Higher National Diploma in Accountancy Third Year, First Semester Examination 2014 DA3101-Advanced Management Accounting

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1 [All Rights Reserved] SLIATE SLIAE SRI LANKA INSTITUTE OF ADVANCED TECHNOLOGICAL EDUCATION (Established in the Ministry of Higher Education, vide in Act No. 29 of 1995) Higher National Diploma in Accountancy Third Year, First Semester Examination 2014 DA3101-Advanced Management Accounting Instructions for Candidates: No. of questions : 06 Answer any five questions only No. of pages : 06 Time : 03hrs. Q1. A) Briefly describe the followings. i. Cost Centre and Profit Centre ii. Sensitivity Analysis iii. Expected monetary Value iv. Decision under uncertainty (08 Marks) B) A retail dealer in garments is currently selling 24,000 shirts annually. He supplies the following details for the year ended 31st March Selling price per shirt: Rs.800 Variable cost per shirt: Rs.600 Fixed Cost: Staff salaries: Rs.2, 400,000 General Office Cost: Rs.800, 000 Advertising Cost: Rs.800, 000 i. Calculate Profit Volume Ratio, Break Even Point, margin of safety in sales revenue and number of shirts sold. ii. Assume that 30, 000 shirts were sold during the year, find out the net profit of the firm. (09Marks) C) Explain the following terms briefly. i. Break event point ii. P/V Ratio iii. Margin of safety (03 Marks)

2 Q2. A) State the importance of standard costing (03 Marks) B) Amex (Pvt) Ltd manufactures a retail item and operates a system of variance accounting using a standard costing. As a management accountant, you are required to prepare the statement of income using the data given below for period ended on 30 th June 2014 to show; i. The budgeted profit ii. The variance a. Sales Margin b. Material c. Labour d. Overhead iii. Actual Profit Budgeted and Standard Cost data Budgeted sales & production for the period 25,000 units. Standard cost for a production unit Direct Material 15 Kg Rs. 20 per Kg Direct Labour 10 Rs. 25 per hour Fixed production overhead absorbed at 150% on direct labour. Budgeted sales price has been calculated to give a profit of 20% on cost. Actual data for the period Production units sold at a price of 10% higher than the budgeted. Direct material consumed 240,000 Rs. 18 per Kg. Direct Labour incurred 165,000 hours at Rs. 30 per hour. Fixed production overhead incurred Rs.7,000,000 (17 Marks) HNDA3Advanced Management Accounting (New)

3 Q3. A) State the purposes of preparing a budget. (03 Marks) B) Using the data given below, prepare the master budget of the Omex PLC for the 1 st Quarter will be ended on 31 st March Jan Feb Mar Budgeted Sales (Units) Budgeted Production (Units) Material Purchased (Units) Direct Labour (Hours) Other Information; i. Selling price is Rs. 200 per unit and the December sales will be Rs.150,000. ii. 30% of the sales are on cash and others are on credit. Company policy is to collect 50% of the credit sales on the particular month and the balance in next month. iii. The finished goods will be available at the 1 st January 400 units at a cost of Rs. 60,000. The stock will be valued by the company at marginal cost per unit. iv. The stock of material available in 1 st of January will be 200 units at a cost of Rs. 16,000. Materials are sent from store on FIFO basis. The material will be purchased at Rs. 60 per unit throughout the period. All the materials will be purchased on credit basis and the credit terms will be allowed by the creditors one month from the date of purchase. (Assume that the materials will be purchased at the beginning of the each Month). Rs. 180,000 value of materials will be purchased in December One unit of material will be consumed for one unit of production. v. Variable overhead should be allocated 40% on direct labour for each month, and the labour rate will be Rs. 30 per hour. vi. Fixed production overhead should be allocated Rs. 42,000 for each month. vii. The advertisement will be paid on 15 th March Rs. 50,000. viii. The staff salary will be paid at the end of each month Rs. 150,000. HNDA3Advanced Management Accounting (New)

