...ACCOUNTANCY COMM 217 ALL SECTIONS SUGGESTED SOLUTION - FINAL EXAMINATION - WINTER 2011 QUESTION 1 (24 MARKS) Multiple-choice (1.5 marks per correct answer) |b |a |b |d |d |c |c |a | |b |b |c |b |c |d |d |c | QUESTION 2 (16 MARKS) Req. 1 (3 marks) Machine 60,000 $180,000 x (70,000/210,000) = $60,000 Building 120,000 $180,000 x (140,000/210,000) = $120,000 Note payable 100,000 Cash 80,000 Req. 2 (2 marks) Depreciation expense for the machine 2009: $60,000 x (2/10= 20%) = $12,000 2010: ($60,000 – $12,000) x (2/10= 20%) = $9,600 Req. 3 (4 marks) Depreciation expense for the building 2009: ($120,000 – $2,000) / 20 = $5,900 2010: ($120,000 + $50,000 – $4,100 – $5,900 / (20 – 1 + 6) = $6,400 Req. 4 (7 marks) Depreciation Expense 3,200 Accumulated depreciation 3,200 Cash 50,000 Note receivable 110,000 Accumulated depreciation 15,500 [$5,900 + $6,400 + ($6,400 x 6/12)] Gain on sale of building 5,500 Building ...
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...QUESTION 1 (20 MARKS) a. Discuss the difference between a statistic and a parameter. (2 marks) Statistic: numerical value summarizing all data of a sample, therefore characteristic of the sample. (1m) Parameter: numerical value summarizing all data of a population, therefore characteristic of the population. (1m) b. State whether the following statement is true or false. (6 marks) i. Eye color would be an example of qualitative data. ___TRUE____ ii. Heights of professional basketball players would be an example of qualitative data. ___FALSE____. iii. A company employs 750 individuals. To ascertain how the employees feel regarding a pension plan, 75 of the employees are surveyed. The proportion of the 75 employees who favor the pension plan is a parameter. ___FALSE___. iv. The “thickness of a sheet of sheet metal” used in a manufacturing process is an example of a quantitative variable. __TRUE___. v. Attribute data and qualitative data are the same. __TRUE__. vi. A population is typically a very large collection of individuals or objects about which we desire information. __TRUE__. c. State whether the following statement is NOMINAL, ORDINAL, INTERVAL or RATIO . (5 marks) i. A researcher wants to determine farmers' preferences among 5 brands of pesticide. __ORDINAL__. ii. Number of clients seen by a real estate company in the last 12 months. __RATIO__...
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...2008 GO ON TO THE NEXT PAGE I SECTION II Answer TWO questions in this section. RELATIONS, FUNCTIONS AND GRAPHS Page l0 ( lmark) ( 2 marks) ( lmark ) ( 2 marks) ( 2 marks) 9. (a) Simplify (i) * * (ii) t'xt+)f 35 oibi*J"ut. If"flr) = ?-x- 3, find the value of (i) fl2) (ii) ,f-t(o) (iii) f-'f(z) f o) (c) The temperature, K, of a liquid t minutes after heating is given in the table belowt (time in minutes) 0 10 20 30 40 50 60 K (Temp. in "C) 84 6l 4D 29 27 26 25 Using a scale of 2 cm to represent 10 giggkon the horizontal axis and a scale of 2 crn to represent l0 degrees on the vertical axis, construct atemperature-time graph to show how the liquid cools in the 60 minute interval' Draw a smooth curve through all the plotted points. Use your graph to estimate ( 4 marks) a) the temperature of the liquid after 15 minutes b) rhe rate of cooling of the liquid at t = 3o minutes. ( 3 marks) Total 15 marks (i) (ii) o1234a20F 2008 GO ON TO TIIE NEXT PAGE .- \ 10. Page 11 (a) Solve the following pair of equations forx and y: y + 4x=27 ry + x=40 ( 6marks) (b) The shaded area in the diagram below shows the solution of a set of inequalities in .r and y. The variable x represents the number of boys in a cricket club and y represents the number of girls in the cricket club. 20 J= + x+tZ Use the graph above to answer the questions which follow. (i) State, using arguments based on the graph, whether the cricket club can have as members: a)...
