Subject: INTRODUCTION TO MANAGEMENT ACCOUNTING

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ICMA – Nov 2024 – L1 – Q5b – Budgeting Models and Systems

Explain the benefits of GIFMIS to the government of Ghana.

Question

Efforts to improve Public Financial Management (PFM) Systems in Ghana led to the Ghana Integrated Financial Management Information System (GIFMIS), which is an adaptation of the Integrated Financial Management Information System (IFMIS). The rationale of GIFMIS is to establish an integrated ICT-based PFM system in Ghana at national, regional, and district levels.

Required:

State FOUR benefits of GIFMIS to the government of Ghana.

Answer

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Tags: Budgeting, Financial Reporting, Fiscal Policy, GIFMIS, Government Accounting, Public Financial Management
Level: Level 1

Topic: Budgeting Models and Systems
Series: Nov 2024

ICMA – Nov 2024 – L1 – Q5a – Cost Segregation and Estimation

Determine fixed and variable cost components using regression analysis and estimate total cost for a given production level.

Question

Ebo LTD is planning to determine its variable and fixed cost elements for its planned activity level for the next year. The company has recorded the following costs and production units in the past six months:

Month	Units (X)	Cost (Y)
January	5.8	40.3
February	7.7	47.1
March	8.2	48.7
April	6.1	40.6
May	6.5	44.5
June	7.5	47.1

Required:

i) Construct the least square regression model.
ii) Determine the variable cost per unit of output using the model.
iii) Determine the fixed cost for the month using the model.
iv) Estimate the total cost if the company plans to produce 6,200 units.

Answer

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Tags: Cost Estimation, Fixed Cost, Least Squares Method, Regression Analysis, Variable Cost
Level: Level 1

Topic: Cost Segregation and Estimation
Series: Nov 2024

ICMA – Nov 2024 – L1 – Q4b – Day-Rate Incentive Scheme Calculation

Calculates the cost per unit for both low and high day-rate incentive schemes.

Question

Amanda LTD – Day-Rate Incentive Scheme
Amanda LTD is a manufacturing company and its management is considering the introduction of a high day-rate incentive scheme. During one of such production periods, record shows that, if an employee makes 100 units in a 40-hour week, the employee is paid GH¢2 per hour, but if 120 units are made, the employee is paid GH¢2.50 per hour. Production overhead is added to cost at the rate of GH¢2 per direct labour hour.

Required:
i) What is the cost per unit for the low day-rate scheme?
ii) What is the cost per unit for the high day-rate scheme?

Answer

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Tags: Cost Calculation, Day Rate Scheme, Incentive Scheme
Level: Level 1

Topic: Marginal Costing and Absorption Costing
Series: Nov 2024

ICMA – Nov 2024 – L1 – Q4a – Apportionment of Overheads

Apportion overhead costs across departments based on the most appropriate bases.

Question

: Apportionment of Overheads
The following expenses were estimated for the month of June 2024:

Item	GH¢
Electricity	80,000
Rent	18,000
Property rate	6,000
Insurance premium (office equipment)	15,000
Internet and communication	25,000
Indirect wages	60,000

There are three departments: A, B, and C. The following additional information has been provided:

Department	Area occupied (sq. metres)	Number of customers	Number of employees	Value of office equipment (GH¢)
A	300	700	120	50,000
B	450	600	150	40,000
C	250	500	130	60,000

Required:
Apportion the above overheads using the most appropriate base and determine the total overhead for each department.

Answer

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Tags: Cost Allocation, Departmental Costs, Overhead Apportionment
Level: Level 1

Topic: Cost Segregation and Estimation
Series: Nov 2024

ICMA – Nov 2024 – L1 – Q3d – Fixed Overhead Volume Variance

Explains the concept of fixed overhead volume variance and lists potential causes for such variances.

Question

Fixed Overhead Volume Variance
Fixed overhead volume variance (FOVV) measures the difference between the actual fixed overheads incurred and the fixed overheads that should have been incurred at the actual level of activity.

Required:
Explain fixed overhead volume variance and TWO possible causes of such variances.

Answer

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Tags: Cost Control, Fixed Overhead, Volume Variance
Level: Level 1

Topic: Standard Costing and Variance Analysis
Series: Nov 2024

ICMA – Nov 2024 – L1 – Q3c – Material and Labour Variances

Calculates material and labour variances based on given actual and standard cost data.

Question

Material and Labour Variances
The data below relates to Agbamame Enterprise for its flagship product, “Herb of Life”:

Standard Cost Card – Per Unit of Herb of Life

Description	Cost (GH¢)
Direct materials	5 kg at GH¢4 per kg = GH¢20
Direct labour	4 hours at GH¢15 per DLH = GH¢60
Variable overhead	4 hours at GH¢20 per DLH = GH¢80
Fixed overhead	GH¢50 per unit

Budgeted production: 600 units
Actual sales and production: 550 units

Actual cost of:

Actual Costs	Cost (GH¢)
Labour (1650 hours)	16,500
Materials (1650 kg)	5,775
Fixed overhead	15,000
Variable overhead	13,275

Data shows that 5% of labour hours paid for was idle, and 10% of materials bought was in stock at the end of the period.

Required:
i) Calculate the material variances.
ii) Calculate the labour variances.

