attendant2014年6月ACCA F2考试真题

2021年1月21日发(作者：好事多磨英文)
Fundamentals Level
–
Knowledge Module
Management
Accounting
Specimen Exam applicable from June 2014
Time allowed:
2 hours
This paper is divided into two sections:
Section A
–
ALL 35 questions are compulsory and MUST
be attempted
Section B
–
ALL THREE questions are compulsory and MUST
be attempted
Formulae Sheet, Present Value and Annuity Tables are on
pages 16, 17 and 18.
Do NOT open this paper until instructed by the supervisor.
This question paper must not be removed from the examination hall.
The Association of Chartered Certified Accountants

Section A
–
ALL 35 questions are compulsory and MUST be attempted
Please use the space provided on the inside cover of the Candidate Answer Booklet to indicate your chosen answer to
each multiple choice question.
Each question is worth 2 marks.
1
A manufacturing company benchmarks the performance of its accounts receivable department with that of a leading
credit card company.
What type of benchmarking is the company using?
A
B
C
D
Internal benchmarking
Competitive benchmarking
Functional benchmarking
Strategic benchmarking
2
Which of the following BEST describes target costing?
A
B
C
D
Setting a cost by subtracting a desired profit margin from a competitive market price
Setting a price by adding a desired profit margin to a production cost
Setting a cost for the use in the calculation of variances
Setting a selling price for the company to aim for in the long run
3
Information relating to two processes (F and G) was as follows:
Process
F
G
Normal loss as
% of input
8
5
Input
(litres)
65,000
37,500
Output
(litres)
58,900
35,700
For each process, was there an abnormal loss or an abnormal gain?
Process F
A
Abnormal gain
B
Abnormal gain
C
Abnormal loss
D
Abnormal loss
Process G
Abnormal gain
Abnormal loss
Abnormal gain
Abnormal loss
4
The following budgeted information relates to a manufacturing company for next period:
Production
Sales
Units
14,000
12,000
Fixed production costs
Fixed selling costs
$$
63,000
12,000
The normal level of activity is 14,000 units per period.
Using absorption costing the profit for next period has been calculated as $$36,000.
What would be the profit for next period using marginal costing?
A
B
C
D
$$25,000
$$27,000
$$45,000
$$47,000
2

5
The Eastland Postal Service is government owned. The government requires it to provide a parcel delivery service to
every home and business in Eastland at a low price which is set by the government. Express Couriers Co is a privately
owned parcel delivery company that also operates in Eastland. It is not subject to government regulation and most of
its deliveries are to large businesses located in Eastland’s capital city. You have been asked to assess the relative

efficiency of the management of the two organisations.
Which of the following factors should NOT be allowed for when comparing the ROCE of the two organisations to
assess the efficiency of their management?
A
B
C
D
Differences in prices charged
Differences in objectives pursued
Differences in workforce motivation
Differences in geographic areas served
6
Under which sampling method does every member of the target population has an equal chance of being in the
sample?
A
B
C
D
Stratified sampling
Random sampling
Systematic sampling
Cluster sampling
7
A Company manufactures and sells one product which requires 8 kg of raw material in its manufacture. The budgeted
data relating to the next period are as follows:
Sales
Opening inventory of finished goods
Closing inventory of finished goods
Opening inventory of raw materials
Closing inventory of raw materials
Units
19,000
4,000
3,000
Kg
50,000
53,000
What is the budgeted raw material purchases for next period (in kg)?
A
B
C
D
141,000
147,000
157,000
163,000
3
[P
.T.O.

8
Up to a given level of activity in each period the purchase price per unit of a raw material is constant. After that point
a lower price per unit applies both to further units purchased and also retrospectively to all units already purchased.
Which of the following graphs depicts the total cost of the raw materials for a period?
$$
A
$$
B
0
$$
C
0
$$
D
0
A
B
C
D
Graph A
Graph B
Graph C
Graph D
0
9
Which of the following are benefits of budgeting?
1
2
3
4
A
B
C
D
It helps coordinate the activities of different departments
It fulfils legal reporting obligations
It establishes a system of control
It is a starting point for strategic planning
1 and 4 only
1 and 3 only
2 and 3 only
2 and 4 only
10
The following statements relate to the participation of junior management in setting budgets:
1.
It speeds up the setting of budgets
2.
It increases the motivation of junior managers
3.
It reduces the level of budget padding
Which statements are true?
A
B
C
D
1 only
2 only
2 and 3 only
1, 2 and 3
4

11
A company has a capital employed of $$200,000. It has a cost of capital of 12% per year. Its residual income is
$$36,000.
What is the company’s return on investment?

