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ACCA F2
FREE ONLINE CBE BASED MOCK EXAM
50 Questions Updated for Exams in
2010 Prepared by | Hasaan Fazal
-2-
ACCA – F2 32
Management ing | CBE Based Test
www.ACCA-LIVE.com
Welcome to Hasaan Fazal E – Line | ACCA LIVE This is a CBE based mock exam/test of ACCA – F2 Management ing This publication contains only 50 questions provided free of cost. Students are invited to take part in this free online CBE based test. This is a question paper of test to open up the answer sheet where students can answers CLICK HERE If you find this useful than you can buy more practice questions from www.acca-live.com or ACCA LIVE’s online classes where such material is provided free of cost and much more benefits. To know more about online classes CLICK HERE The answers after being checked will be emailed to student inbox along with marks obtained, in which areas student is weak and correct answers. If you have any question regarding ACCA then you can our department by clicking HERE and also you can get help from E – Teacher by clicking HERE
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ACCA – F2 32
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1 Ordering cost forms part of: A. B. C. D.
FOH Direct material Revenue expense Deferred costs
2 Purchase order is sent to: A. B. C. D.
Supplier Store keeper s department Cost control department
The following data relates to Question#3, 4, 5 & 6 Annual requirement Invoice value Freight Ordering cost Carrying cost
46875 0.45 0.05 25/order 12% of average stock
3. Calculate economic order quantity 4. What is the total handling cost for the year if the order quantity is 3000 and buffer stock is 1000? 5. If cost of ordering increases by 12% in the next year, what will be EOQ for the next year? 6. After how many days should the next order be placed? 7 Which of the following is NOT true if company implements a good incentive scheme? A. B. C. D.
Employees will earn more Employees will produce more Cost of production will decrease Per unit cost of production will decrease
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Management ing | CBE Based Test
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32
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The following data relates to Question# 8 & 9 If a productive worker has a basic monthly pay of $400 and is entitled to a paid vacation of 4 weeks than his:
8. Annual direct labour cost is: 9. Annual indirect labour cost is: The following data relates to Question# 10, 11 & 12 Minimum lead time average lead time maximum lead time maximum usage minimum usage re-order quantity
4 days 5 days 7 days 500 units per day 300 units per day 5400 units
10. Calculate re-order level 11. Calculate minimum stock level 12. Calculate maximum stock level
13 The purpose of calculating an EOQ is: A. B. C. D.
To minimize the stockholding quantity to minimize the stockholding cost to minimize the total cost of purchasing and storing the material to enable the reorder level of the material to be established
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ACCA – F2 32
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The following data relates to Question# 14, 15 & 16 Follow is the labour data of a company for a given week Days Monday Tuesday Wednesday Thursday Friday
units 270 210 300 240 260
hours 8 8 8 8 8
If company has implemented a 100% bonus plan with a base wage of $6 per hour and a standard production rate is 30 units per hour than;
14. What is the amount of bonus payable on Wednesday? 15. What is the gross pay payable on Friday? 16. What is the labour cost per unit of Thursday? 17 Overheads that are apportioned are such costs which are: 1. 2. 3. 4.
Not caused by one cost centre Caused by only one cost centre t costs Directly allocable
Which of the above holds true with apportionment? A. B. C. D.
1 only 1 & 3 only 2 & 4 only 4 only
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18
Cost ($)
The graph above is an example of: A. B. C. D.
Cost decreasing at increasing rate Cost increasing at increasing rate Cost increasing at decreasing rate Cost decreasing at decreasing rate
19 Classification of costs whether it is avoidable or not, is necessary because: A. B. C. D.
Both avoidable and unavoidable are considered in decision Only unavoidable costs are considered in decision making Only avoidable costs are considered in decision making None of the above
20 In which costing method the fixed cost is charged in the period in which units are sold? A. B. C. D.
Marginal costing Absorption costing Unit costing Job costing
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21 The company ZABA ZABA Ltd has enjoyed 20% increase in profit this year. The company produces on order and maintains no closing stock. Currently they are using absorption costing, if company was using marginal costing than reported profits would be: A. B. C. D.
