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FIA FMA MANAGEMENT ACCOUNTING ACCA PAPER F2 MANAGEMENT ACCOUNTING PRACTICE & REVISION KIT FOR EXAMS FROM FEBRUARY 2014ThiNganHang.com ThiNganHang.com
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P R A FMA C T I C E PAPER F2 & MANAGEMENT ACCOUNTING R E V Welcome to BPP Learning Media's Practice and Revision Kit for FMA. In this I FMA/F2 Practice and Revision Kit reviewed by the examiner: We include Do you know? Checklists to test your knowledge and S understanding of topics We provide you with two mock exams including the Specimen exam I We provide the ACCA examiner’s answers as well as our own to the O Specimen exam as an additional revision aid BPP's i-Pass product also supports this paper and is a vital tool if you are taking the N computer based exam. ThiNganHang.comK I Note T FIA FMA and ACCA Paper F2 are examined under the same syllabus and study guide. FOR EXAMS FROM FEBRUARY 2014 TO AUGUST 2015 ThiNganHang.com
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FMA/F2 MANAGEMENT ACCOUNTING First edition May 2011 Third edition November 2013 A note about copyright ISBN 9781 4453 7035 4 Dear Customer (Previous ISBN 9781 4453 9978 2) What does the little © mean and why does it matter? e-ISBN 9781 4453 7070 5 Your market-leading BPP books, course materials British Library Cataloguing-in-Publication Data and e-learning materials do not write and update A catalogue record for this book themselves. People write them: on their own behalf is available from the British Library or as employees of an organisation that invests in this activity. Copyright law protects their livelihoods. Published by It does so by creating rights over the use of the content. BPP Learning Media Ltd BPP House, Aldine Place Breach of copyright is a form of theft – as well being London W12 8AA a criminal offence in some jurisdictions, it is potentially a serious breach of professional ethics. www.bpp.com/learningmedia With current technology, things might seem a bit hazy but, basically, without the express permission Printed in the United Kingdom by Polestar Wheatons of BPP Learning Media: Hennock Road Photocopying our materials is a breach of Marsh Barton copyright Exeter EX2 8RP Scanning, ripcasting or conversion of our digital materials into different file formats, uploading them to facebook or emailing them to your Your learning materials, published by BPP Learning friends is a breach of copyright Media Ltd, are printed on paper obtained from traceable sustainable sources. You can, of course, sell your books, in the form in which you have bought them – once you have finished with them. (Is this fair to your fellow All our rights reserved. No part of this publication may students? We update for a reason.) Please note the be reproduced, stored in a retrieval system or e-products are sold on a single user licence basis: we transmitted, in any form or by any means, electronic, do not supply ‘unlock’ codes to people who have mechanical, photocopying, recording or otherwise, bought them second hand. without the prior written permission of BPP Learning Media. And what about outside the UK? BPP Learning Media strives to make our materials available at We are grateful to the Association of Chartered Certified prices students can afford by local printing Accountants for permission to reproduce past arrangements, pricing policies and partnerships examination questions. The suggested solutions in the which are clearly listed on our website. A tiny exam answer bank have been prepared by BPP LearningMedia Ltd, except where otherwise stated.©ThiNganHang.comminority ignore this and indulge in criminal activityby illegally photocopying our material or supportingorganisations that do. If they act illegally andunethically in one area, can you really trust them? BPP Learning Media Ltd 2013 ii ThiNganHang.com
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CONTENTS Contents Page Finding questions Question index .............................................................................................................................. v Helping you with your revision....................................................................................................... vii Using your BPP Practice and Revision Kit...................................................................................... viii Passing the FMA/F2 exam ............................................................................................................. ix Approach to examining the syllabus ................................................................................................ ix The Computer Based Examination ................................................................................................... x Tackling Multiple Choice Questions................................................................................................. xi Using your BPP products.............................................................................................................. xii Questions and answers Questions .................................................................................................................................... 3 Answers .................................................................................................................................. 137 Formula sheet and tables............................................................................................................. 211 Exam practice Mock exam 1 (Specimen exam) Questions......................................................................................................................... 219 Answers........................................................................................................................... 233 ACCA examiner’s answers.................................................................................................. 241 Mock exam 2 Questions......................................................................................................................... 249 Answers........................................................................................................................... 261 Review form ThiNganHang.com iii ThiNganHang.com
