Started on Thursday, 29 August 2024, 7:47 AM
State Finished
Completed on Thursday, OSCAR THE
29 August TUTOR
2024, 8:32 AM
Time taken 44 mins 34+27737560989
secs
Marks 13.00/32.00
for FAC MAC ECS DSC TAX QMI FIN INV BNU STA tutorials
Grade 40.63 out of 100.00
Question 1
Complete the following statements by choosing the correct answer:
Incorrect
M ark 0.00 out of IFRS refers to paid time off as overtime .
2.00
Flag question A indirect materials account is a temporary account in which costs are held until they ca
to another account.
Question 2
Complete the following statements by choosing the correct answer:
Correct
M ark 2.00 out of Factory overheads include all manufacturing costs except direct materials and direct labour
2.00
Flag question Financial and management accounting are similar in that both involve summarising financial data
.
Question 3 Choose the correct word(s) from the list to match the description.
Partially correct
M ark 1.00 out of Contains information of the time (hours) worked by an employee and information of Timekeepi
2.00
what that time was spent on.
Flag question
,Question 4 In a perpetual inventory system, the inventory of materials control account is debited with
Incorrect
materials to production, and the work-in-progress control account is credited .
M ark 0.00 out of
2.00
Flag question
Question 5 Several costs incurred by Umshiza Golf Equipment (Pty) Ltd are listed below. Classify the costs given
Incorrect variable with respect to the number of units produced and sold:
M ark 0.00 out of
2.00 Depreciation on the computer used by the plant manager’s secretary. Variable
Flag question
Salary of plant manager. Variable
Question 6 For the activities listed below indicate whether each is likely to form part of the duties of the following
Correct management accountant
M ark 2.00 out of financial accountant
2.00
Flag question
Preparing a profit forecast by product line management accountant
Preparing a balance sheet. financial accountant
Question 7 You have been appointed as a costing clerk of Basikopo Manufacturing Company. The Management A
Correct company would like you to assist him with costs classification.
M ark 2.00 out of Classify the following as manufacturing overhead or manufacturing overhead:
2.00
Flag question
, Flag question
Over -absorbed overhead occurs when actual overhead is greater than absorbed overhea
too much overhead has been charged to production.
Question 9
On 2 January 2023, the inventory of merchandise control account of Kgakebadire (Pty) Ltd reflected a
Incorrect
M ark 0.00 out of R60 000. The sales account had a balance of R1 040 000 on 31 December 2023 and the purchases acc
4.00
balance of R920 000. The value of the inventory on hand as at 31 December 2023 was calculated as R
Flag question
Required:
Calculated the following and choose the correct answer from the options provided:
the value of cost of sales for the year ended 31 December 2023 R1 040 000
the gross profit for the year for the year ended 31 December 2023 R84 000
Feedback
The value of cost of sales for the year ended 31 December 2023
R
Opening inventory on 2 January 2023 60 000
Plus: purchases for the year 920 000
Equals: available sales 980 000
Less: Closing inventory on 31 December 2023 84 000
Cost of sales for the year 896 000
The gross profit for the year
, Correct
N'weti (Pty) Ltd has under-absorbed production overheads for the period by R56 000. The production
M ark 4.00 out of
4.00 absorption rate was R96 per hour and is based on the budgeted level of activity of 7 500 direct labour h
Flag question production activity was 6 000 direct labour hours.
Required:
Calculate the following:
Budgeted production overhead costs R720 000
Actual production overhead costs R632 000
Feedback:
Budgeted production overhead costs = R96 x 7 500 labour hours
= R720 000
Actual overhead costs = (R96 x 6 000 labour hours) + R56 000 (under-absorption)
= R632 000
Question 11
The payslip of Sakhisizwe Limited employee number 1175, who works at the production line, showed th
Partially correct
M ark 2.00 out of week pay period:
4.00
R
Flag question
Total gross wages 2 808
PAYE 471
Pension fund 187
State Finished
Completed on Thursday, OSCAR THE
29 August TUTOR
2024, 8:32 AM
Time taken 44 mins 34+27737560989
secs
Marks 13.00/32.00
for FAC MAC ECS DSC TAX QMI FIN INV BNU STA tutorials
Grade 40.63 out of 100.00
Question 1
Complete the following statements by choosing the correct answer:
Incorrect
M ark 0.00 out of IFRS refers to paid time off as overtime .
