CIMA BA2 - Fundamentals of Management Accounting CIMAPRA17-BA2-1 Exam Questions

Refer to the exhibit.

SP, a manufacturing company, uses a standard costing system. The standard variable production overhead cost is based on the following budgeted figures for the year:

During the month of September, 5,300 actual hours were worked and 5,600 standard hours of output were produced. Total variable production overhead costs in September were $8,600.

What was the variable overhead efficiency variance in September?

The International Federation of Accountants (IFAC) stated that it was important that ''accountants in business'' should understand what the drivers of stakeholder value are. Which of the following statements is valid?

Data for the latest period for a company which makes and sells a single product are as follows:

There were no budgeted or actual changes in inventories during the period.

The sales volume contribution variance for the period was:

Refer to the exhibit.

The budget for ORG for the month of September contained the following data:

During the month the actual number of units produced was 1,550. The management accounts showed a direct labour rate variance of $200 adverse and direct labour efficiency variance of $150 adverse.

The actual direct labour hours in the month was:

Refer to the exhibit.

The following standard cost information relates to the production department of Brace Engineering Ltd.

The actual data for the month of March was as follows:

What is the direct labour rate variance (to the nearest whole number)?

In the process account, the accounting treatment of the value of the abnormal gain is:

Refer to the exhibit.

Which type of cost do the following figures represent?