Examinations for 2013/2014 Semester I & 2013 Semester II
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1 Programme MA in Educational Leadership and Management MSc Educational Administration and Technology Cohort MEL/12B/PT Year 2 MET/12B/PT Year 2 Examinations for 2013/2014 Semester I & 2013 Semester II MODULE: FINANCIAL AND MANAGERIAL ACCOUNTING/ FINANCIAL AND MANAGERIAL ACCOUNTING (ELECTIVE) MODULE CODE: FIN 5103B Duration: 3 Hours Instructions to Candidates: 1. This Paper is divided into Two Sections 2. Section A is compulsory. 3. Section B: Contains Four (4) questions. Attempt any three (3) questions. 4. All workings must be shown. 5. Always start a new question on a fresh page. This question paper contains 5 questions and 10 pages. Page 1 of 10
2 SECTION A: COMPULSORY QUESTION 1: (40 MARKS) PART A ABC Co. is a wholesaler trading in computer games. As the financial controller, you have calculated a number of ratios relating to the years ended and You also have available the industry average for purposes of comparison. There have been no changes in price between 2011 and The ratios you have calculated are as follows: Industry Average 2012 Return on capital employed (ROCE) 19% 19% 19% Return on owner`s equity (ROE) 24% 21% 16% Gross profit margin 23% 25% 20% Net profit margin 14% 12% 9% Leverage 45% 51% 65% Current ratio Quick ratio Accounts receivable collection period 32 days 26 days 29 days Accounts payable payment period 63 days 42 days 42 days Inventory turnover 68 days 72 days 72 days Comment on the significance of these ratios, highlighting their implications for management strategy in 2012 and for future years. Your commentary should be from the perspective to benefit to the shareholders. (14 marks) Page 2 of 10
3 QUESTION 1 CONTD PART B Financial analyst will use ratios to compare performance of companies in the same industry. Lenders will frequently use ratio analysis to help them decide whether to lend to an individual in the first place and whether to continue their financial support. Business owners and managers also use ratios to assess the financial performance of their business. Such ratios may include earnings per share, interest cover, gearing and net profit margin. Finally, investors use ratios to assess the financial viability of a company and to decide on investment opportunities. (i) Explain the usefulness of ratio analysis to Shareholders and other investors and explain what potential problems may arise to an external analyst from the use of statement of financial position figures in the calculation of financial ratios? (10 marks) (ii) Most commonly used ratios by potential shareholders are, amongst others, Earnings per Share (EPS) and Price Earnings (P/E) ratio. Identify and discuss three reasons why the Price Earnings (P/E) ratio of two businesses operating within the same industry may differ. (10 marks) (iii) Discuss three limitations of ratio analysis. (6 marks) Page 3 of 10
4 SECTION B: ANSWER ANY THREE QUESTIONS QUESTION 2: (20 MARKS) PART A You have been engaged as a consultant to ABC Manufacturing Company to provide advice on the most profitable production plan for the company. The company manufactures two types of product marketed under the brand names of Crowns and Kings. Reports on revenues/costs prepared by the Junior Accountant for the year just ended are as follows: Crowns Kings Sales 60,000 25,000 Rent & rates 10,000 5,000 Raw materials 8,000 2,000 Direct labour 20,000 10,000 Insurances Machine running costs 12,000 3,000 Net profit 9,600 4,800 The Junior Accountant in his report says As you can see, Crowns makes twice as much profit as Kings and we should therefore stop manufacturing Kings if we wish to maximize our profits. I have allocated rent and rates and insurance on the basis of the labour costs for each product. All other costs/revenues can be directly related to the individual product. Further investigation reveals the following information (i) The wholesaler bought all the 20,000 Crowns and 10,000 Kings produced last year, selling them to his customers at 4 and 3 each respectively. The Wholesaler is experiencing an increasing demand for Crowns and intends to raise his price next year to 4.50 each. (ii) Crowns took 8,000 hours to process and Kings took 2,000 hours. The machine has a maximum capacity of 10,000 hours per year. Page 4 of 10
5 QUESTION 2 (Part A) CONTD You are told that in the coming year the maximum market demand for the two products will be 40,000 Crowns and 36,000 Kings and that the wholesaler wished to sell a minimum of 6,000 units of each product. Calculate the best product mix and resulting profit for ABC manufacturing company. (10 marks) PART B The management of Springer plc is considering next year's purchase budget. One of the components produced by the company, which is incorporated into another product before being sold, has a budgeted manufacturing cost as follows: Direct material 14 Direct labour (4 hours at 3 per hour) 12 Variable overhead (4 hours at 2 per hour) 8 Fixed overhead (4 hours at 5 per hour) 20 Total cost 54 per unit Trigger plc has offered to supply the above component at a guaranteed price of 50 per unit. (a) Considering cost criteria only, advise management whether the above component should be purchased from Trigger plc. (5 marks) (b) As a result of recent government legislation if Springer plc continues to manufacture this component the company will incur additional inspection and testing expenses of 56,000 per annum, which are not included in the above budgeted manufacturing costs. Explain how your above advice would be affected accordingly. (5 marks) Page 5 of 10