20% lesser than current profits 40% more than current profits Remains the same None of the above
Following data relates to Question# 22, 23 & 24 Following PER UNIT data relates to Spectrum ltd which manufactures 10,000 machines a month Direct Material Direct Labour Variable OH Fixed OH
750 300 150 600
Selling price is 2400/unit Production for the periods P1 P2 and P3 is as follows:
Production Sales
P1 10,000 8,000
P2 8,000 9,000
P3 11,000 12,000
Calculate:
22. Difference in profit pertaining to P1 between absorption and marginal costing methods 23. Under/over absorbed overheads in P2 if actual overheads are 76,000. [Note: Incase of under absorption, denote your figure with minus sign for example “-xxx”]
24. Fixed costs for period P3
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Management ing | CBE Based Test
ACCA – F2 32
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The following data relates to Question# 25, 26, 27 & 28 Sales price per unit variable cost total fixed manufacturing cost variable cost per unit total annual fixed marketing expense
15 8 25,000 3 15,000
Assuming no opening stock, during 12,500 units were produced and 10,000 units were sold and normal capacity is 12,500 units.
Calculate:
25. Ending inventory under marginal costing 26. Ending inventory under absorption costing 27. Total variable cost charged to expense under marginal costing 28. Total fixed cost charged to expense under absorption costing 29 A change in per unit variable costs: A. B. C. D.
Does not change the contribution margin ration but changes breakeven point Changes the contribution margin ratio and breakeven point Changes the contribution margin ratio but have no effect in breakeven point Have no effect on breakeven point and contribution-margin ration
30 A change in fixed cost will bring change in: A. B. C. D.
Contribution margin figure Contribution margin ratio Break even point All of the above
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Management ing | CBE Based Test
ACCA – F2 32
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31 A combined increase in the fixed and variable costs will cause the break-even point to move: A. B. C. D.
Towards the origin of the graph Away from the origin of the graph Will remain unchanged It cannot be decided with this much limited information
The following data relates to Question# 32, 33 & 34 The company X-men is considering a price reduction policy. Selling price Variable Cost
100 40
Company expects a profit of 2,750,000 after charging a fixed cost of 850,000. Suggestion 1 2 3
% Reduction in price 5 7 10
% increase in sales 10 20 25
Calculate:
32. Profit under suggestion 1 33. Break even under suggestion 2 34. Contribution margin ration under suggestion 3
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Management ing | CBE Based Test
ACCA – F2 32
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The following data relates to Question# 35, 36, 37, 38, 39 & 40 The Solid State LLC has planned to produce 10,000 units of Blinky with a normal spoilage rate of 5%. 1 unit of Blinky requires 2 units of Darky and 4 units of Blacky. Unit cost of Darky and Blacky is $4.5 and $5.4 respectively. In addition to this an indirect material named Smoothy is also added which costs $12,000 in total. To produce 1 unit of Blinky we require 20 minutes. The wage rate is $3 per hour. Overheads are applied at 70% of total labour cost. The actual numbers of units lost during the process were 720. The actual output was 9,280 units.
35 During the process we had an A. B. C. D.
Abnormal gain of 220 Abnormal loss of 220 Abnormal gain of 500 Abnormal loss of 500
36. What is the expected output? 37. What is the total cost incurred? 38. What is the average cost per unit? 39. What is the value of finished goods completed? 40. What is the value of Abnormal Loss/Gain during the process? [Note: Incase of Abnormal loss, denote your value with minus sign e.g. “-xxx”]
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ACCA – F2 32
Management ing | CBE Based Test
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The following data relates to Question# 41, 42 & 43 The Voltron Co. produces several products. Among its product line the most appreciated product is Megatron. 5 units of Megatron require: 2 units of Iron hide 4 units of Bumblebee 6 units or Ratchet In month just ended Voltron Co. has produced 2000 units of Megatron and actual quantities of raw material used are as follows: Iron hide: 1600 Bumblebee: 2400 Ratchet: 3200 If the standard normal loss is 20% then calculate:
41. Mix Variance for Bumblebee 42. Yield Variance for Iron hide 43. Usage Variance for Ratchet [Note: In case of unfavorable variance denote your figure with minus sign e.g. “-xxx”]
