In a period, a company had opening inventory of 31,000 units of Product G and closing inventory of 34,000 units. Profits based on marginal costing were $850,500 and profits based on absorption costing were $955,500.
If the budgeted fixed costs for the company for the period were $1,837,500, what was the budgeted level of activity?
Increase in inventory of 34,000 - 31,000 = 3,000 units.
Difference in profits of $955,500 - $850 500 = $105,000
OAR = $105,000/3,000 = $35 per unit
Level of activity = $1,837,500/£35 = 52,500 units
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Which of the following statements about management accounting information is/are true?
(i) They must be stated in purely monetary terms.
(ii) Limited companies must, by law, prepare management accounts.
(iii) They serve as a future planning tool and are not used as an historical record.
Which of the following statements is/are correct?
(i) A management control system is a term used to describe the hardware and software used to drive a database system which produces information outputs that are easily assimilated by management.
(ii) An objective is a course of action that an organisation might pursue in order to achieve its strategy.
(iii) Information is data that has been processed into a form meaningful to the recipient.
Good information should have certain qualities. Which of the following are qualities of good information?(i) Complete(ii) Extensive(iii) Relevant(iv) Accurate
Monthly variance reports are an example of which one of the following types of management information?
Which of the following statements is/are correct?
(i) Information for decision-making should incorporate uncertainty in some way
(ii) The data used to prepare financial accounts and management accounts are the
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