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QUESTION INDEX Question index Time Page allocation Marks Mins Questions Answer Part A: The nature, source and purpose of management information 1 Accounting for management 20 24 5 137 2 Sources of data 10 12 9 137 3 Cost classification 24 29 13 138 4 Cost behaviour 36 43 15 139 5 Presenting information 8 10 19 141 Part B: Cost accounting methods and systems 6 Accounting for materials 44 53 23 141 7 Accounting for labour 24 29 28 145 8 Accounting for overheads 48 58 35 147 9 Absorption and marginal costing 36 43 41 151 10 Job, batch and service costing 32 38 47 154 11 Process costing 30 36 50 156 12 Process costing, joint products and by-products 14 17 53 159 13 Alternative costing principles 12 14 55 160 Part C: Budgeting 14 Forecasting 64 77 59 161 15 Budgeting 20 24 64 165 16 The budgetary process 48 58 66 167 17 Making budgets work 12 14 72 170 18 Capital expenditure budgeting 8 10 75 171 19 Methods of project appraisal 48 58 75 171 ThiNganHang.com v ThiNganHang.com
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FMA/F2 MANAGEMENT ACCOUNTING Time Page allocation Marks Mins Questions Answer Part D: Standard costing 20 Standard costing 14 17 83 175 21 Basic variance analysis 38 46 84 176 22 Further variance analysis 44 53 89 179 Part E: Performance measurement 23 Performance measurement 26 31 97 183 24 Applications of performance measurement 30 36 99 183 Mixed banks 25 Mixed Bank 1 40 48 103 185 26 Mixed Bank 2 40 48 109 188 27 Mixed Bank 3 40 48 113 190 28 Mixed Bank 4 30 36 118 192 29 Mixed Bank 5 20 24 121 195 Multi-task questions 30 Budgeting 50 60 125 199 31 Standard costing 50 60 128 202 32 Performance measurement 50 60 131 205 Mock exams Mock Exam 1 (Specimen exam) 100 120 219 233 Mock Exam 2 100 120 249 261 ThiNganHang.com vi ThiNganHang.com
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USING YOUR PRACTICE AND REVISION KIT Helping you with your revision BPP Learning Media – Approved Learning Partner – content As ACCA’s Approved Learning Partner – content, BPP Learning Media gives you the opportunity to use examiner-reviewed revision materials for exams from February 2014 to August 2015. By incorporating the examiner’s comments and suggestions regarding syllabus coverage, the BPP Learning Media Practice and Revision Kit provides excellent, ACCA-approved support for your revision. Selecting questions We provide signposts to help you plan your revision. A full question index listing questions that cover each part of the syllabus, so that you can locate the questions that provide practice on key topics, and see the different ways in which they might be tested Attempting mock exams There are two mock exams that provide practice at coping with the pressures of the exam day. We strongly recommend that you attempt them under exam conditions. Mock exam 1 is the Specimen exam. Mock exam 2 reflects the question styles and syllabus coverage of the exam. ThiNganHang.com vii ThiNganHang.com
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FMA/F2 MANAGEMENT ACCOUNTING Using your BPP Practice and Revision Kit Aim of this Practice and Revision Kit To provide the practice to help you succeed in both the paper based and computer based examinations for Paper FMA/F2 Management Accounting. To pass the examination you need a thorough understanding in all areas covered by the syllabus and teaching guide. Recommended approach Make sure you are able to answer questions on everything specified by the syllabus and teaching guide. You cannot make any assumptions about what questions may come up on your paper. The examiners aim to discourage 'question spotting'. Learning is an active process. Use the DO YOU KNOW? Checklists to test your knowledge and understanding of the topics covered in FMA/F2 Management Accounting by filling in the blank spaces. Then check your answers against the DID YOU KNOW? Checklists. Do not attempt any questions if you are unable to fill in any of the blanks - go back to your BPP Interactive Text and revise first. When you are revising a topic, think about the mistakes that you know that you should avoid by writing down POSSIBLE PITFALLS at the end of each DO YOU KNOW? Checklist. Once you have completed the checklists successfully, you should attempt the questions on that topic. Each question is worth 2 marks and carries with it a time allocation of 2.4 minutes. Once you have completed all of the questions in the body of this Practice & Revision Kit, you should attempt the MOCK EXAMS under examination conditions. Check your answers against our answers to find out how well you did. ThiNganHang.com viii ThiNganHang.com