4 ix. The statement of financial position of this company at will be as follows Assets Land & Building 150,000 Furniture 200,000 Stocks Finished Goods 60,000 Raw Material 16,000 Debtors 52,500 Cash 96,500 Equity and Liabilities 575,000 Stated Capital 300,000 Retained Profit 95,000 Creditors 180, ,000 X. Depreciation should be allocated on noncurrent assets as follows. Land & Building 20% on cost Furniture 10% on book value (17 Marks) Q4. A) Explain the followings with respect to Investment Appraisal; i. Pay Back Approach (PB) ii. Accounting Rate of Return (ARR) iii. Profitability Index (PI) iv. Internal Rate of Return (IRR) (08 Marks) B) Centric Ltd has details of two machines that could fulfill the company s future production plan. Only one of these will be purchased. Machine1 (M1) costs Rs. 100,000 and the Machine2 (M2) Rs.176,000 payable immediately. Both machines would require the input of Rs. 20,000 working capital throughout their useful life. Machine1 (M1) will be used for Four years and Machine2 (M2) is for Six years. Both have no scrap value at the end of their useful life. The forecasted earnings before tax associated with these two machines will be as follows. Machine Earnings M1 41,000 45,720 48,420 46, M2 64,060 52,220 50,760 51,880 77,120 70,200 HNDA3Advanced Management Accounting (New)

5 Corporate tax is 35% which is payable on earnings one year in arrears and the capital allowances are available at 25% per year on a reducing balance basis. The company cost of capital of these two machines is (M1 & M2) 12% and 14% respectively. Which machine could be purchased? (12 Marks) Q5. A) Briefly explain, what is Activity Based Costing? (03 Marks) B) The budgeted overheads and cost driver volumes of XYZ Plc are as follows. Cost Pool Budgeted Overheads (Rs.) Cost Driver Budgeted Volume Material procurement 580,000 No. of orders 1,100 Material handling 250,000 No. of movements 680 Set-up 415,000 No. of set ups 520 Maintenance 970,000 Maintenance hours 8,400 Quality control 176,000 No. of inspection 900 Machinery 720,000 No. of machine 24,000 hours The company has produced a batch of 2,600 components of AX-15, its material cost was Rs. 130,000 and labour cost Rs. 245,000. The usage activities of the said batch are as follows. Material orders 26, maintenance hours 690, material movements 18, inspection 28, set ups 25, machine hours 1,800. You are required to calculate, i. Cost driver rates that are used for tracing appropriate amount of overheads to the said batch. ii. Ascertain the cost of batch of components using Activity Based Costing. (11 Marks) C) Explain the followings. i. Residual Income (RI) ii. Return on Investment (ROI) iii. Economic Value Added (EVA) (06 Marks) HNDA3Advanced Management Accounting (New)

6 Q6 A) Briefly describe, the types of transfer pricing. (05 Marks) B) ABC Ltd has two profit centre s P and Q. P transfer all its output to Q. The variable cost of output from P is Rs. 50 per unit and fixed costs are Rs. 12,000 per month. Additional processing costs in Q are Rs. 40 per unit as variable costs and fixed Rs. 8,000 per month. The output of Q is sold for Rs. 150 per unit to the external market. You are required to determine the range of transfer price in order to motivate the managers of both profit centers. (05 Marks) C) Sarathi Ltd is considering the following projects. Projects Cash Flows (Rs) Initial Outlay Return (Year 1) Return (Year 2) Return (Year 3) A 10,000 7,500 7,500 - B 10,000 2,000 4,000 12,000 C 10,000 10,000 3,000 3,000 You are required to rank these projects according to the following methods a. Payback b. Accounting rate of Return c. Net Present Value (Assume that the cost of Capital is 10%) (10 Marks) Discounting Factor Year 10% 12% 14% HNDA3Advanced Management Accounting (New)

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