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St. Mary's University Cost and Management Accounting I: (Degree)

1. This document provides tutorial questions for a Cost and Management Accounting I course at St. Mary's University College of Open and Distance Learning. 2. It includes instructions for completing and submitting the tutorial questions. Students must answer short answer and worked problems covering topics like the differences between financial and management accounting, costing methods, and break-even analysis. 3. The questions are divided into two parts - short answer questions and worked problems covering calculation of contribution margin ratio, product costs, prime costs, and sales at break-even point.

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401 views3 pages

St. Mary's University Cost and Management Accounting I: (Degree)

1. This document provides tutorial questions for a Cost and Management Accounting I course at St. Mary's University College of Open and Distance Learning. 2. It includes instructions for completing and submitting the tutorial questions. Students must answer short answer and worked problems covering topics like the differences between financial and management accounting, costing methods, and break-even analysis. 3. The questions are divided into two parts - short answer questions and worked problems covering calculation of contribution margin ratio, product costs, prime costs, and sales at break-even point.

Uploaded by

h
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
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St.

Mary’s University
College of Open and Distance Learning
Cost and Management Accounting I
(Degree)
Tutorial Questions
(2011-III)
Name: ____________________________
ID. No: ____________________________
Department: _______________________
Center: ___________________________
Term: _____________________________
Program: Degree
Instructions:
 This is the only tutorial question of this course.
 This tutorial question is to be completed and submitted to the office of your center. Do
not attempt the tutorial questions until you are certain that you have understood the
units it covers and have revised your self-test exercises and learning activities, and other
necessary references.
 If you have any question about the units and activities, state the item/s clearly on a
separate sheet of paper and attach to your tutorial questions answer papers.
 Due Date: This tutorial question has to be submitted to the office of your center after
the TUTORIAL PROGRAM within a week time. Please strictly follow the deadline
indicated.
Part I. Short Answer
Give short and precise answer to the following questions on the space provided
(1pt. each)
1. What are the difference between financial accounting and management accounting?
_

2. What is material requisition?


_

St. Mary’s University 1 Cost and Management Accounting I (Degree)


3. List down the possible differences between average cost method and FIFO cost method.
_

4. Mention at least three limitations of financial accounting related to cost and other internal
information that required by management.
_

5. Write the difference between opportunity cost and cash outlay costs.
_

Part II. Work out (1pts.each)


Work out the following question and show all necessary steps in the space
provided
1. Assume that, a company’s sales are birr 820,000, variable costs are birr 524,800, and
operating income is birr 260,000. Compute the contribution margin ratio.

2. Suppose ABC manufacturing company has the following information given as follows:-
- Direct material cost --------------- birr 420,000
- Direct labor costs ----------------------- 290,000
- Factory overhead costs is 40% direct material costs
Required:-
a) compute the product cost of a company

St. Mary’s University 2 Cost and Management Accounting I (Degree)


b) Determine the prime costs

c) calculate the conversion costs

3. Suppose that, a company’s fixed costs are birr 750,000 and variable costs are 70% of sales.
Based on the given information, calculate the sales at breakeven point in birr.

St. Mary’s University 3 Cost and Management Accounting I (Degree)

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