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Universiti Teknologi Mara Common Test 1: Confidential AC/AUG 2015/MAF151

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Universiti Teknologi Mara Common Test 1: Confidential AC/AUG 2015/MAF151

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Universiti Teknologi Mara Common Test 1: Confidential AC/AUG 2015/MAF151

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CONFIDENTIAL AC/AUG 2015/MAF151

UNIVERSITI TEKNOLOGI MARA


COMMON TEST 1

COURSE : FUNDAMENTAL COST ACCOUNTING


COURSE CODE : MAF151
EXAMINATION : AUGUST 2015
TIME : 1 HOUR 30 MINUTES

INSTRUCTIONS TO CANDIDATES

1. This question paper consists of two (2) questions.

2. Answer ALL questions in the Answer Booklet. Start each answer on a new page.

3. Do not bring any material into the examination room unless permission is given by the
invigilator.

4. Please check to make sure that this examination pack consists of :

i) the Question Paper


ii) an Answer Booklet – provided by the Faculty

5. Answer ALL questions in English.

DO NOT TURN THIS PAGE UNTIL YOU ARE TOLD TO DO SO


This examination paper consists of 4 printed pages
© Hak Cipta Universiti Teknologi MARA CONFIDENTIAL
CONFIDENTIAL 2 AC/AUG 2015/MAF151

QUESTION 1

A. Listed below are various expenses incurred in several organizations.

i. Advertising cost to promote a new product.


ii. Interest on loan borrowed by Husmira for setting up her business.
iii. Salary of manager.
iv. Toll charges for delivery of goods to customers.
v. Depreciation of delivery vans.
vi. Strawberries for strawberry jam production.
vii. Audit fee.
viii. Rental of factory building.
ix. Depreciation of factory machinery.
x. Wages of assembly line workers.

Required:

Identify the following cost according to their functions: Production cost, Administrative
cost, Selling cost, Distribution cost, Finance cost.

(5 marks)

B. State two(2) responsibilities of a management accountant.


(2 marks)

C. Define the following terms. Give two(2) examples for each term.

i. Direct material.
ii. Fixed cost.
(4 marks)

D. Sweet Delight Sdn Bhd produces ice-cream known as D’Rainbow. Below are the cost
incurred by the company for July 2015:
RM
Raw materials 10,000
Wages and salaries of production operators 30,000
Carriage inwards on raw materials 800
Depreciation: Office equipment 300
Building (factory area 80%, office area, 20%) 2,600
Delivery van 400
Production manager’s salary 3,800
Lease of a special machine 2,200
Salesmen’s salaries and commission 5,000
Electricity 3,000
Advertising 500

© Hak Cipta Universiti Teknologi MARA CONFIDENTIAL


CONFIDENTIAL 3 AC/AUG 2015/MAF151

Required:

Prepare its cost statement for July 2015 showing clearly the prime cost, total
production cost and total costs.

(14 marks)
(Total: 25 marks)

QUESTION 2

A. Briefly explain the following:


a. Minimum stock level
b. Reorder level
c. Just in time (JIT)
(6 marks)

B. Berjaya Bhd. maintains a perpetual inventory system. Their materials records


disclosed that there are 1,000 units in the store at the beginning of July 2015 which
consist of 500 units purchased on 25th June at RM 2.50 each, and another 500 units
priced at RM 2.00 each purchased on 20th June.

The following transaction took placed on July 2015.

Date TRANSACTION UNIT PURCHASE/SELLING


PRICE PER UNIT (RM)
July 5 Sales 300 3.00
9 Sales 500 3.00
15 Purchase 400 2.70
20 Sales 400 3.10
22 Purchase 500 2.80
25 Sales 600 3.20

Physical stock count on 31st July, reveal that there are 50 units of material in store.

Required:

a. Prepare Store ledger card if the objective of the company is to show highest
profit.
(7 marks)

© Hak Cipta Universiti Teknologi MARA CONFIDENTIAL


CONFIDENTIAL 4 AC/AUG 2015/MAF151

C. Elite Bhd, a local manufactures assembles a product called Joy. Each unit of Joy
requires two kilograms of material AA. The demand for product Joy is 2,000 units per
month. The company buys the material AA from a supplier at a purchase price of RM
20 per kilogram. The ordering cost of material AA is RM 15 per order. The material
then been kept in the store with the total storage cost of RM 1 per kilogram (inclusive
breakage cost of RM 0.30 per kilogram)

Required:

a. Determine the demand per annum of material AA


b. Tabulate a table for no of order of 20, 30, 40, and 50.
c. Based on your answer in (b), determine:
i. the economical quantity to order,
ii. the number of order and
iii. the total cost for the economic order quantity.

(12 marks)
(Total: 25 marks)

END OF QUESTION PAPER

© Hak Cipta Universiti Teknologi MARA CONFIDENTIAL

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