Mid-Trimester Exam - Quiz LB - Tuesday Lecture Group PDF

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12/8/2020

Mid-Trimester Exam - Quiz LB - Tuesday Lecture Group

Home / My courses / ACC702_0320 / Week 6 - Mid-trimester Online Exam PLUS Group finalisation / Mid-Trimester Exam - Quiz LB - Tuesday Lecture Group

Started on Tuesday, 8 December 2020, 1:16 PM State Finished Completed on Tuesday, 8 December 2020, 2:26 PM Time taken 1 hour 10 mins Question 1 Complete Marked out of 10

Describe what is meant by a ‘top-down’ versus a ‘bottom-up’ approach to budgeting AN find it necessary to include both approaches successfully. (5 Marks if adequate explanation given for each reason). Please keep your answers BRIEF - space has been limited for this reason. NOTE: Answers MUST be brief. The amount of space has been limited to encourage Top-down budgeting refers to a budgeting method where senior management prepare company. The company’s senior management prepares the budget based on its objectiv department managers for implementation. Bottom-up budgeting is a budgeting method that starts at the department level, moving department within the organization is required to compile a list of the things it needs, th the next financial period, and cost estimates. Forward-thinking organizations use a hybrid approach that combines top-down and bot approaches, it becomes possible to budget by having everyone’s input, while still putting and executive-level management.

Question 2

The following amounts are shown from a manufacturing organisation using the NORMA

Complete

both budgeted amount and actual outcomes related to indirect (overhead) costs:

Marked out of 10

Calculate the amount of OVER or UNDER applied overheads for the period then input th or CREDIT to indicate whether the Cost of Goods Sold (COGS) account should be either amount to eliminate the amount of under or over applied overheads. NOTE:

12/8/2020

Mid-Trimester Exam - Quiz LB - Tuesday Lecture Group

Question 3 Complete

After examining the volume/activity levels and total costs for a production department f following information is found for the months of highest and lowest activity:

Marked out of 10

Using the high-low method of cost estimation, calculate the variable and fixed costs and hours were worked in the coming month.

Answer:

Question 4

475000

The following information is given from the ledgers of a manufacturing operation:

Complete Marked out of 10

Calculate the gross profit for this period

12/8/2020

Mid-Trimester Exam - Quiz LB - Tuesday Lecture Group

◄ Excerpt from Text Chapter 11 - An appraisal of Standard Costing System

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