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PASSING THE FMA/F2 EXAM Passing the FMA/F2 exam To access FIA and ACCA syllabuses, visit the ACCA website. http://www.accaglobal.com The exam You can take this exam as a paper-based exam or by a computer-based exam (CBE). All questions in the exam are compulsory. This means you cannot avoid any topic, but also means that you do not need to waste time in the exam deciding which questions to attempt. There are 35 MCQs and 3 multi-task questions in the paper based exam and a mixture of 35 MCQs and other types of objective test question (OTQ) (for example, number entry, multiple response and multiple response matching) and 3 multi-task questions in the CBE. This means that the examiner is able to test most of the syllabus at each sitting, and that is what they will aim to do. So you need to have revised right across the syllabus for this exam. Revision This kit has been reviewed by the FMA/F2 examiner and contains the Specimen exam, so if you just worked through it to the end you would be very well prepared for the exam. It is important to tackle questions under exam conditions. Allow yourself just the number of minutes shown next to the questions in the index and don’t look at the answers until you have finished. Then correct your answer and go back to the Interactive Text for any topic you are really having trouble with. Try the same question again a week later – you will be surprised how much better you are getting. Doing the questions like this will really show you what you know, and will make the exam experience less worrying. Doing the exam If you have honestly done your revision you can pass this exam. There are certain points which you must bear in mind: Read the question properly. Don’t spend more than the allotted time on each question. If you are having trouble with a question leave it and carry on. You can come back to it at the end. Approach to examining the syllabus FMA/F2 is a two-hour paper. It can be taken as a paper based or a computer based examination. The exam is structured as follows: ThiNganHang.comNo of marks 35 compulsory objective test questions of 2 marks each 70 3 compulsory multi-task questions of 10 marks each 30 100 ix ThiNganHang.com
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FMA/F2 MANAGEMENT ACCOUNTING The Computer Based Examination Computer based examinations (CBEs) are available for the first seven FIA papers (not papers FAU, FTM or FFM), and the first three ACCA exams (F1, F2 and F3), in addition to the conventional paper based examination. Computer based examinations must be taken at an ACCA CBE Licensed Centre. How do CBEs work? Questions are displayed on a monitor Candidates enter their answer directly onto the computer Candidates have two hours to complete the examination When the candidate has completed their examination, the final percentage score is calculated and displayed on screen Candidates are provided with a Provisional Result Notification showing their results before leaving the examination room The CBE Licensed Centre uploads the results to the ACCA (as proof of the candidate's performance) within 72 hours Candidates can check their exam status on the ACCA website by logging into myACCA. Benefits Flexibility as a CBE can be sat at any time. Resits can also be taken at any time and there is no restriction on the number of times a candidate can sit a CBE. Instant feedback as the computer displays the results at the end of the CBE. Results are notified to ACCA within 72 hours. CBE question types Multiple choice – choose one answer from four options Number entry – key in a numerical response to a question Multiple response – select more than one response by clicking the appropriate tick boxes Multiple response matching – select a response to a number of related part questions by choosing one option from a number of drop down menus ThiNganHang.comFor more information on computer-based exams, visit the ACCA website.http://www.accaglobal.com/en/student/Exams/Computer-based-exams.html x ThiNganHang.com
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THE COMPUTER BASED EXAMINATION Tackling Multiple Choice Questions MCQs are part of all FIA exams and the first three ACCA exams (F1, F2 and F3). MCQs may feature in the CBE, along with other types of question, while the paper based exam is made up entirely of MCQs. The MCQs in your exam contain four possible answers. You have to choose the option that best answers the question. The three incorrect options are called distracters. There is a skill in answering MCQs quickly and correctly. By practising MCQs you can develop this skill, giving you a better chance of passing the exam. You may wish to follow the approach outlined below, or you may prefer to adapt it. Step 1 Skim read all the MCQs and identify what appear to be the easier questions. Step 2 Attempt each question – starting with the easier questions identified in Step 1. Read the question thoroughly. You may prefer to work out the answer before looking at the options, or you may prefer to look at the options at the beginning. Adopt the method that works best for you. Step 3 Read the four options and see if one matches your own answer. Be careful with numerical questions as the distracters are designed to match answers that incorporate common errors. Check that your calculation is correct. Have you followed the requirement exactly? Have you included every stage of the calculation? Step 4 You may find that none of the options matches your answer. Re-read the question to ensure that you understand it and are answering the requirement Eliminate any obviously wrong answers Consider which of the remaining answers is the most likely to be correct and select the option Step 5 If you are still unsure make a note and continue to the next question Step 6 Revisit unanswered questions. When you come back to a question after a break you often find you are able to answer it correctly straight away. If you are still unsure have a guess. You are not penalised for incorrect answers, so never leave a question unanswered! ThiNganHang.comAfter extensive practice and revision of MCQs, you may find that you recognise a question when you sit the exam. Be aware that the detail and/or requirement may be different. If the question seems familiar read the requirement and options carefully – do not assume that it is identical. xi ThiNganHang.com