A
B
C
D
30%
12%
18%
22%
12
A company has calculated a $$10,000 adverse direct material variance by subtracting its flexed budget direct material
cost from its actual direct material cost for the period.
Which of the following could have caused the variance?
(1) An increase in direct material prices
(2) An increase in raw material usage per unit
(3) Units produced being greater than budgeted
(4) Units sold being greater than budgeted
A
2 and 3 only
B
3 and 4 only
C
1 and 2 only
D
1 and 4 only
13
A company has recorded the following variances for a period:
Sales volume variance
$$10,000 adverse
Sales price variance
$$5,000 favourable
Total cost variance
$$12,000 adverse
Standard profit on actual sales for the period was $$120,000.
What was the fixed budget profit for the period?
A
$$137,000
B
$$103,000
C
$$110,000
D
$$130,000
14 Which of the following are suitable measures of performance at the strategic level?
(1) Return on investment
(2) Market share
(3) Number of customer complaints
A
1 and 2
B
2 only
C
2 and 3
D
1 and 3
5
[P
.T.O.

15 Which of the following are feasible values for the correlation coefficient?
1
2
3
4
A
B
C
D
+1·
40
+1·
04
0
–
0·
94
1 and 2 only
3 and 4 only
1, 2 and 4 only
1, 2, 3 and 4
16
A company’s operating costs are 60% variable and 40% fixed.

Which of the following variances’ values would change if the company switched from standard marginal
costing
to standard absorption costing?
A
B
C
D
Direct material efficiency variance
Variable overhead efficiency variance
Sales volume variance
Fixed overhead expenditure variance
17
ABC Co has a manufacturing capacity of 10,000 units. The flexed production cost budget of the company is as
follows:
Capacity
Total production costs
60%
$$11,280
100%
$$15,120
What is the budgeted total production cost if it operates at 85% capacity?
A
B
C
D
$$13,680
$$12,852
$$14,025
$$12,340
18
Using an interest rate of 10% per year the net present value (NPV) of a project has been correctly calculated as $$50.
If the interest rate is increased by 1% the NPV of the project falls by $$20.
What is the internal rate of return (IRR) of the project?
A
B
C
D
7·
5%
11·
7%
12·
5%
20·
0%
6

19
A factory consists of two production cost centres (P and Q) and two service cost centres (X and Y). The total allocated
and apportioned overhead for each is as follows:
P
$$95,000
Q
$$82,000
X
$$46,000
Y
$$30,000
It has been estimated that each service cost centre does work for other cost centres in the following proportions:
Percentage of service cost centre X to
Percentage of service cost centre Y to
P
50
30
Q
50
60
X
–

10
Y
–

–

The reapportionment of service cost centre costs to other cost centres fully reflects the above proportions.
After the reapportionment of service cost centre costs has been carried out, what is the total overhead for
production cost centre P?
A
B
C
D
$$124,500
$$126,100
$$127,000
$$128,500
20
A company always determines its order quantity for a raw material by using the Economic Order Quantity (EOQ)
model.
What would be the effects on the EOQ and the total annual holding cost of a decrease in the cost of ordering a
batch of raw material?
EOQ
A
Higher
B
Higher
C
Lower
D
Lower
Annual holding cost
Lower
Higher
Higher
Lower
21
A company which operates a process costing system had work-in- progress at the start of last month of 300 units
(valued at $$1,710) which were 60% complete in respect of all costs. Last month a total of 2,000 units were
completed and transferred to the finished goods warehouse. The cost per equivalent unit for costs arising last month
was $$10. The company uses the FIFO method of cost allocation.
What was the total value of the 2,000 units transferred to the finished goods warehouse last month?
A
B
C
D
$$19,910
$$20,000
$$20,510
$$21,710
22
A manufacturing company operates a standard absorption costing system. Last month 25,000 production hours were
budgeted and the budgeted fixed production cost was $$125,000. Last month the actual hours worked were 24,000
and standard hours for actual production were 27,000.
What was the fixed production overhead capacity variance for last month?
A
B
C
D
$$5,000 Adverse
$$5,000 Favourable
$$10,000 Adverse
$$10,000 Favourable
7
[P
.T.O.

