AC4053 Management Accounting Fundamentals Solv

Questions:

1.Candidates must NOT communicate electronically or verbally with anyone about the content of the examination during completion of the examination.

  1. Your answers should be your own, original work. Copying, plagiarising and collusion are prohibited.
  2. This assessment is governed by the university’s academic regulations on conduct of examinations. Any breach of these rules will result in appropriate penalties.

Instructions to candidates:

The exam is composed of 2 (TWO) sections and you should attempt all questions:

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-Section A includes 5 multiple choice questions of 2 marks each (total 10 marks);

-Section B includes 3 problems for total 90 marks (Question 1: 30 marks – Question 2: 30 marks – Question 3: 30 marks).

Students should note the allocation of marks to each section and each question.

Question 1

Consider the following two statements concerning the differences between financial and management accounting:

1) Financial accounting reports are often prepared for a specific purpose whereas management accounting reports usually serve a general purpose.

2) Management accounting measures and reports financial as well as other types of information that may be useful to managers in fulfilling the goals of the organisation.

Which of the following combinations (true/false) is correct?

  1. 1 true, 2 false
  2. 1 false, 2 true
  3. 1 true, 2 true
  4. 1 false, 2 false.

Question 2

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