ACCA F5考试真题答案.docx

ACCA F5考试真题答案.docx

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ACCAF5考试真题答案

Answers

FundamentalsLevel–SkillsModule,PaperF5

PerformanceManagement

December2014Answers

SectionA

1

A

DivisionA:

Profit=$14·4mx30%=$4·32m

Imputedinterestcharge=$32·6mx10%=$3·26m

Residualincome=$1·06m

DivisionB:

Profit=8·8mx24%=$2·112m

Imputedinterestcharge=$22·2mx10%=$2·22m

Residualincome=$（0·108）m

2

3

4

5

D

Allcostsareincludedwhenusinglifecyclecosting.

A

Thisisthedefinitionofabasicstandard.

B

Thefirststatementisdescribingmanagementcontrol,notstrategicplanning.

C

Numberofunitsrequiredtomaketargetprofit=fixedcosts+targetprofit/contributionperunitofP1.

Fixedcosts=（$1·2x10,000）+（$1x12,500）–$2,500=$22,000.

ContributionperunitofP=$3·20+$1·20=$4·40.

（$22,000+$60,000）/$4·40=18,636units.

6

A

Product

A

B

C

D

Sellingpriceperunit

Rawmaterialcost

Directlabourcostat$11perhour

Variableoverheadcost

Contributionperunit

$160

$24

$66

$24

$214

$56

$88

$18

$100

$22

$33

$24

$140

$40

$22

$18

$46

$52

$21

$60

––––

––––

––––

––––

Directlabourhoursperunit

Contributionperlabourhour

Rank

6

$7·67

2

8

$6·50

4

3

$7

2

$30

1

3

Normalmonthlyhours（totalunitsxhoursperunit）

1,800

1,000

720

800

Ifthestrikegoesahead,only2,160labourhourswillbeavailable.

ThereforemakeallofD,then1,360hours’worthofA（2,160–800hrs）.

7

8

B

460–400=60clients

$40,000–$36,880=$3,120

VCperunit=$3,120/60=$52

ThereforeFC=$40,000–（460x$52）=$16,080

B

Increaseinvariablecostsfrombuyingin（2,200unitsx$40（$140–$100））=$88,000

LessthespecificfixedcostssavedifAisshutdown=（$10,000）

Decreaseinprofit=$78,000

17

9

A

Onlythefirststatementiscorrect.Traditionalabsorptioncostingtendstoover-allocatecoststohighvolumeproducts,not

under-allocatethem.

10

11

B

Bydefinition,ashadowpriceistheamountbywhichcontributionwillincreaseifanextrakgofmaterialbecomesavailable.20x

$2·80=$56.

C

Neitherstatementiscorrect.Responsibilityisnotassignedsolelytoseniormanagersas,forexample,inaTQMenvironmentquality

iseverybody’sresponsibility.Inaddition,standardcostingcanbedifficulttoapplyindynamicsituations.

12

13

A

Thesecondstatementistalkingaboutflowcostaccounting,notinput/outputanalysis.

D

Target1isafinancialtargetandsoassesseseconomyfactors.Target2ismeasuringtherateofworkhandledbystaffwhichisan

efficiencymeasure.Target3isassessingoutput,soisameasureofeffectiveness.

14

15

B

Incomparisontoparticipativebudgeting,anadvantageofnon-participativebudgetingisthatitshouldbelesstimeconsuming,as

lesscollaborationwillberequiredinordertoproducethebudgets.

C

Thetargetcostingprocessalwaysbeginswiththetargetsellingpricebeingset.Therequiredprofitisthendeterminedanddeducted

fromthetargetsellingpricetoestimatethetargetcost.Thetargetcostisthencomparedtotheestimatedcurrentcostandthecost

gapisthencalculated.

16

17

A

Thisisadescriptionofanincrementalbudget.

A

Newprofitfiguresbeforesalarypaid:

Goodmanager:

$180,000x1·3=$234,000

Averagemanager:

$180,000x1·2=$216,000

Poor:

$180,000x1·1=$198,000

EVofprofits=（0·35x$234,000）+（0·45x$216,000）+（0·2x$198,000）=$81,900+$97,200+$39,600=$218,700

DeductsalarycostandEVwithmanager=$178,700

Thereforedonotemploymanagerasprofitswillfallby$1,300.

18

B

Set-upcostsperproductionrun=$140,000/28=$5,000

Costperinspection=$80,000/8=$10,000

Otheroverheadcostsperlabourhour=$96,000/48,000=$2

OverheadscostsofproductD:

$

Set-upcosts（15x$5,000）

Inspectioncosts（3x$10,000）

Otheroverheads（40,000x$2）

75,000

30,000

80,000

––––––––

185,000

––––––––

Overheadcostperunit=185,000/4,000=$46·25

18

19

20

A

Thisisanexampleoffeedforwardcontrolasthemanagerisusingaforecasttoassistinmakingafuturedecision.

A

Ifdemandisinelasticortheproductlifecycleisshort,apriceskimmingapproachwouldbemoreappropriate.

19

SectionB

1ChairCo

（a）

Learningcurveformula=y=axb

Cumulativeaveragetimeperunitfor8units:

Y=12x8–·415

=5·0628948hours.

Thereforecumulativetotaltimefor8units=40·503158hours.

Cumulativeaveragetimeperunitfor7units:

Y=12x7–·415

=5·3513771hours.

Thereforecumulativetotaltimefor7units=37·45964hours.

Thereforeincrementaltimefor8thunit=40·503158hours–37·45964hours=3·043518hours.

