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Mac1501 Assignment 5 Semester 1 2024
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mac1501 Assignment 5 semester 2 2024 Due date 10 October 2024 Time 11:00PM 668863 ( COMPLETE QUESTIONS AND ANSWERS)
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Test Bank in Conjunction with Introduction to Management Accounting,Horngren,16e
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Official© Solutions Manual to Accompany Introduction to Management Accounting,Horngren,16e
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MAC 1501ASSIGNMENT 5 SEMESTER 1 2024
Use this document as a guide to learn, compare and reference
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EX
,5/2/24, 9:04 PM Assessment 5: Attempt review
Started on Thursday, 2 May 2024, 7:58 PM
State Finished
Completed on Thursday, 2 May 2024, 8:58 PM
Time taken 1 hour
Marks 30.00/32.00
Grade 93.75 out of 100.00
Question 1 In time wage systems, the remuneration paid to an employee is based on the number of hours the
Complete employee worked.
Mark 1.00 out of
1.00 True
Flag question False
Question 2 Glue, staples, and varnish would be considered as direct material cost in a furniture manufacturing
Complete company.
Mark 1.00 out of
1.00 True
Flag question False
Question 3 The costs of purchase inventories comprise the purchasing price, transport and handling costs and
Complete other costs directly related to the acquisition of finished goods.
Mark 1.00 out of
1.00 True
Flag question False
Question 4 The overtime premium is always considered as an indirect labour cost.
Complete
Mark 1.00 out of True
1.00
False
Flag question
Question 5 In terms of the Basic Conditions of Employment Act, all employees are entitled to 31 consecutive
Complete (calendar) days paid leave per year.
Mark 1.00 out of
1.00 True
Flag question False
Question 6 In building a cost accounting system, management must select a cost-flow assumption from those
Complete prescribed by IFRS.
Mark 1.00 out of
1.00 True
Flag question False
1/4
, 5/2/24, 9:04 PM Assessment 5: Attempt review
Question 7
Complete the following statement by choosing the correct answer:
Complete
Mark 2.00 out of under -absorbed overhead occurs when actual overhead is greater than absorbed overhead,
2.00
Flag question and therefore too little overhead has been charged to production.
Question 8
Complete the following statement by choosing the correct answer:
Complete
Mark 2.00 out of over -absorbed overhead occurs when actual overhead is less than absorbed overhead, and
2.00
Flag question therefore too much overhead has been charged to production.
Question 9
Complete
Complete the following statements by choosing the correct answer from the options provided:
Mark 2.00 out of
2.00 Absorbed overheads are total overheads allocated to the cost of products based on a
Flag question predetermined overhead rate.
The time an employee spends at work but not actively working or productive but still gets
remunerated for those hours is known as idle time
Question 10
Complete the following statements by choosing the correct answer from the options provided.
Complete
Mark 2.00 out of Theoretical capacity is a factory’s capacity based on the assumption of 100% efficiency
2.00
Flag question at the time.
Mixed costs contain both variable and fixed cost elements.
Question 11
Complete the following statements by choosing the correct answer:
Complete
Mark 2.00 out of A manufacturing firm is very busy trying to meet the deadline for a specific customer, and
2.00
overtime is being worked. The amount of overtime premium contained in direct wages would
Flag question
normally be classified as direct labour cost
The procedure whereby indirect costs (overheads) are spread fairly between cost
centres/departments is known as apportionment
2/4
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