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Assignment 1 ACCT 301 Questions

This document provides instructions and questions for a cost accounting assignment. It includes 4 questions related to strategic management, cost analysis, break-even analysis, and job costing. Students must submit their answers in Word format by the deadline of Saturday 07/10/2023 @ 23:59. Late submissions will not be accepted and plagiarism will result in zero marks.

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novmercy9
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113 views4 pages

Assignment 1 ACCT 301 Questions

This document provides instructions and questions for a cost accounting assignment. It includes 4 questions related to strategic management, cost analysis, break-even analysis, and job costing. Students must submit their answers in Word format by the deadline of Saturday 07/10/2023 @ 23:59. Late submissions will not be accepted and plagiarism will result in zero marks.

Uploaded by

novmercy9
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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College of Administration and Finance Sciences

Assignment (1)
Deadline: Saturday 07/10/2023 @ 23:59

Course Name: Cost Accounting Student’s Name:


Course Code: ACCT 301 Student’s ID Number:
Semester: 1st CRN:
Academic Year: 1445 H

For Instructor’s Use only


Instructor’s Name:
Students’ Grade: /15 Level of Marks: High/Middle/Low

Instructions – PLEASE READ THEM CAREFULLY


 The Assignment must be submitted on Blackboard (WORD format only) via
allocated folder.
 Assignments submitted through email will not be accepted.
 Students are advised to make their work clear and well presented, marks may be
reduced for poor presentation. This includes filling your information on the cover
page.
 Students must mention question number clearly in their answer.
 Late submission will NOT be accepted.
 Avoid plagiarism, the work should be in your own words, copying from students or
other resources without proper referencing will result in ZERO marks. No
exceptions.
 All answers must be typed using Times New Roman (size 12, double-spaced) font.
No pictures containing text will be accepted and will be considered plagiarism.
 Submissions without this cover page will NOT be accepted.
College of Administration and Finance Sciences

Assignment Question(s): (Marks 15)


Q1. “Strategic management and decision-making are fundamental elements in the effective
operation of an organization.” Discuss this statement considering the process of strategic
management and decision-making. Provide an example of one Saudi Company to support your
answer. (3
Marks)

Note: Your answer must include a suitable example showing the process of strategic management
and decision-making. (Chapter
1)

Answer:

Q2. The following details were extracted from the records of KCL Company for the year 2020:
(4 Marks)

Month Units Produced Total Cost (SAR)


March 40,000 405,000
April 42,000 408,000
May 45,000 410,000
June 47,000 414,000
July 51,000 503,000
August 54,000 524,000
Septembe
32,000 370,000
r
October 38,000 375,000

Required:
College of Administration and Finance Sciences

a) Using the high-low analysis method, find out variable and fixed costs and determine a
cost function.
b) Take the data for July and August and using the two-point method, find out variable
and fixed costs and determine a cost function.
(Chapter 2)

Answer:

Q3. A&T Company makes a product that sells for SAR 300 per unit. The other details related
to this product are as follows: (4
Marks)

Variable costs = SAR 60 per unit

Fixed costs = SAR 144,000

You are required to calculate:

a) Contribution margin per unit and contribution margin ratio.


b) Break-even point in units and sales SAR.
c) Pretax profit if the company sells 1200 units.
d) Units needed to reach target pretax profit of SAR 120,000.
e) Sales SAR needed to reach the target pretax profit of SAR 120,000.
f) The margin of safety in units for budgeted next year’s sales at 1,800 units.
g) The margin of safety in SAR for budgeted next year’s sales at 1,800 units.

(Chapter 3)
Answer:
College of Administration and Finance Sciences

Q4. a) How is job costing used in the service sector and manufacturing sector? (1
Marks)

b) Referring to the concept of job costing in the manufacturing sector, what are the journal
entries a manufacturing company must record to show the flow of costs? Explain and analyze
your answer by providing examples of one Saudi company that uses job costing. (3
Marks)

Note: Your answer must include a suitable example showing all the necessary journal entries.

(Chapter 5)
Answer:

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