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- 13 -
Management ing | CBE Based Test
ACCA – F2 32
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44 Y = 12
X A X = 12
D B
C
What will be the appropriate feasible are under the following conditions:
Y
44. If X ≥ 12, Y ≤ 12, 8X + 6Y ≥ 48 45. If X ≤ 12, Y ≥ 12, 8X + 6Y ≥ 48 46. If X ≤ 12, Y ≤ 12, 8X + 6Y ≤ 48 47. If X ≤ 12, Y ≤ 12, 8X + 6Y ≥ 48
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- 14 -
Management ing | CBE Based Test
ACCA – F2 32
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The following data relates to Question# 48, 49 & 50 M/S Salahuddin Ltd. are publishers of many books on Islamic history are currently operating below capacity. One of its managers is of the view that we must engage this vacant capacity too. One of the customers has approached the company with an order to produce 10,000 copies of a book titled: “The Drawn Sword of ALLAH” – Hazrat Khalid Bin Waleed (R.A.). Publishing of this book requires 2 kinds of papers; Green and White. To publish one book it requires 200 green pages and 500 white papers. M/S Salahuddin Ltd’s position of stock regarding Green and White is as follows:
Stock Green White
Units 150, 000 400,000
Historic Cost per unit (cents) 30 20
Replacement price per unit (cents) 35 25
Disposal value (cents) 24 18
Green paper is currently used by the company to produce other books while White paper is no longer used and it is now a surplus. Calculate:
48. Relevant cost of Green paper 49. Relevant cost of White paper 50. Minimum price per unit that would be quoted to customer for “The Drawn Sword of ALLAH” – Hazrat Khalid Bin Waleed (R. A.)
CLICK HERE to open ANSWER SHEET
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FREE ONLINE CBE BASED MOCK EXAM
50 Questions Updated for Exams in
2010 Prepared by | Hasaan Fazal
-2-
ACCA – F2 32
Management ing | CBE Based Test
www.ACCA-LIVE.com
Welcome to Hasaan Fazal E – Line | ACCA LIVE This is a CBE based mock exam/test of ACCA – F2 Management ing This publication contains only 50 questions provided free of cost. Students are invited to take part in this free online CBE based test. This is a question paper of test to open up the answer sheet where students can answers CLICK HERE If you find this useful than you can buy more practice questions from www.acca-live.com or ACCA LIVE’s online classes where such material is provided free of cost and much more benefits. To know more about online classes CLICK HERE The answers after being checked will be emailed to student inbox along with marks obtained, in which areas student is weak and correct answers. If you have any question regarding ACCA then you can our department by clicking HERE and also you can get help from E – Teacher by clicking HERE
www.acca-live.com
-3-
Management ing | CBE Based Test
ACCA – F2 32
www.ACCA-LIVE.com
1 Ordering cost forms part of: A. B. C. D.
FOH Direct material Revenue expense Deferred costs
2 Purchase order is sent to: A. B. C. D.
Supplier Store keeper s department Cost control department
The following data relates to Question#3, 4, 5 & 6 Annual requirement Invoice value Freight Ordering cost Carrying cost
46875 0.45 0.05 25/order 12% of average stock
3. Calculate economic order quantity 4. What is the total handling cost for the year if the order quantity is 3000 and buffer stock is 1000? 5. If cost of ordering increases by 12% in the next year, what will be EOQ for the next year? 6. After how many days should the next order be placed? 7 Which of the following is NOT true if company implements a good incentive scheme? A. B. C. D.
Employees will earn more Employees will produce more Cost of production will decrease Per unit cost of production will decrease
CLICK HERE to open ANSWER SHEET
www.acca-live.com
-4-
ACCA – F2
Management ing | CBE Based Test
www.ACCA-LIVE.com
32
Looking for truly interactive classes yet affordable? ACCA LIVE’s VERY affordable LIVE! Online classes for complete interactive experience
FULL-TIME Student Package
PART-TIME Student Package
1-WEEK Revision Package
as low as
as low as
as low as
$75*
$75*
$22.50*
per paper
per paper
per paper
*Conditions apply
CLICK HERE to learn more about ACCA LIVE’s online classes
www.acca-live.com
-5-
Management ing | CBE Based Test
ACCA – F2 32
www.ACCA-LIVE.com
The following data relates to Question# 8 & 9 If a productive worker has a basic monthly pay of $400 and is entitled to a paid vacation of 4 weeks than his:
8. Annual direct labour cost is: 9. Annual indirect labour cost is: The following data relates to Question# 10, 11 & 12 Minimum lead time average lead time maximum lead time maximum usage minimum usage re-order quantity
