Choose the correct answer from the options provided for each of the following questions. Write down only the letter of your choice next to the corresponding number; e.g. 1.1 D. 1.1 Which statement best describes financial accounting ... A. Reports are prepared for managers and users inside the organisation B. Provides a scorecard by which the past performance of a business is judged in the form of financial statements which are used by stakeholders outside the organisation C. Conduct an official financial inspection of a company or its accounts D. A and B only E None of the above 1.2 Which statement best describes management accounting ... A. Reports are prepared for managers and users inside the organisation B. Provides a scorecard by which the past performance of a business is judged in the form of financial statements which are used by stakeholders outside the organisation C. Conduct an official financial inspection of a company or its accounts. D. A and B only E. None of the above 1.3 Which statement is not true for financial accounting ... A. Reports to stakeholders outside the organisation B. Reports to stakeholders inside the organisation C. Emphasises summaries of financial consequence of past events D. Data must be objective and verifiable A. Direct material B. Work-in-process C. Finished goods D. All of the above E. None of the above 1.5 Which items below are examples of inventory piling ... A. Stock-in-transit B. Average stock C. Maximum stock D. All of the above E. None of the above 1.6 Manufacturing businesses include accounts which are unique to the industry. Which statement contains all these unique accounts? ni-catevala statement contains all these unique accounts? A. Direct materials, direct labour, manufacturing overheads B. Work-in-process (WIP) or manufacturing account and finished goods C. Sales and cost of sales D. All of the above E. A and B only 1.7 Direct materials, direct labour and factory overheads cost is closed off to the ... at the end of the financial year. A. Trading account B. Profit and Loss account C. Work-in-process account D. Finished goods stock account E. None of the above 1.8 Which of the following are the costing methods that can be used to calculate the costs of products.... A. A Job costing B. B Process costing C. C Batch costing D. D All of the above E. E None of the above 1.9 A job costing system is ... A. Used where heterogeneous products are manufactured using the same manufacturing facilities B. A system of accumulating total manufacturing costs of a process where products are manufactured during a particular period A cvetom of recording all costs for the total onerations Month 2016 Budgeted credit sales (ZMW) Jan 50 000 Feb 60 000 Mar 70 000 Apr 65 000 May 58 000 Jun 45 000 Debtors are expected to pay their debts as follows: 70% in the month following the month of sale 20% in the second month following the month of sale 7% in the third month following the month of sale 3% is written off as irrecoverable What will the total receipts from debtors at the end of April 2016 be? [2 MARKS] A. 45 500 B. 60 250 C. 63 700 B. 60 250 C. 63 700 D. 64 500 E. None of the above 1.12 To manufacture 1 A window frame unit requires 3 lengths of aluminium. One length is 4 metres long. To manufacture 7 000 units how many metres of aluminium is required? [2 MARKS] A. 84 000 B. 28 000 C. 21 000 D. 7 000 E. None of the above 1.13 Which statement is incorrect ... A. The budget is the plan but actual results are the reality B. Management should at selected intervals review the operating results by comparing the actual results with the budgeted figures C. A budget variance is simply the difference between the actual and budgeted figure D. All variances are considered significant E. Business plans convey a variety of budgets expressing the expected activities of the business for the near future 1.14 Contract costing covers large continuous jobs that can take years. Which statement is true with regards to the features of long term contracts: A. Long term contracts are large contracts such as building a bridge B. Every contract is accounted for separately C. The work is generally confined to a specific site D. All of the above 1.15 The contract price in contract accounting is ... A. The gross revenue due to the contractor in accordance with the contract agreement B. The total cost incurred to complete the project C. The work which is generally confined to a specific site D. The progress payments based on certified work for partial completion of the project E. The amount of money withheld on certified work as a contingency on comebacks 1.16 The concept of the time value of money tends to explain ... A. Why an amount of money received today is worth more than the same amount received at some future date B. How the rate of exchange for different currencies today always increase in value in the future C. How the interest rates are formulated by banks D. All of the above E. B and C F. 1.17 The time value of money is important ... A. In any decision a financial manager makes B. For individuals in optimising their portfolios C. To set the rate of inflation every year D. All of the above E. A and B A. Why an amount of money received today is worth more than the same amount received at some