Totallabourcostfor8thunit=3·043518x$15=$45·65277

Materialandoverheadscostperunit=$230

Thereforetotalcostperunit=$275·65277

Thereforepriceperunit=$413·47915

（b）

（i）

Actuallearningrate

Cumulativenumberof

seatsproduced

1

2

4

8

Cumulativetotal

Cumulativeaverage

hoursperunit

12·5

12·5xr

12·5xr2

hours

12·5

34·3

12·5xr3

Usingalgebra:

34·3=8x（12·5xr3）

4·2875=（12·5xr3）

0·343=r3

r=0·70

Thelearningeffectwas70%ascomparedtotheforecastrateof75%,meaningthatthelabourforcelearntmorequickly

thananticipated.

（ii）

Adjustedprice

Theadjustedpricechargedwillbelowerthantheoriginalpricecalculatedinpart（a）.Thisisbecausetheincremental

costofthe8thunitwillbelowergiventhe70%learningrate,eventhoughthefirstunittook12·5hours.Weknowthis

becausewearetoldthatthecumulativetimefor8unitswasactually34·3hours.Thisislowerthantheestimated

cumulativetimeinpart（a）for8unitsof40·503158hoursandtherefore,logically,theactualincrementaltimeforthe

8thunitmustbelowerthantheestimated3·043518hourscalculatedinpart（a）.Consequently,totalcostwillbelower

andpricewillbelower,giventhatthisisbasedoncost.

2

GlamCo

Bottleneckactivity

（a）

Thebottleneckmayhavebeenworkedoutasfollows:

Totalsalonhours=8x6x50=2,400eachyear.Thecapacityforeachseniorstylistmustbe2,400hours,whichequates

to2,400cutseachyear（2,400/1）.Sincetherearethreeseniorstylists,thetotalcapacityis7,200hoursor7,200cutseach

year.Usingthismethod,thecapacityforeachactivityisasfollows:

Cut

Treatment

16,000

4,800

Assistants

Seniorstylists

Juniorstylists

48,000

7,200

9,600

9,600

Thebottleneckactivityisclearlytheworkperformedbytheseniorstylists.

Theseniorstylists’timeiscalledabottleneckactivitybecauseitistheactivitywhichpreventsthesalon’sthroughputfrom

beinghigherthanitis.Thetotalnumberofcutsortreatmentswhichcanbecompletedbythesalon’sseniorstylistsisless

thanthenumberwhichcanbecompletedbyotherstaffmembers,consideringthenumberofeachtypeofstaffavailableand

thetimerequiredbyeachtypeofstaffforeachclient.

20

（b）

TPAR

Cut

$

Treatment

$

Sellingprice

60

110

Materials

Throughput

Throughputperbottleneckhour

TotalsaloncostsperBNhour（w1）

TPAR

0·60

59·40

59·40

42·56

1·4

8（7·40+0·6）

102

68

42·56

1·6

Working1:

Totalsaloncosts

（3x$40,000）+（2x$28,000）+（2x$12,000）+$106,400=$306,400

Thereforecostforeachbottleneckhour=$306,400/7,200=$42·56

Note:

Answersbasedontotalsalarycostswere$80,000werealsoequallyacceptablesincethewordingofquestionwas

opentointerpretation.

3

HiLifeCo

Directmaterials:

Fabric

Wood

Note

1

2

$

200m2at$17·50perm2

20mat$8·20perm

30mat$8·50perm

3,500

164

255

2

Directlabour:

Skilled

Semi-skilled

Factoryoverheads

Administrationoverheads

50hoursat$24perhour

300hoursat$14perhour

20hoursat$15perhour

3

4

5

6

1,200

4,200

300

–––––––

Totalcost

9,619

––––––

1

2

SincethematerialisinregularusebyHLCo,itisreplacementcostwhichistherelevantcostforthecontract.

30mwillhavetobeorderedfromthealternativesupplierforimmediatedeliverybuttheremaining20mcanbeusedfrom

inventoryandreplacedbyanorderfromtheusualsupplieratacostof$8·20perm.

3

4

5

Thereisnocostforthefirst150hoursoflabourbecausethereissparecapacity.Theremaining50hourswillbepaidattime

andahalf,whichis$16x1·5,i.e.$24perhour.

HLCowillchoosetousetheagencyworkers,whowillcost$14perhour,sincethisischeaperthanpayingexisting

semi-skilledworkersat$18perhour（$12x1·5）toworkovertime.

Noneofthegeneralfactorycostsareincremental,sotheyhaveallbeenexcluded.However,thesupervisor’sovertimepayis

incremental,sohasbeenincluded.Thesupervisor’snormalsalary,ontheotherhand,hasbeenexcludedbecauseitisnot

incremental.

6

Thesearegeneraloverheadsandarenotincremental,sonovalueshouldbeincludedforthem.

4

Jamair

（a）

Thefourperspectives

Financialperspective–thisperspectiveisconcernedwithhowacompanylookstoitsshareholders.Howcanitcreatevalue

forthem?

KaplanandNortonidentifiedthreecorefinancialthemeswhichwilldrivethebusinessstrategy:

revenuegrowth

andmix,costreductionandassetutilisation.

Customerperspective–thisconsidershowtheorganisationappearstocustomers.Theorganisationshouldaskitself:

‘to

achieveourvision,howshouldweappeartoourcustomers?

’Thecustomerperspectiveshouldidentifythecustomerand

marketsegmentsinwhichthebusinesswillcompete.Thereisastronglinkbetweenthecustomerperspectiveandthe

revenueobjectivesinthefinancialperspective.Ifcustomerobjectivesareachieved,revenueobjectivesshouldbetoo.

Internalperspective–thisrequirestheorganisationtoaskitself:

‘whatmustweexcelattoachieveourfinancialandcust