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1、Answers請(qǐng)預(yù)覽后下我!Fundamentals Level - Skills Module, Paper F5December 2014 AnswersPerformance ManagementSection ADivision A: Profit = $14 lm x 30% = S4 32m Imputed interest charge = $32 6m x 10% = $3 26m Residual income = Si 06mDivision B: Profit = 8 8m x 24% = $2 112m Imputed interest charge = $22 2m

2、x 10% = $2 22m Residual income = S(0 108)m2 DAll costs are included when using life cycle costing3AThis is the definition of a basicstandard4BThe first statement is describing management control, not strategic plannm g5C請(qǐng)預(yù)覽后下我!19Number of units required to make target of Pfit = fixed costs 十 ta

3、rget profit/contribution per unitFixed costs = ($1 2 x 10, 000) +($1 x 12, 500) - $2,500 = $22, 000.他瑚8沁68托o冊(cè)護(hù)鋪匸迫凝uJiU:20 = 51 槍ProductABCDSelling price per unit$160$214$100$140Raw material cost$24S56$22$40Direct labour cost at $11 per$66$88$33$22hour$24$18$24$18Variable overhead cost$46$52$21$60Con

4、tribution per unit Direct labour hours per-6-83-2unit$7 67$6 50$7$30Contribution per labour2431Nonna1 monthly hours (total units x .hours per 1, 8001,000720800strike goes ahead, only 2, 160labourhours willbe availableTherefore make all of D, then 1,360hoursworth of A(2, 160 - 800hrs)7 B460 - 400 = 6

5、0 clients$40,000 - $36,880 = S3,120VC per unit = S3,120/60 = $52Therefore FC = $40,000 - (460 x S52) = $16, 0808BIncrease in variable costs from buying in (2,200 units x $40 ($140 - $100) = $88,000Less the specific fixed costs saved if A is shut down = (S10, 000)Decrease in profit = $78,000910111213

6、1415161718Only the first statement is correct Traditional absorption costing tends to over-allocate costs to high v products, not under*allocate themBBy definition, a shadow price is the amount by which contribution will increase if an extra kg of material becomes available 20 x$2 80 = $56.CNeither

7、statement is correct Responsibility is not assigned solely to senior managers as, for example, in a TQM envir qualityis everybody * s responsibility In addition, standard costing can be difficult to apply m dynamic situationsThe second statement is talking about flow cost accounting, not input, outp

8、ut analysisDTarget 1 is a financial target and so assesses economy factors Target 2 is measuring the rate of work handled by staf which is anefficiency measure Target 3 is assessing output, so is a measure of effectivenessBIn comparison to participative budgeting, an advantage of non-participative b

9、udgeting is that it should be less time consuming, as less collaboration will be required in order to produce the budgetsCThe target costing process always begins with the target selling price being set The required profit is then determin deductedfrom the target selling price to estimate the target

10、 cost The target cost is then compared to the estimated current c and the costgap is then calculatedAThis is a description of an incrementalbudgetNew profit figures before salarygaod:manager: $180, 000 x 1 3 = $231, 000Average manager: $180, 000 x 1 2 = $216, 000Poor: $180, 000 x 1 1 = $19&000EV of

11、profits = (0 35 x $234, 000)十(0 45 x $216, 000) + (0 2 x S198, 000) = $81, 900 十 S97, 200 + $39,600 = $218,700Deduct salary cost and EV with manager = $178, 700Therefore do not employ manager as profits will fall by Si, 300BSet-up costs per production run = $140, 000/28 = $5,000Cost per inspection =

12、 $80, 000/8 = S10,000Other overhead costs per labour hour = $96,000/48, 000 = $2Overheads costs of product D:Set-up costs (15 x $5, 000) Inspection costs (3 x S10, 000) Other overheads (40, 000 x $2)75, 00030, 000SO, 000Overhead cost per unit = 185, 000/4, 000 =2519 AThis is an example of feedforwar

13、d control as the manager is using a forecast to assist in making a future decision20AIf demand is inelastic or the product life cycle is short, a price skimming approach would be more appropriateSection B1 Chair Co(a) Learning curve formula = y = axbCumulative average time per unit for 8 units:Y = 1

14、2 x 8 - *415hours Cumulat?here66289dQmhdatsye total time for 8 units = 10 503158ive average time per unit for 7units:?hen?S6i87eihmhdarsye total time for 7 units = 37 45964teiforeincremental time for Sth unit =10 503158 hours37 45961 hours = 3 043518 hours.Total labour cost for Sth unit =3 043518 x

15、$15 = $45 65277 Material and overheads cost per unit = $230Therefore total cost per unit = $275 65277Therefore price per unit = $113 47915(b)(i) Actual learningEumulative number ofseats producedCumulative total hours 12 5 oo34 3Cumulative averagehours per unit12 512 5 x r12 5 x r212 5 x rsUsing alge