future date B. How the rate of exchange for different currencies today always increase in value in the future C. How the interest rates are formulated by banks D. All of the above E. B and C F. 1.17 The time value of money is important ... A. In any decision a financial manager makes B. For individuals in optimising their portfolios C. To set the rate of inflation every year D. All of the above E. A and B 1.18 The cost of money is called ... A. Profit B. Rate of exchange C. Interest D. All of the above E. A and B [SUBTOTAL 20 MARKS] statement contains all these unique accounts? A. Direct materials, direct labour, manufacturing overheads B. Work-in-process (WIP) or manufacturing account and finished goods C. Sales and cost of sales D. All of the above E. A and B only 1.7 Direct materials, direct labour and factory overheads cost is closed off to the ... at the end of the financial year. A. Trading account B. Profit and Loss account C. Work-in-process account D. Finished goods stock account E. None of the above 1.8 Which of the following are the costing methods that can be used to calculate the costs of products.... A. A Job costing B. B Process costing C. C Batch costing D. D All of the above E. E None of the above 1.9 A job costing system is ... A. Used where heterogeneous products are manufactured using the same manufacturing facilities B. A system of accumulating total manufacturing costs of a process where products are manufactured during a particular period A cvetom of recording all costs for the total onerations B. 60 250 C. 63 700 D. 64 500 E. None of the above 1.12 To manufacture 1 A window frame unit requires 3 lengths of aluminium. One length is 4 metres long. To manufacture 7 000 units how many metres of aluminium is required? [2 MARKS] A. 84 000 B. 28 000 C. 21 000 D. 7 000 E. None of the above 1.13 Which statement is incorrect ... A. The budget is the plan but actual results are the reality B. Management should at selected intervals review the operating results by comparing the actual results with the budgeted figures C. A budget variance is simply the difference between the actual and budgeted figure D. All variances are considered significant E. Business plans convey a variety of budgets expressing the expected activities of the business for the near future 1.14 Contract costing covers large continuous jobs that can take years. Which statement is true with regards to the features of long term contracts: A. Long term contracts are large contracts such as building a bridge B. Every contract is accounted for separately C. The work is generally confined to a specific site D. All of the above Choose the correct answer from the options provided for each of the following questions. Write down only the letter of your choice next to the corresponding number; e.g. 1.1 D. 1.1 Which statement best describes financial accounting ... A. Reports are prepared for managers and users inside the organisation B. Provides a scorecard by which the past performance of a business is judged in the form of financial statements which are used by stakeholders outside the organisation C. Conduct an official financial inspection of a company or its accounts D. A and B only E None of the above 1.2 Which statement best describes management accounting ... A. Reports are prepared for managers and users inside the organisation B. Provides a scorecard by which the past performance of a business is judged in the form of financial statements which are used by stakeholders outside the organisation C. Conduct an official financial inspection of a company or its accounts. D. A and B only E. None of the above 1.3 Which statement is not true for financial accounting ... A. Reports to stakeholders outside the organisation B. Reports to stakeholders inside the organisation C. Emphasises summaries of financial consequence of past events D. Data must be objective and verifiable A. Direct material B. Work-in-process C. Finished goods D. All of the above E. None of the above 1.5 Which items below are examples of inventory piling ... A. Stock-in-transit B. Average stock C. Maximum stock D. All of the above E. None of the above 1.6 Manufacturing businesses include accounts which are unique to the industry. Which statement contains all these unique accounts? ni-catevala statement contains all these unique accounts? A. Direct materials, direct labour, manufacturing overheads B. Work-in-process (WIP) or manufacturing account and finished goods C. Sales and cost of sales D. All of the above E. A and B only 1.7 Direct materials, direct labour and factory overheads cost is closed off to the ... at the end of the financial year. A. Trading account B. Profit and Loss account C. Work-in-process account D. Finished goods stock account E. None of the above 1.8 Which of the following are the costing methods that can be used to calculate the costs of products.... A. A Job costing B. B Process costing C. C Batch costing D. D All of the above E. E None of the above 1.9 A job costing system is ... A. Used where heterogeneous products are manufactured using the same manufacturing facilities B. A system of accumulating total manufacturing costs of a process where products are manufactured during a particular period A cvetom of recording all costs for