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FMA/F2 MANAGEMENT ACCOUNTING Using your BPP products This Kit gives you the question practice and guidance you need in the exam. Our other products can also help you pass: Passcards provide you with clear topic summaries and exam tips i-Pass CDs are a vital revision tool for anyone taking FIA/ACCA CBEs and offer tests of knowledge against the clock in an environment similar to that encountered in a computer based exam You can purchase these products by visiting www.bpp.com/learningmedia ThiNganHang.com xii ThiNganHang.com
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QUESTIONS Do you know? – Accounting for management Check that you can fill in the blanks in the statements below before you attempt any questions. If in doubt, you should go back to your BPP Interactive Text and revise first. Good information should be ……….., ……….., ……….., and ……. It should inspire confidence, it should be appropriately communicated, its volume should be manageable, it should be timely and its cost should be less than the benefits it provides. Information for management is likely to be used for – ........................................................ – ........................................................ – ........................................................ The main objective of profit making organisations is to ………… ………... A secondary objective of profit making organisations might be to increase ………… of its goods/services. The main objective of non-profit making organisations is usually to ……… …….. and services. A secondary objective of non-profit making organisations might be to minimise the ……. involved in providing the goods/services. Long-term ……… planning, also known as corporate planning, involves selecting appropriate ………… so as to prepare a long-term plan to attain the objectives. Anthony divides management activities into ……….. planning, ………… control and …………. control. Tactical (or management) control: 'the process by which managers assure that ……….. are obtained and used effectively and efficiently in the accomplishment of the organisation's objectives'. Operational control: 'the process of assuring that specific ……… are carried out ………. and …………. …………… accounts are prepared for individuals external to an organisation: shareholders, customers, suppliers, tax authorities, employees. ……………. accounts are prepared for internal managers of an organisation. There is no legal requirement to prepare ………….. accounts. ……………. accounts are both an historical record and a future planning tool. ……………. accounts concentrate on the business as a whole, aggregating revenues and costs from different operations, and are an end in themselves. Cost accounting information is, in general, unsuitable for ……… ……….. Possible pitfalls Write down the mistakes you know you should avoid. ThiNganHang.com 3 ThiNganHang.com
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FMA/F2 MANAGEMENT ACCOUNTING Did you know? – Accounting for management Could you fill in the blanks? The answers are in bold. Use this page for revision purposes as you approach the exam. Good information should be relevant, complete, accurate, and clear. It should inspire confidence, it should be appropriately communicated, its volume should be manageable, it should be timely and its cost should be less than the benefits it provides. Information for management is likely to be used for – Planning – Control – Decision-making The main objective of profit making organisations is to maximise profits. A secondary objective of profit making organisations might be to increase output of its goods/services. The main objective of non-profit making organisations is usually to provide goods and services. A secondary objective of non-profit making organisations might be to minimise the costs involved in providing the goods/services. Long-term strategic planning, also known as corporate planning, involves selecting appropriate strategies so as to prepare a long-term plan to attain the objectives. Anthony divides management activities into strategic planning, management control and operational control. Tactical (or management) control: 'the process by which managers assure that resources are obtained and used effectively and efficiently in the accomplishment of the organisation's objectives'. Operational control: 'the process of assuring that specific tasks are carried out effectively and efficiently'. Financial accounts are prepared for individuals external to an organisation: shareholders, customers, suppliers, tax authorities, employees. Management accounts are prepared for internal managers of an organisation. There is no legal requirement to prepare management accounts. Management accounts are both an historical record and a future planning tool. Financial accounts concentrate on the business as a whole, aggregating revenues and costs from different operations, and are an end in themselves. Cost accounting information is, in general, unsuitable for decision making. Possible pitfalls – Forgetting the differences between financial and management accounting ThiNganHang.com 4 ThiNganHang.com
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QUESTIONS 1 Accounting for management 24 mins 1.1 Which of the following statements about qualities of good information is false? A It should be relevant for its purposes B It should be communicated to the right person C It should be completely accurate D It should be timely (2 marks) 1.2 The sales manager has prepared a manpower plan to ensure that sales quotas for the forthcoming year are achieved. This is an example of what type of planning? A Strategic planning B Tactical planning C Operational planning D Corporate planning (2 marks) 1.3 Which of the following statements about management accounting information is/are true? 1 They must be stated in purely monetary terms 2 Limited companies must, by law, prepare management accounts 3 They serve as a future planning tool and are not used as an historical record A 1, 2 and 3 B 1 and 2 C 2 only D None of the statements is true (2 marks) 1.4 Which of the following statements is/are correct? 1 A management control system is a term used to describe the hardware and software used to drive a database system which produces information outputs that are easily assimilated by management. 2 An objective is a course of action that an organisation might pursue in order to achieve its strategy. 3 Information is data that has been processed into a form meaningful to the recipient. A 1, 2 and 3 B 1 and 3 C 2 and 3 D 3 only (2 marks) 1.5 Good information should have certain qualities. Which of the following are qualities of good information? 1 Complete ThiNganHang.com234 ExtensiveRelevantAccurate A 1, 2 and 3 B 1, 3 and 4 C 2 and 4 D All of them (2 marks) 5 ThiNganHang.com