16、bra: 31 3 = 8 x (12 5 x rs)4 2875 = (12 5 x rs)Q =30, 70rsThe learning effect was 70% as compared to the forecast rate of 75%, meaning that the labour force learnt mor quicklyz. than anticipated(,ii) Adjusted priceThe adjusted price charged will be lower than the original price calculated in part (a

17、) This is because th incrementalcost of the Sth unit will be lower given the 70% learning rate, even though the first unit took 12 5 hours know thisbecause we are told that the cumulative time for 8 units was actually 31 3 hours This is lower than estimatedcumulative time in part (a) for 8 units of

18、40 503158 hours and therefore, logically, the actual incremental for the2 Glam Co Sth unit must be lower than the estimated 3 013518 hours calculated in part (a) Consequently, total cost wi; lower(a) Bott腳申竇ice will be lower, given that this is based on cost.&?iV?lleneck 瞼丁 have Total salon hours =

19、8 x equates to 2,400 cuts each year cuts each year Using this met Assistants Senior stylistsbeen worked out as follows: 6 x 50 = 2,400 each year The capacity for each senior stylist must be 2,400 hours, which(2,400/1) Since there are three senior stylists, the total capacity is 7,200 hours or 7,2公 T

20、reatment .capacity foractivity is as follows:7,2004, 8009, 6009, 600HeBottleneck activity is clearly the work performed by the seniorThe senior stylists throughput from being higher than it stylists is less than the number which andtime is called a bottleneck activity because it is the activity whic

21、h prevents the salonis. The total number of cuts or treatments which can be completed by the salon* s seniorcan be completed by other staff members, considering the number of each type of staff availgthe time required by each type of staff for each client請(qǐng)預(yù)覽后下我!(b) TPARSelling priceMaterialsThroughp

22、utThroughput per bottleneck hourTotal salon costs per BN hour (wl TPARCutTreatment$S601100 608 (7 40+0 6)59 4010259 406842 5642 561 41 6請(qǐng)預(yù)覽后下我!21Working 1: Total salon costs(3 x $40, 000) +(2 x $28,000)+ (2 x $12, 000) + $106, 400 = $306,400Therefore cost for each bottleneck hour = $306,400/7,200 =

23、$42 56Note: Answers based on total salary costs were $80,000 were also equally acceptable since the wording of quest wasopen to interpretation3 Hi Life CoDirect materialsFabricWoodDirect labour:SkilledSemi-skilledFactory overheadsAdministration overheadsNote200 m2 at $17 50 per m2120 m at S8 20 per

24、m-30 m at $8 50 per m-50 hours at $24 per hour3300 hours at $14 per hour420 hours at S15 per hour56S3,5001612551,2004, 2003009, 619Total costSince the material is in regular use by HL Co, it is replacement cost which is the relevant cost for the8nmrwill have to be ordered from the alternative suppli

25、er for immediate delivery but the remaining 20 m can be frominventory and replaced, by .an order, from the, usual supplier at a cost of S8 20 per.There is no cost for the first loO hours or labour because there is spare capacity Tne remaining 50 hours will be at time配“UcioosiStluse the* aiencywoersh

26、o will cost $14 per hour, since this is cheaper than paexistingsemi-skilled workers.at $18 per hour ($12 x 1 5) to work overtime.,None of the general factory costs are incremental, so they nave all been excluded However, the supervisor s ove pay isincremental, so has been included The supervisor * s

27、 normal salary, on the other hand, has been excluded becaus tnesare general overheads and are not incremental, so no value should be included forincrementaltnem 4 Jamair(a) The four perspectivesthis perspective is concerned with how a company looks to its shareholders How can it cFinancial perspecti

28、vevaluefor them? Kaplan and Norton identified three core financial themes which will drive the business strategy: growth, .亠.Customer perspective this considers now the organisation appearsltseT* cQst reduction and asset utilisationachieve ourandvision, how should we appear toreto customers.The orga

29、nisation shouldasour customers?* The customer perspective should identify thecusmarket segments in which, .the business, will compete There is astr?ng link between ,the customer perspectiv Internal perspective - this requires the organisation to ask itself:wnat must we excel at to achieve our finart

30、ne .ana customerrevenue objectives m the financial perspective If customer objectives are achieved, revenue .objectives .should objectives; It must identify the internal ousiness processes which are critical to tne implementation or tnah onT ia e t t agva smIlerSr egsOWTwlthis.requires the organisat

31、ion to ask itself whether it can continue to imprc innovation process, the operations process and the post-sales processvalue The organisation must contmue to invest in its infrastructure - ie people, systems and organisational procedures - inorder to improve the capabilities which will help the oth