the total onerations Month 2016 Budgeted credit sales (ZMW) Jan 50 000 Feb 60 000 Mar 70 000 Apr 65 000 May 58 000 Jun 45 000 Debtors are expected to pay their debts as follows: 70% in the month following the month of sale 20% in the second month following the month of sale 7% in the third month following the month of sale 3% is written off as irrecoverable What will the total receipts from debtors at the end of April 2016 be? [2 MARKS] A. 45 500 B. 60 250 C. 63 700 B. 60 250 C. 63 700 D. 64 500 E. None of the above 1.12 To manufacture 1 A window frame unit requires 3 lengths of aluminium. One length is 4 metres long. To manufacture 7 000 units how many metres of aluminium is required? [2 MARKS] A. 84 000 B. 28 000 C. 21 000 D. 7 000 E. None of the above 1.13 Which statement is incorrect ... A. The budget is the plan but actual results are the reality B. Management should at selected intervals review the operating results by comparing the actual results with the budgeted figures C. A budget variance is simply the difference between the actual and budgeted figure D. All variances are considered significant E. Business plans convey a variety of budgets expressing the expected activities of the business for the near future 1.14 Contract costing covers large continuous jobs that can take years. Which statement is true with regards to the features of long term contracts: A. Long term contracts are large contracts such as building a bridge B. Every contract is accounted for separately C. The work is generally confined to a specific site D. All of the above 1.15 The contract price in contract accounting is ... A. The gross revenue due to the contractor in accordance with the contract agreement B. The total cost incurred to complete the project C. The work which is generally confined to a specific site D. The progress payments based on certified work for partial completion of the project E. The amount of money withheld on certified work as a contingency on comebacks 1.16 The concept of the time value of money tends to explain ... A. Why an amount of money received today is worth more than the same amount received at some future date B. How the rate of exchange for different currencies today always increase in value in the future C. How the interest rates are formulated by banks D. All of the above E. B and C F. 1.17 The time value of money is important ... A. In any decision a financial manager makes B. For individuals in optimising their portfolios C. To set the rate of inflation every year D. All of the above E. A and B A. Why an amount of money received today is worth more than the same amount received at some future date B. How the rate of exchange for different currencies today always increase in value in the future C. How the interest rates are formulated by banks D. All of the above E. B and C F. 1.17 The time value of money is important ... A. In any decision a financial manager makes B. For individuals in optimising their portfolios C. To set the rate of inflation every year D. All of the above E. A and B 1.18 The cost of money is called ... A. Profit B. Rate of exchange C. Interest D. All of the above E. A and B [SUBTOTAL 20 MARKS] statement contains all these unique accounts? A. Direct materials, direct labour, manufacturing overheads B. Work-in-process (WIP) or manufacturing account and finished goods C. Sales and cost of sales D. All of the above E. A and B only 1.7 Direct materials, direct labour and factory overheads cost is closed off to the ... at the end of the financial year. A. Trading account B. Profit and Loss account C. Work-in-process account D. Finished goods stock account E. None of the above 1.8 Which of the following are the costing methods that can be used to calculate the costs of products.... A. A Job costing B. B Process costing C. C Batch costing D. D All of the above E. E None of the above 1.9 A job costing system is ... A. Used where heterogeneous products are manufactured using the same manufacturing facilities B. A system of accumulating total manufacturing costs of a process where products are manufactured during a particular period A cvetom of recording all costs for the total onerations B. 60 250 C. 63 700 D. 64 500 E. None of the above 1.12 To manufacture 1 A window frame unit requires 3 lengths of aluminium. One length is 4 metres long. To manufacture 7 000 units how many metres of aluminium is required? [2 MARKS] A. 84 000 B. 28 000 C. 21 000 D. 7 000 E. None of the above 1.13 Which statement is incorrect ... A. The budget is the plan but actual results are the reality B. Management should at selected intervals review the operating results by comparing the actual results with the budgeted figures C. A budget variance is simply the difference between the actual and budgeted figure D. All variances are considered significant E. Business plans convey a variety of budgets expressing the expected activities of the business for the near future 1.14 Contract costing covers large continuous jobs that can take years. Which statement is true with regards to the features of long term contracts: A. Long term contracts are large contracts such as building a bridge B. Every contract is accounted for separately C. The work is generally confined to a specific site D. All of the above