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FMA/F2 MANAGEMENT ACCOUNTING 1.6 Monthly variance reports are an example of which one of the following types of management information? A Tactical B Strategic C Non-financial D Operational (2 marks) 1.7 Which of the following statements is/are correct? 1 Information for decision-making should incorporate uncertainty in some way 2 The data used to prepare financial accounts and management accounts are the same A 1 is true and 2 is false B 2 is true and 1 is false C Both are true D Both are false (2 marks) 1.8 Which of the following processes occurs at the business planning stage? A Obtaining data about actual results B Taking corrective action C Comparing actual performance with budget D Establishing objectives (2 marks) 1.9 Which of the following statements is correct? A Management accounting systems provide information for use in fulfilling legal requirements B Management accounting systems provide information for the use of decision-makers within an organisation C Management accounting systems provide information for use by shareholders D Management accounting systems provide information for use by tax authorities (2 marks) 1.10 Which of the following would be data rather than information? A Sales increase/decrease per product in last quarter B Total sales value per product C Sales made per salesman as a percentage of total sales D Sales staff commission as a percentage of total sales (2 marks) (Total = 20 marks) ThiNganHang.com 6 ThiNganHang.com
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QUESTIONS Do you know? – Sources of data Check that you can fill in the blanks in the statements below before you attempt any questions. If in doubt, you should go back to your BPP Interactive Text and revise first Data may be ……….. (collected specifically for the purpose of a survey) or ………. (collected for some other purpose) You will remember that primary data are data collected especially for a specific purpose. The advantage of such data is that the investigator knows where the data …….. ……… and is aware of any inadequacies or limitations in the data. Its disadvantage is that it can be very ………… to collect primary data Secondary data sources may be satisfactory in certain situations, or they may be the only convenient means of obtaining an item of data. It is essential that there is good reason to believe that the secondary data used is ……… and ……….. The main sources of secondary data are: – ........................................................ – …………………………………. – ........................................................ – ………………………………….. – ........................................................ – ………………………………….. – ........................................................ – ………………………………….. In such situations where it is not possible to survey the whole population, a ……… is selected. The results obtained from this are used to estimate the results of the whole population. In situations where the whole population is examined, the survey is called a ……….. This situation is quite rare, which means that the investigator must choose a sample. A …………. sampling method is a sampling method in which there is a known chance of each member of the population appearing in the sample. A ……… ……… sample is a sample selected in such a way that every item in the population has an equal chance of being included. If random sampling is used then it is necessary to construct a ……… …….. Once a numbered list of all items in the population has been made, it is easy to select a ……… sample, simply by generating a list of random numbers ………… random sampling is a method of sampling which involves dividing the population into strata or categories. Random samples are then taken from each stratum or category. The main disadvantage of stratification is that it requires ………. ……….. of each item in the population; sampling frames do not always contain such information. Systematic sampling is a sampling method which works by selecting every nth item after a random start. The advantages of systematic sampling are ......................................... and …………………………………….. ThiNganHang.comMultistage sampling is a probability sampling method which involves dividing the ………. into a number of …….-……….. and then selecting a small sample of these at random. Each …..-………. is then divided further, and then a small sample is again selected at random. This process is repeated as many times as is necessary. ………… sampling is a non-random sampling method that involves selecting one definable subsection of the population as the sample, that subsection taken to be representative of the population in question. In quota sampling, ………… is forfeited in the interests of cheapness and administrative simplicity. Investigators are told to interview all the people they meet up to a certain quota. Possible pitfalls Write down the mistakes you know you should avoid. 7 ThiNganHang.com
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