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... Add g to both sides: k = D1 / P0 + g (8 marks) | 9.2 | Notation: Let Pn = Price at time nDn = Dividend at time nYn = Earnings in period n r = retention ratio = (Yn– Dn) / Yn = 1 – Dn/ Yn = 1 - dividend payout ratio En = Equity at the end of year n k = discount rateg = dividend growth rate = r x ROEROE = Yn / En-1 for all n>0. We will further assume that k and ROE are constant, and that r and g are constant after the first dividend is paid. | | A. | Using the Discounted Dividend Model, calculate the price P0 if D1 = 20, k = .15, g = r x ROE = .8 x .15 = .12, and Y1 = 100 per share | | B. | What, then, will P5 be if: D6 = 20, k = .15, and g = r x ROE = .8 x .15 = .12? | | C. | If P5 = your result from part B, and assuming no dividends are paid until D6, what would be P0? P1? P2? | | D. | Again, assuming the facts from part B, what is the relationship between P2 and P1 (i.e., P2/P1)? Explain why this is the result. | | E. | If k = ROE, we can show that the price P0 doesn’t depend on r. To see this, let g = r x ROE, and ROE = Yn / En-1, and since r = (Yn – Dn) / Yn , then D1 = (1 – r) x Y1 and | P0 | = | D1 / (k – g) | | P0 | = | [(1 – r) x Y1] / (k – g) | | P0 | = | [(1 – r) x Y1] / (k – g), but, since k = ROE = Y1 / E0 | | P0 | = | [(1 – r) x Y1] / (ROE– r x ROE) | | P0 | = | [(1 – r) x Y1] / (Y1 / E0 – r x Y1 / E0) | | P0 | = | [(1 – r) x Y1] / (1 – r) x Y1 / E0), and cancelling (1 – r) | |...
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...FAC3703/101/3/2015 Tutorial letter 101/3/2015 Specific Financial Reporting FAC3703 Semesters 1 and 2 Department of Financial Accounting IMPORTANT INFORMATION: Please activate your myUnisa profile and myLife email address and ensure you have regular access to the myUnisa module site FAC3703 as well as to your group site. Note: This is an online module, and therefore your module is available on myUnisa. CONTENTS Page 1 INTRODUCTION ..........................................................................................................................4 2 FORMAT OF FAC3703 ................................................................................................................4 2.1 Fully online ...................................................................................................................................4 2.2 Printed materials...........................................................................................................................5 3 PURPOSE OF AND OUTCOMES FOR FAC3703........................................................................5 3.1 Purpose ........................................................................................................................................5 3.2 Outcomes .....................................................................................................................................6 4 LECTURERS AND CONTACT DETAILS .......
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...ACCT1501 Practice Exam Questions & Solutions QUESTION 1 (10 marks) 2015S2 Accounts Receivable Rupert Ltd maintains subsidiary ledgers for debtors and creditors. At 31 May 2014, the debtors control account has a debit balance of $50,120 and the creditors control account has a credit balance of $30,670. An extract of totals from the special journals for the month of June 2014 is as follows: $ Credit sales 86,500 Cash sales 6,100 Credit purchases 93,200 Cash received from debtors 67,800 Cash paid to creditors 55,890 Cash purchases 4,300 Discount received from 7,500 creditors Discount allowed to debtors 3,500 Complete the debtors control accounts as they would appear in the general ledger. 2 MARKS PER ENTRY IN EACH CONTROL ACCOUNT (NO HALF MARKS) Opening balance (Balance b/d) Sales Closing balance (Balance c/d) Debtors control $ 50,120 86,500 65,320 1 Cash Discount expense $ 67,800 3,500 ACCT1501 Practice Exam Questions & Solutions 2015S2 This is also acceptable. Opening balance (Balance b/d) Sales Opening balance (Balance b/d) Debtors control $ 50,120 86,500 136,620 65,320 2 Cash Discount expense Closing balance (Balance c/d) $ 67,800 3,500 65,320 136,620 ACCT1501 Practice Exam Questions & Solutions 2015S2 QUESTION 2 (12 Marks) Financial Reporting Principles, Accounting Standards and Auditing, & Sustainability Reporting Provide short answers to the following: 1...