4 days 5 days 7 days 500 units per day 300 units per day 5400 units
10. Calculate re-order level 11. Calculate minimum stock level 12. Calculate maximum stock level
13 The purpose of calculating an EOQ is: A. B. C. D.
To minimize the stockholding quantity to minimize the stockholding cost to minimize the total cost of purchasing and storing the material to enable the reorder level of the material to be established
CLICK HERE to open ANSWER SHEET
www.acca-live.com
-6-
Management ing | CBE Based Test
ACCA – F2 32
www.ACCA-LIVE.com
The following data relates to Question# 14, 15 & 16 Follow is the labour data of a company for a given week Days Monday Tuesday Wednesday Thursday Friday
units 270 210 300 240 260
hours 8 8 8 8 8
If company has implemented a 100% bonus plan with a base wage of $6 per hour and a standard production rate is 30 units per hour than;
14. What is the amount of bonus payable on Wednesday? 15. What is the gross pay payable on Friday? 16. What is the labour cost per unit of Thursday? 17 Overheads that are apportioned are such costs which are: 1. 2. 3. 4.
Not caused by one cost centre Caused by only one cost centre t costs Directly allocable
Which of the above holds true with apportionment? A. B. C. D.
1 only 1 & 3 only 2 & 4 only 4 only
CLICK HERE to open ANSWER SHEET
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-7-
Management ing | CBE Based Test
ACCA – F2 32
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18
Cost ($)
The graph above is an example of: A. B. C. D.
Cost decreasing at increasing rate Cost increasing at increasing rate Cost increasing at decreasing rate Cost decreasing at decreasing rate
19 Classification of costs whether it is avoidable or not, is necessary because: A. B. C. D.
Both avoidable and unavoidable are considered in decision Only unavoidable costs are considered in decision making Only avoidable costs are considered in decision making None of the above
20 In which costing method the fixed cost is charged in the period in which units are sold? A. B. C. D.
Marginal costing Absorption costing Unit costing Job costing
CLICK HERE to open ANSWER SHEET
www.acca-live.com
-8-
Management ing | CBE Based Test
ACCA – F2 32
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21 The company ZABA ZABA Ltd has enjoyed 20% increase in profit this year. The company produces on order and maintains no closing stock. Currently they are using absorption costing, if company was using marginal costing than reported profits would be: A. B. C. D.
20% lesser than current profits 40% more than current profits Remains the same None of the above
Following data relates to Question# 22, 23 & 24 Following PER UNIT data relates to Spectrum ltd which manufactures 10,000 machines a month Direct Material Direct Labour Variable OH Fixed OH
750 300 150 600
Selling price is 2400/unit Production for the periods P1 P2 and P3 is as follows:
Production Sales
P1 10,000 8,000
P2 8,000 9,000
P3 11,000 12,000
Calculate:
22. Difference in profit pertaining to P1 between absorption and marginal costing methods 23. Under/over absorbed overheads in P2 if actual overheads are 76,000. [Note: Incase of under absorption, denote your figure with minus sign for example “-xxx”]
24. Fixed costs for period P3
CLICK HERE to open ANSWER SHEET
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-9-
Management ing | CBE Based Test
ACCA – F2 32
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The following data relates to Question# 25, 26, 27 & 28 Sales price per unit variable cost total fixed manufacturing cost variable cost per unit total annual fixed marketing expense
15 8 25,000 3 15,000
Assuming no opening stock, during 12,500 units were produced and 10,000 units were sold and normal capacity is 12,500 units.
Calculate:
25. Ending inventory under marginal costing 26. Ending inventory under absorption costing 27. Total variable cost charged to expense under marginal costing 28. Total fixed cost charged to expense under absorption costing 29 A change in per unit variable costs: A. B. C. D.
Does not change the contribution margin ration but changes breakeven point Changes the contribution margin ratio and breakeven point Changes the contribution margin ratio but have no effect in breakeven point Have no effect on breakeven point and contribution-margin ration
30 A change in fixed cost will bring change in: A. B. C. D.
Contribution margin figure Contribution margin ratio Break even point All of the above
CLICK HERE to open ANSWER SHEET
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- 10 -
Management ing | CBE Based Test
ACCA – F2 32
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31 A combined increase in the fixed and variable costs will cause the break-even point to move: A. B. C. D.
