Institute of Certified Management Accountants of Sri Lanka. Operational Level November 2013 Examination
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1 Copyright Reserved Serial No Operational Level November 2013 Examination Examination Date : 7 th December 2013 Number of Pages : 05 Examination Time: 9.30 a:m p:m. Number of Questions: 07 Instructions to Candidates 1. Time allowed is three (3) hours. 2. Total: 100 Marks. 3. Answer all questions in Part I and four (4) questions from Part II selecting two (2) question from each of the Sections A and B. 4. The answers should be in English Language. Subject Subject Code Operational Management Accounting (OMA / OL 1-201) PART I Question No. 01 (20 Marks) For questions 1 to 5, select the most appropriate answer from the given answers under (a), (b), (c) & (d) for each question and write only the letter [i.e. (a) or (b) or (c) or (d)]relating to the most appropriate answer against the question number, in the answer booklet. (1) Which of the following situation/s will be suitable to have a Flexible budgeting? (i) When the sales are unpredictable due to the nature of business. (ii) When the venture is a new and, therefore, it is difficult to foresee the demand. (iii) When progress depends on adequate supply of labor and the business is in an area which suffering from shortage of labour. (a) (i) only. (b) (i) & (ii) only. (c) (i) and (iii) only. (d) All of the above. (2) The following formula refers to: Standard hours produced * 100% Budgeted capacity (a) Production volume ratio (b) Production capacity ratio (c) Actual volume ratio 1
2 (3) The predetermined cost of manufacturing a single unit or a number of product units during a specific period in the immediate future is called: (a) Standard cost (b) Product cost (c) Actual cost (4) Labour Idle Time Variance is calculated by (a) Abnormal idle time standard rate per hour (b) Abnormal idle time actual rate per hour (c) Standard idle time standard rate per hour (5) A contribution of a product is the: (a) difference between sales and marginal or variable cost (b) volume of sales or production where there is neither profit nor loss (c) difference between the total sales (actual or projected) and the breakeven sales (6) Total contribution of all products divided by Total Sales value Overall is called: (a) Contribution sales ratio (b) Overall Contribution sales ratio (c) Sales Ratio (7) An opportunity cost may be described as: (a) The cost of an alternative course of action. (b) The cost of losing an order to a competitor. (c) The cost involved in seeking new opportunities. (d) The cost incurred in training new staff. (8) Which of the following cost classification would be classified as non-relevant when considering the temporary closure of a factory? (a) Direct materials (b) Fixed overheads (c) Variable overheads (d) Direct labour (9) What is the ideal transfer price that would satisfy both the supplying and receiving segment? (a) Market price (b) Adjusted market price (c) Standard variable cost plus the opportunity cost (d) Total standard cost plus a profit margin (10) In a manufacturing company, which of the budgets will normally be prepared first in the budget preparation cycle? (a) The stock budget. (b) The production budget. (c) The cash flow forecast. (d) The sales budget. (10 2 Marks = Total 20 Marks) End of Part I 2
3 PART II Section A Answer any two (2) questions Question No. 02 (20 Marks) (a) Briefly explain what is Total Quality Management (TQM), the advantages of TQM and its seven principles. (10 Marks) (b) Briefly explain what lean production is and its ten (10) rules. (c) Briefly explain benefits of Electronic Data Interchange (EDI). Question No. 03 (20 Marks) (a) What are the situations that lead to a labour cost variance? (b) What are the situations that lead to a labour rate variance? (c) If 2,000 hours are worked at a rate of Rs.7/- per hour to produce 350 equivalent units of a certain product and the standard labour rate per hour is Rs.5/-, calculate the value of the direct labour rate variance and explain why there is an adverse/favourable variance. (d) The following information is given to you. Actual hours worked 4,000 Units produced during the period 1,000 Standard hours for one unit 3 Standard factory overhead rate: Variable Rs 2.50 Fixed Rs 1.00 Rs.3.50 Normal Capacity in labour hours 4,500 hours You are required to calculate the variable overhead efficiency variance. Question No. 04 (20 Marks) (a) Explain the meaning of a fixed budget and its process in brief. (b) Briefly explain what a flexible budget is and when and how it is practiced by organizations? (c) Department X of XYZ plc achieves sales level of Rs.900,000/- at 90% of its normal capacity and its expenses are given below: 3
4 Administration Cost Salaries 125, General expenses 3% of sales Depreciation 9, Taxes 7, Selling and distribution cost Sales Executive Salaries 10% of sales Travelling expenses 3% of sales General expenses 2% of sales Direct wages 20, Warehouse rent 2% of sales Other expenses 2.5% of sales Draw up administration, selling and distribution cost budget operating at 90%, 100% and 120% of normal capacity. End of Section A Section B Answer any two (2) questions Question No. 05 (20 Marks) (a) Namal manufacturers produce two products X and Y and given below are some of their expenses: Product X Product Y Product Z Sales (in Rupees) 60,000 75,000 90,000 Variable expenses (in Rupees) 33,000 45,000 50,000 The fixed cost for the period is Rs.32,000/-. You are required to calculate: (i) the overall contribution ratio. (ii) the breakeven point in values. (b) A manufacturing company produces Product A and Product B. Fixed cost is Rs.2,300,000/- per year. Following details are also given. A B Sales Price Variable Costs Assume that the company is currently selling 200,000 of product A per year and 50,000 of product B per year. If the sales mix stays constant how many units of Product A and Product B must the company sell to break even? (14 Marks) 4
5 Question No. 06 (20 Marks) XY manufacturers identified that the existing cost of one of their components, component S is Rs A similar component is available in the market at Rs each, with an assurance of continued supply. Rs. / each The Materials cost of the component S 2.50 Labour cost of the component S 1.00 Other Variables cost of the component S 1.50 Depreciation and other Fixed Cost of the component S 2.50 Total cost of the component S 7.50 You are required to explain your answer in the following situations: (a) Should the company make or buy if the firm cannot utilize the capacity elsewhere, profitably? (b) Should the company make or buy if the firm can utilize the capacity profitably? (c) Should the company make or buy if a supplier has offered the component at Rs each. What would be your decision? Question No. 07 (20 Marks) (a) What is competitive pricing? When is it used? How can it be used effectively in organizations? (b) When a reconciliation of the budgeted profit and actual profit would is necessary. (c) What is the difference between planning variances and operational variances? (03 Marks) (d) Briefly explain the process of reconciling the budgeted profit and the actual profit using your own statistics and including all possible line items that may appear in this process. End of Section B End of Part II End of Question Paper 5
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