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...SUPPLIER DATABASE REGISTRATION NAME OF SERVICE PROVIDER: _________________________________ (To be completed by supplier) FOR OFFICIAL PURPOSES Verified By: Verified by: ________________ Signature: ________________ Persal No: ______________ Date: ______________ Captured By: Captured by: ________________ Signature: ________________ Persal No: ______________ Date: ______________ Entity Maintenance No: Captured by: ________________ Signature: ________________ Persal No: ______________ Date: ______________ APPLICATION ACCEPTED APPLICATION REJECTED DoJ & CD Supplier Number SUPPLIER DATABASE REGISTRATION The Department of Justice and Constitutional Development (DoJ&CD) is an outwardly focused, customer-centred government department mandated to uphold and protect the Constitution and Rule of Law in the interest of a safer and more secure South Africa. DoJ & CD, pursuant to the provisions of the Public Finance Management Act (PFMA), Act 1 of 1999) read with DoJ&CD Supply Chain Management Policy invites service providers to register on DoJ&CD’s database of suppliers/services as official vendors and suppliers for the 2012 to 2013 Financial Year. Suppliers and service providers currently registered as vendors on the DoJ&CD database should also re-apply for considerations to be re-registered on the DoJ&CD vendor/supplier database. A list of commodities requirements are enlisted in the supplier database application form. Prospective suppliers/service providers may apply...
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...SECTION A Question A1 is COMPULSORY Question A1 Below are extracts from the financial statements of a listed company which operates a chain of bakery and sandwich retail outlets in the United Kingdom. Income statements | |2012 |2011 | | |£’000 |£’000 | |Revenue |658,186 |628,198 | |Cost of sales |(252,284) |(241,939) | |Gross profit |405,902 |386,259 | |Distribution costs |(321,686) |(309,735) | |Administrative expenses |(35,783) |(35,944) | |Other income |- |8,033 | |Operating profit |48,433 |48,613 | |Interest receivable and similar income |346 |857 ...
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...a) Vela owns and occupies a building that was completed last year and occupied for the first time on January 15, 2006. (Previously, the company had rented premises.) The building cost $384,000, has an estimated 20-year useful life, and an estimated residual value of $34,000. Annual amortization of $17,500 has not been recorded. Dec. 31 | Amortization Expense | | 17,500 | | | Accumulated Amortization - building, Building | | | 17,500 | | | | | | b) The Office Supplies account showed an opening balance of $895 on January 1, 2006. During the year, the owner used Office Supplies (asset account) to record the purchase of $985 of supplies. The year-end physical count of office supplies inventory only showed $705 of unused supplies on hand. Per the Dec. 31/06 trial balance the Office Supplies account balance is $1,880. DecDec. 31. 31 | Office Supplies Expense | | 1,175 | | | Office Supplies (asset) | | | 1,175 | | $895 + 985 = 1,880 – 705 = 1,175 | | | | c) The Prepaid Insurance account showed an opening balance on January 1st, 2006 of $400 representing the 4 months remaining on a 1-year insurance policy which originally cost $1,200. At the expiration of this policy on April 30, 2006, the owner paid $2,880 for another 2 years of coverage. The owner debited Prepaid Insurance...
