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Acca F2: Statements 1 and 2

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10 views7 pages

Acca F2: Statements 1 and 2

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academiaboy555
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© © All Rights Reserved
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ACCA F2

 1. Which of the following statements are true?


1. The main users of financial accounting information are
external to the organisation.
2. Cost accounting is that part of financial accounting which
records the cash received and payments made by an
organisation.
3. A.

Statements 1 and 2

4. B.

Only statement 1

5. C.

Only statement 2

 2. Data is information that has been processed in such a way as to


be meaningful to its recipients.
1. A.

True

2. B.

False

 3. The cost of producing information should be greater than the


value of the benefits of that information to management.
1. A.
True

2. B.

False

 4. Which of the following are examples of secondary data?


1. A count of number of invoices that we are issuing each
week
2. The average wage of the population taken form
government census results
3. The average paid to our employees
4. The sales for the month as reported on a website
5. A.

1 and 2

6. B.

3 and 4

7. C.

1 and 3

8. D.

2 and 4
 5. A sample of people is taken with the same proportion of
individuals in separate age bands as in the population as a whole.
This is an example of which type of sampling?
1. A.

Random Sampling

2. B.

Systematic Sampling

3. C.

Stratified Sampling

4. D.

Cluster Sampling

 6. It was decided to take a sample by selecting the 12th item and


thereafter every 20th item. This is an example of which type of
sampling?
1. A.

Random Sampling

2. B.

Systematic Sampling

3. C.

Stratified Sampling

4. D.

Cluster Sampling
 7. Which of the following statements about stratified sampling is
true?
1. A.

The sample will not be representative

2. B.

The structure of the sample will not reflect that of the population

3. C.

Knowledge is needed of each item in the population

4. D.

The sample is chosen entirely at random

 8. Which one of the following should be classified as indirect


labour?
1. A.

Assembly workers on a car production line

2. B.

Brick layers in a house building company

3. C.

Machinists in a factory producing clothes

4. D.

Forklift truck drivers in the stores of an engineering company


 9. A manufacturing organisation incurs costs relating to the
following:
1. Commision payable to salespersons.
2. Inspecting all products.
3. Packing the products at the end of the manufacturing
process prior to moving them to the warehouse.
Which of these costs are classified as production costs?
4. A.

1 and 2 only

5. B.

1 and 3 only

6. C.

2 and 3 only

7. D.

1, 2 and 3

 10. What would be the most appropriate cost unit for a cake
manufacturer? Cost per:
1. A.

Cake

2. B.

Batch

3. C.

Kg
4. D.

Production Run

 11. In an organisation manufacturing a number of different


products in one large factory, the rent of that factory is an example
of a direct expense when costing a product.
1. A.

True

2. B.

False

 12. 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 gross pay for that day?
1. A.

$128

2. B.

$144

3. C.

$160

4. D.
$180

 13. A semi-variable cost is one that, in the short term, remains the
same over a given range of activity but beyond that it increases and
then remains constant at a higher level of activity
1. A.

True

2. B.

False

 14. Which of the following are indirect costs?


1. The depreciation of maintenance equipment
2. The overtime premium incurred at the specific request of a
customer
3. The hire of a tool for a specific job
4. A.

1 only

5. B.

1 and 2 only

6. C.

2 and 3 only

7. D.

All of them

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