards the company.
(3 marks)
b.
QUESTION 2
a.
i.
ii.
iii.
List the functions and essential information contained in the following documents
1.
2.
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b. Fkri Enterprise purchases and sells a single product caiied Kristy. The company
maintains a perpetual inventory system. The company values its stock based on the
Last-in-First-out (LIFO) method.
Opening stock for January 2014 of Kristy was 800 units at a total cost of RM2,000.
The transactions during the month are as follows:
Date
3January
6 January
9 January
12January
15 January*
20 January
28January
Purchases
Units
Total Value
(RM)
11500
47500
27000
67400
-
-
3,000
107500
-
-
-
-
lssues
Units
27800
27500
11200
Additional information:
a.
Fikri Enterprise returned 300 units of Kristy to the store due to excess taken.
These units were purchased on 6 January.
b.
During a physical stock count at the end of January, there were 1,000 units of
Kristy in store.
Required:
i.
Prepare a Store Ledger Card for January 2014 using the Last-in-First-out (LIFO)
method of pricing issues of raw material and show the value of closing stock.
(14 marks)
ii.
State two (2) advantages and two (2) disadvantages of LIFO method in valuing
the stocks.
(4 marks)
iii.
State three (3) possible reasons for any discrepancy to occur between the
balance as per store ledger card and the physical stock count.
(3 marks)
(Total: 28 marks)
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AC/SEP 2014/ACCII6/165/211
QUESTION 3
a.
b.
Due to financial insolvency Muhammad has sold his business to Mohd Rafiq. Rafiq,
then restructured the business and hire another four workers, Amin, Hana, Ashikin and
Shatirah. Amin and Hana are paid on hourly worked, while Ashikin and Shatirah are
paid on the number of units produced.
Payment to Ashikin and Shatirah are based on straight piecework and differential
piecework respectively. They will be paid on good units only and are promised a
monthly guaranteed minimum wages of RMI ,200.
The workers normally work seven (7) hours a day, Monday to Friday a week. Overtime
rate will be at 150% of the rate. The following information relates to the four workers
for the month of January 2014.
Amin
Hana
Ashikin
Shatirah
Unit
Hours
produced Worked
-
50
-
40
50
44
60
45
Rate per
Hour(RM)
20
30
20
30
Rate per
Unit(RM)
-
-
30
20
Defected
units
2
O
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AC/SEP 2014/ACCII6/1651211
Required:
i.
Calculate the gross wages for the four workers of Mafh Bakery.
(13 marks)
11.
State one (1) advantage and tWo (2) disadvantages of differential piecework
scheme of remuneration.
(3 marks)
(Total: 22 marks)
QUESTION 4
Namia Manufacturing Sdn Bhd is preparing its budgeted production overhead and managed
to determine the apportionment cost of those overhead to products. There are five centres
consists of 3 production centres and 2 service centres.
For the year 2013, cost centre expenses and related information have been budgeted as
follows:
Cost centre
Canteen
Maintenance
Basis of Apportionment
Number of empioyees
Maintenance hours
Maintenance
hours
Direct labour 35 7 000
hours
25,700
Machine
usage hours
17630
Numberof
employees
8 7 000
67200
207800
7 7 200
18,000
21400
500
450
400
380
400
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Required:
a.
Calculate the missing value for the indirect labour, indirect materials and indirect
expenses.
(3 marks)
b.
ldentify a suitable basis of apportionment for the overhead costs listed below:
i.
ii.
iii.
iv.
V.
vi.
lnsurance on building
Depreciation on machinery
Electricity expenses
lnspection expenses
Rent and rates of building
Utilities expenses
(3 marks)
C.
Prepare an overhead analysis sheet for Namia Manufacturing Sdn Bhd using the
repeated distribution method (your answer to the nearest Ringgit). Based on your final
amount of the total overhead after re-apportionment, calculate the overhead
absorption rate (OAR) for each of the three productions centre below using the
following basis:
i.
ii.
iii.
d.
Calculate any under or over absorption of overheads if the actual activity for the year
2013 are as follows:
Actual overhead
Direct labour hours
Machine usage hour
Machine Centre
1
RM607304
77400
57400
e.
State three (3) problems that might arise when apportioning service department costs
to production departments.
(3 marks)
(Total: 28 marks)
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QUESTION 5
MZ Sdn Bhd is a wooden chair producer. During the month of May 2014, a special order
(Batch No. 50888) of 10 wooden chairs were received from Pahang. The material such as
woods, nails and varnish are required in making these chairs. The following information is
avaiiable for Batch No. SC888:
Woods
Nails
Wages/Salaries:
Chair maker (Completed job within 10 days)
Supervisor
Designer fees
Salesman commission
Driver for delivery
Varnish
RM
RM11500
RM300
RM50 per day
RM800
RM1 ,000
RM200
RM50
RM250
Required:
i.
Prepare a job cost sheet for Batch No. SC888. Show clearly:
a.
prime cost
b.
C.
d.
selling price
(4 marks)
(3 marks)
(2 marks)
(3 marks)
The management target profit margin is 30% on sales.
ii.
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