2.00
Flag question A indirect materials account is a temporary account in which costs are held until they ca
to another account.
Question 2
Complete the following statements by choosing the correct answer:
Correct
M ark 2.00 out of Factory overheads include all manufacturing costs except direct materials and direct labour
2.00
Flag question Financial and management accounting are similar in that both involve summarising financial data
.
Question 3 Choose the correct word(s) from the list to match the description.
Partially correct
M ark 1.00 out of Contains information of the time (hours) worked by an employee and information of Timekeepi
2.00
what that time was spent on.
Flag question
,Question 4 In a perpetual inventory system, the inventory of materials control account is debited with
Incorrect
materials to production, and the work-in-progress control account is credited .
M ark 0.00 out of
2.00
Flag question
Question 5 Several costs incurred by Umshiza Golf Equipment (Pty) Ltd are listed below. Classify the costs given
Incorrect variable with respect to the number of units produced and sold:
M ark 0.00 out of
2.00 Depreciation on the computer used by the plant manager’s secretary. Variable
Flag question
Salary of plant manager. Variable
Question 6 For the activities listed below indicate whether each is likely to form part of the duties of the following
Correct management accountant
M ark 2.00 out of financial accountant
2.00
Flag question
Preparing a profit forecast by product line management accountant
Preparing a balance sheet. financial accountant
Question 7 You have been appointed as a costing clerk of Basikopo Manufacturing Company. The Management A
Correct company would like you to assist him with costs classification.
M ark 2.00 out of Classify the following as manufacturing overhead or manufacturing overhead:
2.00
Flag question
, Flag question
Over -absorbed overhead occurs when actual overhead is greater than absorbed overhea
too much overhead has been charged to production.
Question 9
On 2 January 2023, the inventory of merchandise control account of Kgakebadire (Pty) Ltd reflected a
Incorrect
M ark 0.00 out of R60 000. The sales account had a balance of R1 040 000 on 31 December 2023 and the purchases acc
4.00
balance of R920 000. The value of the inventory on hand as at 31 December 2023 was calculated as R
Flag question
Required:
Calculated the following and choose the correct answer from the options provided:
the value of cost of sales for the year ended 31 December 2023 R1 040 000
the gross profit for the year for the year ended 31 December 2023 R84 000
Feedback
The value of cost of sales for the year ended 31 December 2023
R
Opening inventory on 2 January 2023 60 000
Plus: purchases for the year 920 000
Equals: available sales 980 000
Less: Closing inventory on 31 December 2023 84 000
Cost of sales for the year 896 000
The gross profit for the year
, Correct
N'weti (Pty) Ltd has under-absorbed production overheads for the period by R56 000. The production
M ark 4.00 out of
4.00 absorption rate was R96 per hour and is based on the budgeted level of activity of 7 500 direct labour h
Flag question production activity was 6 000 direct labour hours.
Required:
Calculate the following:
Budgeted production overhead costs R720 000
Actual production overhead costs R632 000
Feedback:
Budgeted production overhead costs = R96 x 7 500 labour hours
= R720 000
Actual overhead costs = (R96 x 6 000 labour hours) + R56 000 (under-absorption)
= R632 000
Question 11
The payslip of Sakhisizwe Limited employee number 1175, who works at the production line, showed th
Partially correct
M ark 2.00 out of week pay period:
4.00
R
Flag question
Total gross wages 2 808
PAYE 471
Pension fund 187