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...questions carry 25 marks. Marks for subdivisions of questions are shown in brackets. 4 Present value and annuity tables are included in this question paper on pages 9 and 10. 5 No books, dictionaries, notes or any other written materials are allowed in this examination. 6 Calculators, including scientific calculators, are allowed providing they are not programmable and cannot store or recall information. Electronic dictionaries and personal organisers are NOT allowed. All workings should be shown. 7 Candidates who break ABE regulations, or commit any misconduct, will be disqualified from the examinations. 8 Question papers must not be removed from the Examination Hall. CF0608 © ABE 2008 D/500/3720 Answer any FOUR questions Q1 Ullswater PLC, a successful hotel group, has made a bid for Black Combe PLC, a large but declining competitor. The following information is available for both companies which are quoted on the London Stock Exchange. Black Combe PLC Share price Number of shares £0.90 5m Ullswater PLC £0.80 8m Both a cash bid and a share bid have been made. Ullswater PLC has offered Black Combe PLC two shares in Ullswater PLC for every share in Black Combe PLC. Alternatively, a cash offer of £1.00 per share has been made. Ullswater PLC expects the takeover to generate savings of £2m in present value terms. Required: (a) Advise the shareholders in Black Combe PLC which offer to accept. Include both financial and other factors in your answer. (15 marks) How might Ullswater...
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...SCHOOL OF BUSINESS, ECONOMICS AND MANAGEMENT AFIN317 : ADVANCED MANAGEMENT ACCOUNTING DISTANCE STUDENTS ASSIGNMENT TWO DUE DATE 17TH APRIL 2015 LECTURER : MR OSCAR CHINYANTA EMAIL :chinyantao1976@gmail.com CELL NUMBER :0964405740 Instructions to Candidates: 1. All questions to be answered. 2. Full credit will be given only if all the working is shown. 3. Begin answering each question on a new page 4. Clarity and neatness of presentation will earn you an extra marks 5. Only hard copies will be accepted for marking no emailed copies will be marked. Page 1 of 8 QUESTION ONE a) Monk Plc is a manufacturer of small domestic electrical appliances. Its market is very competitive in terms of both price and new product innovation. As a result product life cycles are short. Monk Plc’s managers are concerned about the reliability of its product costing system. It currently uses an absorption costing system, and absorbs overheads on the basis of budgeted direct labour hours. On this basis the estimated cost of its latest product, a talking electric kettle, is as follows: K per unit Direct material 9·00 Direct labour (K24 per hour) 1·00 Production overheads (K240 per hour) 10·00 ––––– Production cost 20·00 –––––– The firm’s management accountant has suggested that more accurate product costs would be obtained if an activity based costing (ABC) approach were used. He has collected the following information as a starting point...
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...ACKNOWLEDGEMENT We gratefully acknowledge permission to quote from the past examination papers of the following bodies: Kenya Accountants and Secretaries National Examination Board (KASNEB); Chartered Institute of Management Accountants (CIMA); Association of Chartered Certified Accountants (ACCA). We also wish to express our sincere gratitude and deep appreciation to Mr. Geoffrey Ngene MBA, B.COM (Finance), CPA (finalist), CFA (East Africa). He is a senior lecturer at Strathmore University, School of Accountancy. He has generously given his time and expertise and skilfully co-ordinated the detailed effort of reviewing this study pack. INSTRUCTION FOR STUDENTS This study guide is intended to assist distance-learning students in their independent studies. In addition, it is only for the personal use of the purchaser, see copyright clause. The course has been broken down into eight lessons each of which should be considered as approximately one week of study for a full time student. Solve the reinforcement problems verifying your answer with the suggested solution contained at the back of the distance learning pack. When the lesson is completed, repeat the same procedure for each of the following lessons. At the end of lessons 2, 4, 6 and 8 there is a comprehensive assignment that you should complete and submit for marking to the distance learning administrator. Submission Procedure 1. After you have completed a comprehensive assignment clearly identify...
