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A company develops computer software programs to meet each client's specific requirements. The management accountant is considering introducing a standard costing system.

Which THREE of the following are reasons that support the case for the company's introduction of a standard costing system?

Options:

It will enable the company to make a direct comparison of costs for each program developed.

It will enable the company to better focus on the quality of its service.

It will provide a system of control.

It will aid the budget setting process.

It will simplify the work-in-progress valuation.

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Question 2

Which THREE of the following are purposes of all budgets?

Options:

Co-ordination

Communication

Profit maximisation

Diversification

Authorization

Consolidation

Question 3

JKI is planning a golfing holiday for a group of wealthy lawyers.

The lawyers will fly to the local airport at their own expense. JKI will then pay for transport, accommodation and the use of the golf course (green fees).

JKI's costings are as follows, based on 28 participants:

JKI received 46 applications from potential participants.

What would the profit be if JKI accepted all of these bookings?

Give your answer to the nearest whole number.

Options:

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Management Accounting Questions and Answers

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