32、er three perspectives to be achieved(b) Goals and measuresFinancial perspectiveGoalPerformance measureTo use fewer planes to transportLease costs of plane perPerformance measureRevenue per available passenger mileExplanation - operating efficiency will be drivenSge11ing more customers on fewer plane

33、s This goal and measur cover the gosj side of thisTo increase seat revenue perExplanation - this covers the first part of achieving operating efficiency - by having fewer empty seats pn planesCustomer perspectiveGoalPerformance measureTo ensure that flights are onOn time arrival * ranking from the a

34、viationcrease revenue ormanee measureThe number of flightsbe Ccancelled frequently by Jamair, customers will not want to use itExplanation - Jamair is currently number 7 m tne1 rankings If it becomes known as a particularly reliable airl customers gremore likely to use it, which will ultimateliTo re

35、duce the number of flightsPerformance measureOn the ground*Explanation - less time spent on the ground meansmewer planes are needed, which will reduce plane leasing costs However,it is important not to compromise the quality of cleaning or make errors in refuelling as a consequence of gedycing on th

36、e ground time.,、 T ,To improve the cleanliness of Jamair splanesxp5ana?ion - again, if flights are seen to needs to be perceived as reliable by its customers internaleaipectiveTo improve turnaround time on the groundPerformance measureThe percentage of customers happy with the standard of the planes

37、,Performance measure Percentage downtime.Explanation - at present, only 85% of customers2are?appy witRthstanardoi1 J cleaji inessV ohJ Jamair * s planes, could pgfausing loss of revenueTo develop the online booking systemExplanation - since the company relies entirely on the booking system for custo

38、mer booking of flights and c in, it iscritical that itcan deal with the growing number of customersLearning perspectiveGoalPerformance measureTo reduce the employee absentee rateThe number of days absent per employeeExplanation - it is critical to Jamair that its workforce is reliable as, at worse,

39、absent staff lead to cancelled flightsD 盒GoalPerformance measureTo increase ground crew training on cleaning Number of days * training per ground crew member andare better trained, they can reduce the numberof minutes that the plane stays onrefuelling procedures , Explanation - if ground crew ground

40、,which will result in fewer planes being required and therefore lower costs Also, if their cleaning is better, cus6n5yone goal and measure were required for each perspective In order to gain full marks, answers had to be and retention will increase specificto Jamair as stated in the requirements5 Sa

41、fe Soap Co(a) Variancecalc甌翎臚neeTotal kg of materials per standard batch = 025 + 06 + 05 = 1 35 kgTherefore standard quantity to produce 136,000 batches = 136,000 x 1 35 kg = 183,600 kgActual total kg of materials used to produce 136,000 batches = 31,080 + 83,232 十 61,200 =181,512 kgMaterialActual q

42、uantityActual quantityVarianceStandardcost VarianceStandard mixActual mixper kgkgskgskgs$SLye181,512 x 0 25/1 35 =33,613 3334, 080(466 67)10(4, 666 70)Coconut oil181, 512 x 0 6/1 35 =80,67283, 232(2, 560)4(10, 240)Shea butter181, 512 x 0 5/1 35 =67, 226 6761, 2003, 026 6739,080 01-1S151218 L, 512(5,

43、26 69) AYield varianceflBMaterialStandard quantityActual quantityVarianceStandardcost VarianceStandard mixStandard mixper kgkgskgs$SLye0 25 x 136, 000 =34,00033, 613 33386 67103,866 70Coconut oil0 6 x 136,000 =81,60080, 67292843,712Shea butter0 5 x 136,000 =68,00067, 226 67773 3332,319 99 -1315129,8

44、9S 69F183, 600 (b)(i) A materials mix variance will occur when the actual mix of materials used in production is different fromstandard護(hù)thhaaleImix So, it is inputs which are being considered Since the total mix variance is adverse for the Safe Soap C.arises because the output which was achieved is

45、different from.the output which w in September and October was more expensive than the standard mix been expected from the inputs So, whereas the mix variance focuses on inputs, the yield variance focuses on outputs.In.both September and.October, the yield.variance was favourable, meaning that,the.

46、inputs produced, a higherIn) Jhilpmix ana yield variances provide Safe Soap Co with a certain level of informallon they ao no-necessarilyoutput than one,would have expected.,.,explain any quality issues wnicn arise because of the change m mix The consequences of the change may we. havean impact on s

47、ales volumes In Safe Soap Co* s case, the sales volume variance is adverse, meaning that sales volumesvoar get nvs haels cc X ee erm ersent ve V es 3nna-euOD cpctobur. It is not .known whether they also,fell m.September but it. would be usual for the ef: be other reasons for the adverse sales volume variance but given t

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