Bsc (Hons) Tourism and Hospitality Management. Cohort: BTHM/16A/FT. Examinations for 2016/2017 Semester I. & 2016 Semester II
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1 Bsc (Hons) Tourism and Hospitality Management Cohort: BTHM/16A/FT Examinations for 2016/2017 Semester I & 2016 Semester II MODULE: COST AND MANAGEMENT ACCOUNTING MODULE CODE: ACCF 1104A Duration: 2 Hours 15 Minutes Instructions to Candidates: 1. This question paper consists of Section A and section B 2. Section A is compulsory. 3. Answer any two questions from Section B. 4. Always start a new question on a fresh page. 5. Use of non-programmable calculator authorized. 6. Total Marks: 100 This question paper contains 4 questions and 7 pages Page 1 of 7
2 QUESTION 1: (40 MARKS) SECTION A: COMPULSORY Fallrise Ltd is a manufacturing company which incurs several overheads and has adopted a system of absorption costing to absorb overheads to good production. The following are budgeted overhead costs for the year 2017: Rs Machining 550,000 Assembly 120,000 Finishing 100,000 Rent and rates 50,000 Power 80,000 Building inspection cost 40,000 Stores 110,000 Maintenance 70,000 The stores and maintenance departments are service departments and their costs should be apportioned as follows: Machining Assembly Finishing Stores Maintenance Stores 35% 30% 25% - 10% Maintenance 60% 25% 15% - Other data: Area (sq metres) 2,000 2,200 2, Horse Power Page 2 of 7
3 Machine and labour hours budgeted for 2017: Machining Assembly Finishing Machine hours 40,000 3,000 4,000 Labour hours 4,000 35,000 25,000 (a) Analyse the overheads between the departments showing the bases of apportionment used and calculate overhead absorption rates for the production departments. (b) What are the limitations of the activity based costing system? (c) State three benefits of adopting the activity based costing system. (d) List and briefly describe four differences between financial accounting and management accounting. (20 marks) (8 marks) Page 3 of 7
4 SECTION B: ANSWER ANY TWO QUESTIONS QUESTION 2: (30 MARKS) PART A The following information has been gathered relating to Aqua Ltd for the next three months ending March January February March Rs Rs Rs Sales revenue 450, , ,000 Direct wages 100, , ,000 Overheads 80, ,000 96,000 Additional information: Sales are collected as follows: 20% are cash sales and the rest in 1 month s time. Receivables of Rs320,000 relating to December sales shall be received in January. (iii) Direct wages are paid in the month they are incurred. Overheads are settled in the following month. December s overhead of Rs 60,000 is to be paid in January. (iv) A machine costing Rs350,000 will be purchased in March (v) (vi) The opening cash balance is Rs52,250. A tax of Rs45,980 should be paid in January. Prepare a cash budget for the three months ending March (20 marks) Page 4 of 7
5 PART B Explain the term budgetary control with appropriate examples. (4 marks) Distinguish between Incremental Budgeting and Zero Base Budgeting. QUESTION 3: (30 MARKS) PART A Aniks Ltd has extracted the following standard cost information for its product, Jinx. Direct material 50 metres at Rs3 per metre Rs150 Direct labour 15 hours at Rs5 per hour Rs75 Actual results were as follows: Production Direct material consumed 300 units 14,000 metres at a total cost of Rs43,800 Direct labour hours used 4,300 Total labour cost Rs22,000 Calculate the following variances: (a) (b) Direct material cost variance analysed into price and usage variances. Direct labour cost variance, analysed into rate and efficiency variances. List three causes of material price variance and labour efficiency variance. Page 5 of 7
6 PART B Explain, with an appropriate example, what you understand by the following: (a) (b) (c) Fixed cost; Variable cost; Semi fixed cost / semi variable cost; (d) Stepped fixed cost. (8 marks) Provide two distinctions between marginal costing and absorption costing. (4 marks) QUESTION 4: (30 MARKS) PART A Quattro Ltd makes and sells a single product for the local market. Data is provided below: Selling price Variable cost Rs50 Rs12 Fixed overheads are Rs380,000 Determine the following: Break-even point in units. (3 marks) Break-even sales in rupees. (3 marks) (iii) Margin of safety in units if budgeted sales are 14,000 units. (3 marks) (iv) What number of units will need to be sold to make a profit of Rs100,000. (3 marks) (v) Contribution/sales ratio. (3 marks) Page 6 of 7
7 (vi) If the firm launches a new advertising campaign at a cost of Rs200,000 over the next six months and decides to reduce selling price by 10%, what will be the percentage change in the break-even point? (5 marks) PART B In short term decision making, list and briefly describe three characteristics of a relevant cost with an example of each. A business regularly uses material X and has 1,200 litres in store which had cost Rs3,000. Its net resale value is Rs1,900. The material can be bought on the market for Rs3.20 per litre. Determine the relevant cost of 1,200 litres of material X which should be used on a special contract. (4 marks) *** END OF QUESTION PAPER*** Page 7 of 7
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