【CGA】Management Accounting Fundamentals Assignment 1

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1、LESSON1AssignmentNote:Formultiple-choicequestions,identifythebestresponse.Answereachitembygivingtheletterofyourchoice.Forexample,if(4)isthebestanswerfor(a),writea(4)asyouranswer.Selectonlyoneanswerforeachitem.Ifmorethanoneanswerisgiven,itwillnotbemarked.Incorrect

2、answerswillbemarkedaszero.Nomarkswillbegiventoanyexplanationyouoffer.Question1(42marks)Multiplechoice(2markeach)a.Whichofthefollowingstatementsaboutmanagerialaccountingistrue?1)Managerialaccountinginformationispreparedforexternalusers.2)Managerialaccountinginform

3、ationisalegalrequirement.3)Thestructureofmanagerialaccountingpracticeisrelativelyflexible.4)Therearestructuredstandardsofacceptabilityformanagerialaccounting.b.Whichofthefollowingstatementsisincorrectwithregardtoamanufacturingfirm?1)Inventoriablecostsincludeonlyp

4、rimecosts.2)Inventoriablecostsincludeprimecostsandmanufacturingoverheadcosts.3)Inventoriablecostsincludebothvariablemanufacturingandfixedmanufacturingcosts.4)Inventoriablecostswillneverincludeanyperiodcosts.c.CrandallCompanymanufacturesavarietyofproducts.Thecontr

5、ollerisconsideringhowtoaccountforlabourfringebenefits.WhichofthefollowingmethodsprovidesthebestmeasureoftherelativecostofmanufacturingCrandall’sdifferentproducts?1)Treatalllabourfringebenefitsasindirectlabourbyaddingthetotaltomanufacturingoverhead.2)Treatalllabou

6、rfringebenefitsasdirectlabour.3)Treatlabourfringebenefitsthatrelatetodirectlabourasadditionaldirectlabourcostandtreatfringebenefitsthatrelatetoindirectlabouraspartofmanufacturingoverhead.4)Treatlabourfringebenefitsasperiodexpensesandexpensethesecostsasincurred.d.

7、Inthecontextofmakingadecision,whichofthefollowingstatementsregardingrelevantcostsisincorrect?1)Anopportunitycostisarelevantcost.2)Atraceablefixedcostisarelevantcost.3)Avariablecostisarelevantcost.4)Asunkcostisarelevantcost.ManagementAccountingFundamentalsAssignme

8、nt1·7e.Whichofthefollowingfunctionsofmanagementcomparesplannedresultswithactualresults?1)Planning2)Directingandmotivating3)Controlling4)Decisionmakingf.Whendis