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Management Accounting Questions and Answers

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Question 1

The directors of Sec Co are carrying out an impairment review of the company’s non-current assets for the financial statements for the year to 31 October 2010. They have the following information about a particular asset:

Carrying amount (at 1 November 2009)$380,000

Depreciation charge for year to 31 October 2010$76,000

Market value$285,000

Expected costs of selling$20,000

Value in use$250,000

What carrying value should be included in the statement of financial position at 31 October 2010?

Options:

A.

$250,000

B.

$265,000

C.

$285,000

D.

$304,000

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Question 2

Which of the following statements about accounting concepts and the characteristics of financial information is correct?

Options:

A.

The concept of substance over form means that the legal interpretation of a transaction must be reflected in financial statements, regardless of the economic substance.

B.

The historical cost concept means that only items capable of being measured in monetary terms can berecognizedin financial statements.

C.

It may sometimes be necessary to exclude information that is relevant and reliable from financial statements because it is too difficult for some users to understand.

D.

A specific disclosure requirement of an IAS does not need to be satisfied if the information is immaterial.

Question 3

The annual salary paid to a business's financial accountant would best be described as:

Options:

A.

A variable cost.

B.

A fixed production cost.

C.

Part of prime cost.

D.

A fixed administrative cost.

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