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Suggested Solution Final Examination Apr 2011

This document contains the suggested solution to a final exam for an integrated accounting course. It includes summaries of 5 questions on the exam, with references to supporting files. Question 1 covers cost object definitions and purposes of cost information. Question 2 involves calculating the economic order quantity and comparing inventory cost flow methods. Question 3 through 5 addressed additional exam questions, but no details were provided. The document provides an overview of the exam structure and content in 3 sentences.

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Jared Johnson
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114 views3 pages

Suggested Solution Final Examination Apr 2011

This document contains the suggested solution to a final exam for an integrated accounting course. It includes summaries of 5 questions on the exam, with references to supporting files. Question 1 covers cost object definitions and purposes of cost information. Question 2 involves calculating the economic order quantity and comparing inventory cost flow methods. Question 3 through 5 addressed additional exam questions, but no details were provided. The document provides an overview of the exam structure and content in 3 sentences.

Uploaded by

Jared Johnson
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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1

SUGGESTED SOLUTION
FINAL EXAMINATION APR 2011
Course Code
Course
Prepared by
Date of Submission

Questio
n No.
1 A.a.

FAR 360
Integrated Accounting Study
MAC110 2 E
3th January 2014

Mark
s
2

File Name
MAF151 FINAL EXAM APR 2011.docx

1 A.b.

MAF151 FINAL EXAM APR 2011.docx

1 A.c.

MAF151 FINAL EXAM APR 2011.docx

1 B.a

MAF151 FINAL EXAM APR 2011.xlsx

1 B.b

MAF151 FINAL EXAM APR 2011.docx

2 A.a .

3.5

MAF151 FINAL EXAM APR 2011.xlsx

2 A. b.

8.5

MAF151 FINAL EXAM APR 2011.xlsx

2 A. c.

MAF151 FINAL EXAM APR 2011.xlsx

2 A. d.

MAF151 FINAL EXAM APR 2011.xlsx

2 B.

MAF151 FINAL EXAM APR 2011.docx

2
QUESTION 1

a.

Cost object can be defined as any activity for which separate measurement of cost
is desired. For example, cost of manufacturing a car and cost of rendering a service
such hotel.

b.

Three (3) purposes for which cost information is required are:


To allocate costs for internal and external reporting.
To help for decision making, to prepare budget & to measure actual cost.
To help manager to plan & control the cost.

c.
i.
ii.
iii.
iv.
v.
vi.

B.

B.

Item
Direct material price
Supplies/other direct material usage
Maintenance of machinery
Depreciation of machinery
Direct labour
Factory rent

a.i.

Laundry service costs

a.ii.

Administration costs

a.iii

Selling costs

uncontrollable
controllable
controllable
uncontrollable
controllable
uncontrollable

Refer to MAF151
FINAL EXAM
APR2011.xlsx

b.

SERVICE COMPANY
1. Provide services to the customers
2. Output/service cannot be stored
Example: Barber provide services to cut
his customers hair

MANUFACTURING COMPANY
Provide products to the customers
Output/product can be stored
Example: Syarikat Biskut Hup Seng
produced its biscuits product by using raw
materials.

3
QUESTION 2

A.a.

Annual usage of Special Wheat Flour,


Cost per order
Holding cost per kg of the flour.

b.

Tabulation of the TC at 12, 6, 5 & 4 times per year.

c.

EOQ

d.

Calculation to support reason.

B.

Differences between FIFO, LIFO & WA:

FIFO
Accepted by
IRB
Closing stock at
higher price
First material in
will be the first
material issued
Lower cost of
sale , higher
profit

LIFO
Not accepted by IRB
Stock valuation at the
oldest price
Most recent batch
received, will be the
first to be issued
Higher cost of goods
sold, lower the profit

Refer to MAF151
FINAL EXAM
APR2011.xls

WEIGHTED AVERAGE
Accepted by IRB

QUESTION 3

QUESTION 4

QUESTION 5

END OF SUGGESTED SOLUTION

No unrealized stock
profit/loss
Material issued is
valued at average
cost price
Constant fluctuation
of price

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