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...FOUR questions: QUESTION 1 of Section A (50 marks) and TWO questions from Section B (25 marks each). Candidates are strongly advised to divide their time accordingly. A list of formulae and extracts from statistical tables are given after the final question on this paper. Graph paper is provided at the end of this question paper. If used, it must be detached and fastened securely inside the answer book. A calculator may be used when answering questions on this paper and it must comply in all respects with the specification given with your Admission Notice. The make and type of machine must be clearly stated on the front cover of the answer book. © University of London 2012 UL12/0218 D01 PLEASE TURN OVER Page 1 of 21 SECTION A Answer all parts of Question 1 (50 marks in total). 1. (a) The following data represent different types of variables. Classify each one of them as measurable (continuous) or categorical. If a variable is categorical, further classify it as nominal or ordinal. Justify your answer. (Note that no marks will be awarded without justification.) i. The amount of time it takes each of 15 telephone installers to hook up a wall phone. ii. The style of music preferred by each of 30 randomly selected radio listeners. iii. The lengths of 50 randomly selected cars. iv. The classification of a student (First, Upper Second, Lower Second, Third, Pass, Fail) in the course 04a: Statistics 1. (8 marks)...
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...Sheets to be Used Answer booklet Answer booklet THIS EXAMINATION SCRIPT CONTAINS 7 PAGES INCLUDING THE FRONT COVER DO NOT OPEN THE EXAMINATION SCRIPT UNTIL FURTHER INSTRUCTION PART A CONFIDENTIAL FMT0013 (70 marks) Time: 2 hours INSTRUCTION This part consists of FIVE (5) questions. Answer ALL questions in the answer booklet provided. 1. (a) Simplify the following expressions without using the calculator: i. 2 5 2 5 (2 marks) ii. 3 3 3n 2 36 3 10 3 n 3n 1 3 (3 marks) (b) Solve the following inequalities: i. 2x 5 3 6 (2 marks) ii. 2x x 1 1 (4 marks) (c) It is given that the quadratic equation x 2 5x 0 with two roots α and β. 2 5 Form a quadratic equation whose roots are 5 and . (4 marks) 2. (a) Given that 2 x i. 5 3 ( is a factor of P x ) 2 x 13 x 2 mx 20 . Find the value of m . (2 marks) ii. ( Find a , b and c such that P x ) 2 x 5 ax 2 bx c . (3 marks) iii. 3 ( Factorise P x ) 2 x 13 x 2 mx 20 completely. (2 marks) iv. ( Solve the equation P x ) 0 . (2 marks) (b) ( Given the improper algebraic fractions P x ) FMT0013 MATHEMATICS I x x 2 3 1 2x . 3 1/6 CONFIDENTIAL i. FMT0013 By using long...
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...University of Central Punjab Faculty of Management Studies Assignment 02 (Summer-2012) Course Title: Business Statistics Course Code: (QM2013) Section: A Resource person: Prof. M Aslam Javed. Program: BBA/BSIS/BSSS/MBA Marks: 10 Submission Date: Sep. 01, 2012 Name: ______________________________ Registration Number: _________________ Question 1: The marks obtained by 12 students in December test (X) and promotion test (Y) are given below: Student 1 2 3 4 5 6 7 8 9 10 11 12 X 41 45 50 68 47 77 90 100 80 100 40 43 Y 60 63 60 48 85 56 53 91 74 98 65 43 a) Estimate the marks in the promotion test (Y) if a student who was sick obtained 60 marks in the December test (X)? b) If a student, who migrated after the December test, obtained 75 marks in the promotion test (Y), estimate his marks in December test (X), had he been admitted earlier? Question 2: A bulb manufactured company has a mean life time of 700 hours with a standard deviation of 60 hours. Find probability that in random sample of 16 tubes taken out from group have a mean life of between 690 and 710 hours? Has more than 720 hours? Question 3: The masses of 1400 balls are normally distributed with a mean of 21.40 grams and standard deviation of 0.048 grams of 250 random samples of size 34 are drawn from population. Determine the expected mean and standard error of sampling distribution of mean if sampling is done with and without replacement? Question 4: A study was made on the amount of converted sugar...
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