NATIONAL UNIVERSITY OF SCIENCE AND TECHNOLOGY FACULTY OF COMMERCE GRADUATE SCHOOL OF BUSINESS GENERAL MASTER OF BUSINESS ADMINISTRATION
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1 NATIONAL UNIVERSITY OF SCIENCE AND TECHNOLOGY FACULTY OF COMMERCE GRADUATE SCHOOL OF BUSINESS GENERAL MASTER OF BUSINESS ADMINISTRATION MANAGERIAL ACCOUNTING [GMB 5162] FINAL EXAMINATION: DECEMBER 2013 TIME ALLOWED: 3 HOURS INSTRUCTIONS AND INFORMATION TO CANDIDATES: 1. Answer any FOUR questions. 2. All questions carry equal marks. 3. Questions can be answered in any order. 4. All working notes where necessary must be shown. This paper consists of 5 pages Page 1 of 5
2 QUESTION 1 Skyblue Ltd manufactures a single product with a variable cost of $24 and a selling price of $40. Fixed costs are $ per period. The company s marginal tax rate is 40%. a) What is the break-even contribution and break-even sales volume? b) What contribution should the firm make if it is desired to earn a profit of $ before tax? c) Calculate the desired contribution that will earn the company a profit after tax of $42 000? (6 marks) d) What percentage increase should the firm make on the sales volume in c) above if it is intended to earn a profit after tax of $54 000? (7 marks) e) Explain the assumptions of Cost-Volume-Profit Analysis. (6 marks) QUESTION 2 Accounting can be divided into three major branches namely; cost accounting, financial accounting and management accounting. a) Discuss the role played by each branch within a firm s accounting information system. (16 marks) b) Explain the major differences between financial accounting and management accounting. (9 marks) QUESTION 3 Emhlabeni Limited produces a product called Wye. The standard selling price and the manufacturing costs of this product are as follows: $ Standard selling price per unit Standard production costs: Direct material 2 kilos at $15 per kilo Direct labour 5 hrs at $8.00 per hour Variable overheads 5 hrs at $2 per hour Fixed overheads 5 hrs at $4 per hour Page 2 of 5
3 The projected production and sales for November 2013 were 600 units. On 1 December 2013 the following actual figures were determined. Sales 650 units at $145 each Production 650 units Direct material kilos at $14.00 per kilo Direct labour hrs at $7.60 per hour Variable overheads $6 400 Fixed overheads $ There was no opening stock of the product on 1 March. a) Prepare an Operating Statement for March 2010; (4 marks) b) Calculate the following variances and their respective sub-variances: i. Sales price and volume. ii. Direct materials price and usage. iii. Direct labour rate and efficiency. iv. Variable overheads expenditure and efficiency. v. Fixed overheads expenditure, efficiency and capacity. c) Explain the advantages of standard costing as a management tool for controlling costs. (6 marks) QUESTION 4 You work in the credit control department of a banking institution. Your role is to analyze financial statements of potential and existing credit clients with a view to assessing their financial status and credit worthiness. It is the institution s policy to require projected and actual results of clients financial statements on a quarterly, half-yearly and annual basis. a) Explain the measures that you would employ in order to pick up any instances of creative accounting that may be perpetrated by your clients in preparing their financial statements. (17 marks) b) Explain how you would deal with financial engineering practices by your clients. (8 marks) Page 3 of 5
4 QUESTION 5 The summarized profit and loss statement for Ark Ltd for the year ended 30 September 2013 is as follows: $ $ Sales Direct labour materials Direct labour cost Production overhead - Variable Fixed Selling overhead - Variable Fixed Net profit During the year ended 30 September 2013, Ark Ltd had been operating at 80% capacity ( units) for production and sales of a single product. Variable production overhead is incurred at a rate per unit. Variable selling overhead is incurred as a percentage of sales revenue. A forecast profit and loss statement is required for the year to 30 September The 2014 figures will be used as the basis of the forecast, but the following changes should be implemented: 1. Selling prices will be reduced by 2%, but this will result in production/sales volume being increased to 100% capacity level. 2. Direct material prices will increase by 10%. 3. Direct labour rates will increase by 5%, but this will result in a 10% saving through increased efficiency. 4. Variable production overhead per unit will increase by 3%. 5. Variable selling overhead will be incurred at a percentage on sales revenue as in Fixed production overhead will increase by $ Fixed selling overhead will increase by 5%. a) Prepare a forecast income statement for the year to 30 September Your solution should show the contribution as well as net profit. (20 marks) b) Calculate the contribution/sales ratios for 2013 and 2014 and comment on any change in the profitability of the company from 2013 to (5 marks) Page 4 of 5
5 QUESTION 6 A medium-sized manufacturing company is considering introducing a system of budgetary planning and control. Explain the potential benefits which should be gained from the introduction of such a system and also indicate the difficulties which may be encountered. (25 marks) END OF EXAMINATION PAPER Page 5 of 5
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