LESSON OBJECTIVE
Assessment Criteria AC 3.4 Pepare a cash budget Below is a link pertaining to lesson 11. Please ensure to read the case and answer each question correctly. CASE STUDY
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LESSON OBJECTIVE
Assessment Criteria AC 3.3 Prepare budgets according to the chosen budgeting method Below are questions pertaining to lesson 10. Please ensure to answer each question correctly. 1. What are the five uses of Budgets in an organization? 2. Incremental budgeting is done by adding amounts to the prior year’s budget based on the experience of the prior year and plans for the coming financial year. What factors do you think are also important to consider when using incremental budgeting? 3. What is activity based Budgeting? LESSON OBJECTIVE
Assessment Criteria AC 3.2 Select appropriate budgeting methods for the organisation and its needs Below are questions pertaining to lesson 9. Please ensure to answer each question correctly. 1. What is the Zero Based Budgeting concept? 2. Why would those responsible for the budget-setting process need to have real authority? 3. There are two types of approaches to budgeting – Bottom-up and Top-down. What are the advantages and disadvantages of each type of budgeting approach? LESSON OBJECTIVE
Assessment Criteria AC 3.1 Explain the purpose and nature of the budgeting process Below are questions pertaining to lesson 8. Please ensure to answer each question correctly.
LEARNING OUTCOME TWO: Be Able To Propose Methods To Reduce Costs And Enhance Value Within A Business10/29/2016 LESSON OBJECTIVE
Assessment Criteria 2.3 Suggest improvements to reduce costs, enhance value and quality Below are questions pertaining to lesson 7. Please ensure to answer each question correctly. 1. Which two ways do managers traditionally use to improve the value of their operations? 2. Outline methods managers can use to improve the quality of their products and/or service outputs. 3. Define what the Value Chain is LEARNING OUTCOME TWO: Be Able To Propose Methods To Reduce Costs And Enhance Value Within A Business10/19/2016
LESSON OBJECTIVE Assessment Criteria 2.2 Use performance indicators to identify potential improvements Below are questions pertaining to lesson 6. Please ensure to answer each question correctly. Using the Financial Statement of Derek and Son’s Protein Supplement Company answer the questions that follow. The company faces a choice. It can either launch a new product at a high price, which has forecast sales of 80,000 units; or at a low price, which has forecast sales of 150,000 1. Calculate the following for the two (2) scenarios:
A. Gross Profit margin B. Operating Profit Margin C. Price per unit D. Direct materials cost per unit E. Direct labour cost per unit F. Fixed production cost per unit 2. Explain why the gross profit margins are different in each scenario, referring to the following: A. Sales price B. Sales Volume C. Materials D. Labour E. Fixed production costs F. Dominant factor LEARNING OUTCOME TWO: Be Able To Propose Methods To Reduce Costs And Enhance Value Within A Business10/11/2016 LESSON OBJECTIVE
Assessment Criteria AC 2.1 Prepare and analyse routine cost reports Below are questions pertaining to lesson 5. Please ensure to answer each question correctly. 1. Make the relevant accounting entries based on the following information: Bill’s Construction makes furniture products from lumber. The cost per 2 x 4 oak lumber is $1,000.00. On May 15, 2016 Bill’s orders (on credit) 100, 2 x 4 Lumber units and an invoice for the actual cost of $100,000.00. On May 15, 2016 Bill’s Direct Material Inventory is increased by the standard cost of $150,000.00 (100 2x4 Lumber at a standard cost of $1,500.00 per Unit). What Journal accounting entries (debits and credits) based on Accounts Payable, Direct Materials Inventory and Direct Materials Price Variance, based on the above for May 15, 2016? 2. Describe what is a favourable and unfavourable variance for the following accounts: A) Accounts Payables B) Accounts Receivables C) Cost of Goods Sold D) Manufacturing Overhead expense E) Direct Materials inventory 3. LESSON OBJECTIVE
Assessment Criteria AC 1.4 Analyse cost data using appropriate techniques Below are questions pertaining to lesson 4. Please ensure to answer each question correctly. 1. What is meant by elasticity of demand? How does knowledge of the elasticity of demand affect pricing decisions? 2. What is meant by the BEP (break-even point) for an activity? How is the BEP calculated? Why is it useful to know the BEP? 3. A business that provides a service, expects to incur overheads totaling £20,000 next month. The total direct labour time worked is expected to be 1,600 hours LESSON OBJECTIVES
Assessment Criteria 1.3 Calculate costs using appropriate techniques Below are questions pertaining to lesson 3. Please ensure to answer each question correctly. 1. Explain the difference between using traditional overhead absorption costing and using Activity Based Costing (ABC). 2. Which industry is a major user of the Marginal Costing approach for the selling of its tickets/fares? 3. Calculate the Full (Absorption) Cost in the following question: LESSON OBJECTIVE
Assessment Criteria AC 1.2 Use different Costing Methods Below are questions pertaining to lesson 2. Please ensure to answer each question correctly. 1. Explain the differences between Job costing and Batch Costing. 2. Which method of Costing would be most appropriate for use in a Company that Manufacturers paint? 3. Give two (2) reasons for the method you selected in question 2 above. 4. Give two examples of Service costs and identify scenarios where these costs would be direct or indirect costs |
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