The following data relates to one of a company's products.
$ per unit $ per unit
Selling price 27,00
Variable costs 12.00
Fixed costs 9.00
21.00
Profit 6.00
Budgeted sales for control period 7 were 2,400 units, but actual sales were 2,550 units. The revenue earned from these sales was $67,320.
Profit reconciliation statements are drawn up using marginal costing principles. What sales variances would be included in such a statement for period 7?
Actual sales 2,550 units
Budgeted sales 2,400 units
Variance in units 150 units(F)
x standard contribution per unit ($(27 - 12)) x$15
Sales volume variance in $ $2,250 (F)
Revenue from 2,550 units should have been (x $27) $ 68,850
but was 67,320
Selling price variance 1,530 (A)
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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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