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    This document contains instructions for a confidential exam on cost and management accounting. The exam consists of two questions. Question 1 asks students to differentiate between financial accounting and managerial accounting in terms of analysis/segments, time dimension, and legal requirements. It also asks about the role of the management accountant in planning and controlling business operations. Question 2 provides information about a company that manufactures cookware and asks students to prepare a standard cost card, calculate various variances, reconcile a budgeted and actual profit statement, and discuss standard costing.

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    MAF251

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    CT_MAF251_Q_OCT2023_nopassword

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    This document contains instructions for a confidential exam on cost and management accounting. The exam consists of two questions. Question 1 asks students to differentiate between financial accounting and managerial accounting in terms of analysis/segments, time dimension, and legal requirements. It also asks about the role of the management accountant in planning and controlling business operations. Question 2 provides information about a company that manufactures cookware and asks students to prepare a standard cost card, calculate various variances, reconcile a budgeted and actual profit statement, and discuss standard costing.

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    256 views3 pages

    CT MAF251 Q OCT2023 Nopassword

    Uploaded by

    2022890872
    This document contains instructions for a confidential exam on cost and management accounting. The exam consists of two questions. Question 1 asks students to differentiate between financial accounting and managerial accounting in terms of analysis/segments, time dimension, and legal requirements. It also asks about the role of the management accountant in planning and controlling business operations. Question 2 provides information about a company that manufactures cookware and asks students to prepare a standard cost card, calculate various variances, reconcile a budgeted and actual profit statement, and discuss standard costing.

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    of 3

    CONFIDENTIAL AC/OCT 2023/MAF251

    UNIVERSITI TEKNOLOGI MARA


    COMMON TEST

    COURSE : COST AND MANAGEMENT ACCOUNTING 2


    COURSE CODE : MAF251
    EXAMINATION : OCTOBER 2023
    TIME : 1 HOUR 15 MINUTES

    INSTRUCTIONS TO CANDIDATES

    1. This question paper consists of TWO (2) questions.

    2. Answer ALL questions in the Answer Booklet. Start each answer on a new page.

    3. Do not bring any material into the examination room unless permission is given by the
    invigilator.

    4. Please check to make sure that this examination pack consists of:

    i) the Question Paper

    5. Answer ALL questions in English.

    DO NOT TURN THIS PAGE UNTIL YOU ARE TOLD TO DO SO


    This examination paper consists of 3 printed pages

    © Hak Cipta Universiti Teknologi MARA CONFIDENTIAL


    CONFIDENTIAL AC/NOV 2022/MAF251

    QUESTION 1

    Financial and managerial accounting are both essential fields in the world of business. Both play a
    crucial role in helping an organization understand their financial performance and enabling them to
    make strategic decisions. The main objective of managerial accounting is to provide useful
    information for a company s internal decision-making. Financial accounting has some internal uses
    as well, but the focus is on informing those outside the organization.

    Required:

    a) Differentiate between financial accounting and management accounting in terms of:


    i. Analysis and segments
    ii. Time dimension
    iii. Legal requirement
    (6 marks)

    b) Identify the role of management accountant in planning and controlling the operation of the
    business organization.
    (4 marks)
    (Total: 10 marks)

    QUESTION 2

    Dezzini Sdn Bhd is Malaysia's leading manufacturer, supplier and exporter of aluminium non-
    stick cookware tools. The company plans to expand its business by manufacturing a new product
    which is Deep Fry Pan.

    The standard selling price of this product is RM150 per unit. 6,000 units of the products are
    planned to be produced in September 2023 using 15,000 kgs of direct material at RM16.90 per
    kg and 7,500 labour hours at RM18.80 per hour.

    Variable production overhead and fixed production overhead at RM16.75 per unit and RM12 per
    unit respectively. Variable production overhead cost is absorbed based on direct labour hour
    whereas fixed production overhead cost is absorbed based on production unit.

    The actual data for the month of September 2023 were as follows:
    i. Actual production and sales were 6,380 units
    ii. Actual selling price is RM144 per unit.
    iii. Direct material purchased and used is 14,730 kgs at RM279,870.
    iv. Direct labour is 8,535 hours at RM153,630.
    v. Variable production overhead is RM89,740 and fixed production overhead is RM70,000.
    CONFIDENTIAL AC/NOV 2022/MAF251

    Required:

    a. Prepare a standard cost card for one unit of Deep Fry Pan.
    (4 marks)

    b. Calculate the following variances:


    i. Direct material price and usage
    ii. Direct labour rate and efficiency
    iii. Variable overhead expenditure and efficiency
    iv. Fixed overhead expenditure and volume
    v. Sales margin price and volume
    (15 marks)

    c. Construct a statement reconciling the budgeted and actual profit for the month of September
    2023.
    (3 marks)

    d. i. State any TWO (2) problems in setting standard.


    (2 marks)

    ii. Provide FOUR (4) advantages of using standard costing in the company.
    (4 marks)

    iii. Identify TWO (2) possible reasons for favourable direct material usage variance.
    (2 marks)
    (Total: 30 marks)

    END OF QUESTION PAPER

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