BUACC2613 :Management Accounting - Projected Earnings of the Company - Assignment Help

Assignment Task:

Task:

Question 1.1 (2 marks)
The size and scale of service departments is usually determined by:
A. Projected earnings of the company;
B. Average fixed and variable costs;
C. Short term needs of the using departments;
D. Long-run needs of the using departments;
E. Capital budget.

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Question 1.2 (2 marks)
Product costing is the process of:
A. Accumulating the costs of production;
B. Assigning costs to a firm’s products;
C. Placing value on fixed assets owned by a producer;
D. A and B;
E. B & C.

Question 1.3 (2 marks)
In terms of management accounting, depreciation of factory equipment would be classified as:
A. Indirect material;
B. Indirect labour;
C. Manufacturing overhead;
D. Administrative costs;
E. Part of the cost of fixed assets.

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Question 1.4 (2 marks)
The ____________ of a university education is the forgone salary the student could have received while in university.
A. Sunk cost;
B. Out-of-pocket cost;
C. Opportunity cost;
D. Differential cost;
E. Marginal cost.

Question 1.5 (2 marks)
The relationship between cost and activity is called:
A. Cost estimation;
B. Cost prediction;
C. Cost behaviour;
D. Cost analysis;
E. Cost approximation.

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Question 2 (5 marks)
Distinguish between financial accounting and management accounting.

Question 3 (3 + 4 =7 marks)
The Federation Company has analysed various activities in its value chain of business functions that extend from research and development through customer service. One of its products, a special diesel engine, has a manufacturing cost of $13,000 per unit. In addition, the following applicable costs have been identified with the engine: research and development $800, product design $1,200, marketing $5,000, distribution $900 and
customer services $1,600. Firstly, calculate the full product cost per unit and secondly, provide a general description of how the $13,000 manufacturing cost would be built up under activity-based costing.

Question 4 (5 marks)
What are some of the virtues of standard costs as used in process costing?

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Question 5 (5 marks)
What costs are considered direct as distinct from indirect costs. Provide an example of each.

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