6 QUESTION 3: (20 MARKS) PART A X company ltd is in the manufacturing sector. For a number of years the accountant has dealt with the recovery of overhead in a traditional manner. The business has three major producing cost centres; Machining, Finishing and Packing. The process of allocation and apportionment for period end March 2012 had been completed and the predetermined figures were: Cost Centre Machining Finishing Packing Overhead () 70,000 27,500 15,000 Machine hours 13,000 6,250 Nil Labour hours Nil Nil 3,250 Overheads are recovered on machine hours for the Machining and Finishing departments and on labour hours for the Packing department. A new product is estimated to take the following standard hours to produce one unit: Machining 3.00 Finishing 1.50 Packing The accounting technician and the production manager agree the following predetermined standard costs per unit: Direct Material Direct Labour: Page 6 of 10
7 QUESTION 3 (Part A) CONTD (a) Calculate the total production costs if 5,000 units are to be produced (4 marks) (b) Comment briefly on possible future developments and benefits in the company`s cost accounting system if it decides to adopt Activity Based Costing. (4 marks) PART B Budgeting has been criticized as A cumbersome process which occupies considerable management time Concentrating unduly on short-term financial control Having undesirable effects on the motivation of managers. (i) Briefly discuss these criticisms. (6 marks) (ii) Explain what changes can be made in response to these criticisms to improve the budgeting process. (6 marks) QUESTION 4: (20 MARKS) PART A A manufacturer incurred the following costs in a period for his sole product: Labour (25% Variable) 8,000 Materials (100% Variable) 12,000 Selling Costs (10% Variable) 2,000 Other Costs (Fixed) 7,000 Total Costs 29,000 Page 7 of 10
8 QUESTION 4 (Part A) CONTD A normal period's sales are 500 units at 70 each, but up to 650 units could be made in a period. Various alternatives are being considered: (i) Reduce the price to 63 each and sell all that could be made. (ii) Increase the price to 80 each at which price sales would be 400 units. (iii) Keep the present plan. For each alternative (i) What is the most profitable plan? (6 marks) (ii) What are the Contribution/sales (CS) ratios? (3 marks) (iii) What is the break-even point (3 marks) PART B A company has been making a machine to order for a customer, but the customer has since gone into liquidation, and there is no prospect that any money will be obtained from the winding up of the company. Costs incurred to date in manufacturing the machine are 50,000 and progress payments of 15,000 has been received from the customer prior to liquidation The sales department has found another company willing to buy the machine for 34,000 once it has been completed. To complete the work, the following costs would be incurred: (a) Materials: these have been bought at a cost of 6,000. They have no other use, and if the machine is not finished, they would be sold for scrap for 2,000 (b) Further costs would be 8,000. Labour is in short supply, and if the machine is not finished, the work force would be switched to another job, which would earn 30,000 in revenue, and incur direct costs of 12,000 and absorbed (fixed) overhead of 8,000. Page 8 of 10
9 QUESTION 4 (Part B) CONTD (c) (d) Consultancy fees 4,000. If the work is not completed, the consultant's 'Would be cancelled at a cost of 1,500. General overheads absorbed of 8,000 would be added to the cost of the additional work. Assess whether the new customer`s offer should be accepted. (8 marks) QUESTION 5: (20 MARKS) JC Limited produces and sells one product only, Product J, the standard cost for which is as follows for one unit. Direct material X 10 Kilograms at Direct material Y 5 Litres at 6 30 Direct wages 5 hours at 6 30 Fixed production overhead 50 The fixed production production overhead is based on an expected annual output of produced at an even flow throughout the year; assume each calendar month is equal. Fixed production overhead is absorbed on direct labour hours. During April, the first month of the financial year, the following were the actual results for an actual production of 800 units. Sales on credit: 800 units at ,000 Direct materials: X 7800 kilogrammes 159,900 Y 4300 litres 23,650 Direct wages: 4200 hours 24,150 Fixed production overhead 47, ,700 Page 9 of 10
10 QUESTION 5 CONTD The purchases during the month of April were (assume no opening stocks). X 9000 kilograms at per kg from K Limited Y 5000 litres at 5.50 per litre from C plc. You are required to (a) Calculate the following variances (i) Direct material price for each material (ii) Direct material usage variances for each material. (iii) Direct labour rate variance (iv) Direct labour efficiency variance. (v) Fixed overhead expenditure variance (vi) Fixed overhead efficiency variance (vii) Fixed overhead volume variance (3 marks) (b) Outline the factors a management accountant should consider when deciding whether or not to investigate variances revealed in standard costing and budgetary control systems. (5 marks) ***END OF QUESTION PAPER*** Page 10 of 10
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