23
The following statements have been made about value analysis.
(1) It seeks the lowest cost method of achieving a desired function
(2) It always results in inferior products
(3) It ignores esteem value
Which is/are true ?
A
B
C
D
1 only
2 only
3 only
1 and 3 only
24 Under which of the following labour remuneration methods will direct labour cost always be a variable cost?
A
B
C
D
Day rate
Piece rate
Differential piece rate
Group bonus scheme
25
A company manufactures and sells a single product. In two consecutive months the following levels of production and
sales (in units) occurred:
Sales
Production
Month 1
3,800
3,900
Month 2
4,400
4,200
The opening inventory for Month 1 was 400 units. Profits or losses have been calculated for each month using both
absorption and marginal costing principles.
Which of the following combination of profits and losses for the two months is consistent with the above data?
Absorption costing profit/(loss)
Marginal costing profit/(loss)
Month 1
Month 2
Month 1
Month 2
$$
$$
$$
$$
A
200
4,400
(400)
3,200
B
(400)
4,400
200
3,200
C
200
3,200
(400)
4,400
D
(400)
3,200
200
4,400
26
The following statements relate to the advantages that linear regression analysis has over the high low method in the
analysis of cost behaviour:
1.
the reliability of the analysis can be statistically tested
2.
it takes into account all of the data
3.
it assumes linear cost behaviour
Which statements are true?
A
B
C
D
1 only
1 and 2 only
2 and 3 only
1, 2 and 3
8

27
A company operates a process in which no losses are incurred. The process account for last month, when there was
no opening work-in- progress, was as follows:
Process Account
Costs arising
$$
624,000
––––––––

624,000
––––––––

Finished output (10,000 units)
Closing work-in-progress (4,000 units)
$$
480,000
144,000
––––––––

624,000
––––––––

The closing work in progress was complete to the same degree for all elements of cost.
What was the percentage degree of completion of the closing work-in-progress?
A
B
C
D
12%
30%
40%
75%
28 Which of the following would not be expected to appear in an organisation’s mission statement?

A
B
C
D
The organisation’s values and beliefs

The products or services offered by the organisation
Quantified short term targets the organisation seeks to achieve
The organisation’s major stakeholders

29
An organisation operates a piecework system of remuneration, but also guarantees its employees 80% of a time-based
rate of pay which is based on $$20 per hour for an eight hour working day. Three minutes is the standard time allowed
per unit of output. Piecework is paid at the rate of $$18 per standard hour.
If an employee produces 200 units in eight hours on a particular day, what is the employee’s gr
oss pay for that
day?
A
B
C
D
$$128
$$144
$$160
$$180
30
A company uses an overhead absorption rate of $$3·
50 per machine hour, based on 32,000 budgeted machine hours
for the period. During the same period the actual total overhead expenditure amounted to $$108,875 and
30,000 machine hours were recorded on actual production.
By how much was the total overhead under or over absorbed for the period?
A
B
C
D
Under absorbed by $$3,875
Under absorbed by $$7,000
Over absorbed by $$3,875
Over absorbed by $$7,000
9
[P
.T.O.

31 Which of the following statements relating to management information are true?
1.
2.
3.
4.
A
B
C
D
It is produced for parties external to the organisation
There is usually a legal requirement for the information to be produced
No strict rules govern the way in which the information is presented
It may be presented in monetary or non monetary terms
1 and 2
3 and 4
1 and 3
2 and 4
32
A
company’s sales in the last year in its three different markets were as follows

Market 1
Market 2
Market 3
Total
$$
100,000
150,000
50,000
––––––––

300,000
––––––––

In a pie chart representing the proportion of sales made by each region what would be the angle of the section
representing Market 3 (to the nearest whole degree)?
A
B
C
D
17 degrees
50 degrees
61 degrees
120 degrees
33 Which of the following BEST describes a flexible budget?
A
B
C
D
A budget which shows variable production costs only
A monthly budget which is changed to reflect the number of days in the month
A budget which shows sales revenue and costs at different levels of activity
A budget that is updated halfway through the year to incorporate the actual results for the first half of the year
34
The purchase price of an item of inventory is $$25 per unit. In each three month period the usage of the item is
20,000 units. The annual holding costs associated with one unit equate to 6% of its purchase price. The cost of
placing an order for the item is $$20.
What is the Economic Order Quantity (EOQ) for the inventory item to the nearest whole unit?
A
B
C
D
730
894
1,461
1,633.
10

35
Two products G and H are created from a joint process. G can be sold immediately after split-off. H requires further
processing into product HH before it is in a saleable condition. There are no opening inventories and no work in
progress of products G, H or HH. The following data are available for last period:
Total joint production costs
Further processing costs of product H
Product
G
HH
Production
units
420,000
330,000
$$
350,000
66,000
Closing
inventory
20,000
30,000
Using the physical unit method for apportioning joint production costs, what was the cost value of the closing
inventory of product HH for last period?
A
B
C
D
$$16,640
$$18,625
$$20,000
$$21,600
(70 marks)
11
[P
.T.O.