Towards the origin of the graph Away from the origin of the graph Will remain unchanged It cannot be decided with this much limited information
The following data relates to Question# 32, 33 & 34 The company X-men is considering a price reduction policy. Selling price Variable Cost
100 40
Company expects a profit of 2,750,000 after charging a fixed cost of 850,000. Suggestion 1 2 3
% Reduction in price 5 7 10
% increase in sales 10 20 25
Calculate:
32. Profit under suggestion 1 33. Break even under suggestion 2 34. Contribution margin ration under suggestion 3
CLICK HERE to open ANSWER SHEET
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- 11 -
Management ing | CBE Based Test
ACCA – F2 32
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The following data relates to Question# 35, 36, 37, 38, 39 & 40 The Solid State LLC has planned to produce 10,000 units of Blinky with a normal spoilage rate of 5%. 1 unit of Blinky requires 2 units of Darky and 4 units of Blacky. Unit cost of Darky and Blacky is $4.5 and $5.4 respectively. In addition to this an indirect material named Smoothy is also added which costs $12,000 in total. To produce 1 unit of Blinky we require 20 minutes. The wage rate is $3 per hour. Overheads are applied at 70% of total labour cost. The actual numbers of units lost during the process were 720. The actual output was 9,280 units.
35 During the process we had an A. B. C. D.
Abnormal gain of 220 Abnormal loss of 220 Abnormal gain of 500 Abnormal loss of 500
36. What is the expected output? 37. What is the total cost incurred? 38. What is the average cost per unit? 39. What is the value of finished goods completed? 40. What is the value of Abnormal Loss/Gain during the process? [Note: Incase of Abnormal loss, denote your value with minus sign e.g. “-xxx”]
CLICK HERE to open ANSWER SHEET
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- 12 -
ACCA – F2 32
Management ing | CBE Based Test
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The following data relates to Question# 41, 42 & 43 The Voltron Co. produces several products. Among its product line the most appreciated product is Megatron. 5 units of Megatron require: 2 units of Iron hide 4 units of Bumblebee 6 units or Ratchet In month just ended Voltron Co. has produced 2000 units of Megatron and actual quantities of raw material used are as follows: Iron hide: 1600 Bumblebee: 2400 Ratchet: 3200 If the standard normal loss is 20% then calculate:
41. Mix Variance for Bumblebee 42. Yield Variance for Iron hide 43. Usage Variance for Ratchet [Note: In case of unfavorable variance denote your figure with minus sign e.g. “-xxx”]
CLICK HERE to open ANSWER SHEET
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- 13 -
Management ing | CBE Based Test
ACCA – F2 32
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44 Y = 12
X A X = 12
D B
C
What will be the appropriate feasible are under the following conditions:
Y
44. If X ≥ 12, Y ≤ 12, 8X + 6Y ≥ 48 45. If X ≤ 12, Y ≥ 12, 8X + 6Y ≥ 48 46. If X ≤ 12, Y ≤ 12, 8X + 6Y ≤ 48 47. If X ≤ 12, Y ≤ 12, 8X + 6Y ≥ 48
CLICK HERE to open ANSWER SHEET
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- 14 -
Management ing | CBE Based Test
ACCA – F2 32
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The following data relates to Question# 48, 49 & 50 M/S Salahuddin Ltd. are publishers of many books on Islamic history are currently operating below capacity. One of its managers is of the view that we must engage this vacant capacity too. One of the customers has approached the company with an order to produce 10,000 copies of a book titled: “The Drawn Sword of ALLAH” – Hazrat Khalid Bin Waleed (R.A.). Publishing of this book requires 2 kinds of papers; Green and White. To publish one book it requires 200 green pages and 500 white papers. M/S Salahuddin Ltd’s position of stock regarding Green and White is as follows:
Stock Green White
Units 150, 000 400,000
Historic Cost per unit (cents) 30 20
Replacement price per unit (cents) 35 25
Disposal value (cents) 24 18
Green paper is currently used by the company to produce other books while White paper is no longer used and it is now a surplus. Calculate:
48. Relevant cost of Green paper 49. Relevant cost of White paper 50. Minimum price per unit that would be quoted to customer for “The Drawn Sword of ALLAH” – Hazrat Khalid Bin Waleed (R. A.)
CLICK HERE to open ANSWER SHEET
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