Answer

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Tags: Labour Variance, Material Variance, Standard Costing, Variance Analysis
Level: Level 1

Topic: Standard Costing and Variance Analysis
Series: Nov 2024

ICMA – Nov 2024 – L1 – Q3b – Relevant Cost Concepts

Explains two key concepts of relevant cost used in decision-making.

Question

Relevant Cost
Relevant cost should be used for assessing the economic and financial consequences of any decision made by management. Only relevant cost and benefits should be taken into consideration when evaluating the financial consequences of a decision.

Required:
Explain TWO key concepts of relevant cost.

Answer

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Tags: Costs, Financial Decision-Making, Management Accounting, Relevant Cost
Level: Level 1

Topic: Relevant Cost and Revenue
Series: Nov 2024

ICMA – Nov 2024 – L1 – Q3a – Value for Money (VFM)

Explains the components of Value for Money (VFM) in the public sector.

Question

Value for Money (VFM)
Value for Money (VFM) is an objective that can be applied to any organization whose main objective is non-financial but has restrictions on the amount of finance available for spending, which the public sector is no exception.

Required:
Explain the components of VFM.

Answer

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Tags: Economy, Effectiveness, Efficiency, Public Sector, Value for Money
Level: Level 1

Topic: Cost-Volume-Profit (CVP) Analysis
Series: Nov 2024

ICMA – Nov 2024 – L1 – Q2c – Government Budgeting Challenges

Identifies and explains the challenges or limitations in government budgeting.

Question

Challenges in Government Budgeting
Budgeting in the public sector relates to a process of translating government plans and policies into financial terms by systemically relating cost to attaining the objectives of government plans and policies. As important as this process is, there are some challenges and limitations associated with government budgeting.

Required:
State FOUR challenges (limitations) of government budgeting.

Answer

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Tags: Budgeting Challenges, Financial planning, Government Budgeting, Public Sector
Level: Level 1

Topic: Budgeting Models and Systems
Series: Nov 2024

ICMA – Nov 2024 – L1 – Q2b – Working Capital

Calculates total amount held in working capital excluding cash and equivalents.

Question

Working Capital Calculation
A company has annual sales revenues of GH¢45 million and the following working capital periods:

Working Capital Item	Period (months)
Inventory conversion period	2.5
Accounts receivable collection period	2.0
Accounts payable payment period	1.5

Production costs are 70% of sales revenue.

Required:
Calculate the total amount held in working capital excluding cash and cash equivalents.

Answer

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Tags: Accounts Payable, Accounts Receivable, Budgeting, Costing, Inventory
Level: Level 1

Topic: Budgeting, Cost and Cost Behaviour
Series: Nov 2024

IMAC – Mar 2023 – L1 – Q2 – Budgeting | Cost and Cost Behaviour

Prepare functional budgets for sales, production, and direct material purchases for Naa Sei enterprise.

Question

Naa Sei enterprise wishes to prepare his functional budgets for the year 2023. The following information has been provided.

Sales

Year	Quarter	Units
2023	1	1,200
2023	2	1,500
2023	3	2,000
2023	4	1,800

2024

Year	Quarter	Units
2024	1	2,200
2024	2	2,300

The projected selling price is GH¢15 for the first two quarters, and this will increase by 10% in the third quarter. There will be no further price increase.

Inventory policy
i) Finished Goods: The company plans to keep 10% of the following quarter’s sales quantity. The opening inventory of finished goods is 120 units.
ii) Direct Materials: Only one material is used in production. 5 kilograms of the material are required for the production of a unit of a product. Closing inventory is expected to be 20% of the following quarter’s requirement. The cost of material is expected to be GH¢2 per kilogram.

Required:
Prepare the following functional budgets for each of the four quarters in 2023.
a) Sales
b) Production
c) Direct material purchases in value

Answer

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Tags: Direct Material Purchases, Functional Budgets, Production Budget, Sales Budget
Level: Level 1

Topic: Budgeting, Cost and Cost Behaviour
Series: MAR 2023

IMAC – Mar 2023 – L1 – Q1 – Pricing

Calculation of the production cost and selling price per loaf of bread, including direct materials, labor, and overheads.

Question

Mootomooto Bakery produces bread that is sold by agents within the Kumasi Metropolis.

For every batch of bread, 15 bags of flour are used. Below are details of the cost of processing a batch of bread:

i) Direct materials:

Flour: 15 bags at GH¢220 per bag.
Sugar: 10 kilograms at GH¢15 per kilogram
Margarine: 20 kilograms at GH¢25 per kilogram
Egg: 1 crate at GH¢30 per crate

Other direct materials: GH¢550

ii) Direct expenses: GH¢650.
iii) Direct Labour per batch: 20 contract workers, each works for 6 hours to be paid GH¢6 per hour.
iv) Fixed overheads: The details of monthly production overheads, which are absorbed per number of bags of flour produced, are given below:

Description	Amount (GH¢)
Salaries	32,000
Depreciation	8,000
Light and power	15,000
Rent and rates	7,500
Sanitation	5,500
Office expenses	12,000

It is estimated that 2,500 bags of flour will be baked in a month.

v) Administrative expenses: Administrative expenses are estimated at 10% of production cost.
vi) Commission on sales and distribution expenses: 8% of the selling price.

Required:
a) Calculate the production cost of a loaf of bread if each bag yields 120 loaves. (12 marks)
b) Calculate the selling price per loaf if profit is 14% of selling price. (8 marks)

Answer

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Level: Level 1

Topic: Pricing
Series: MAR 2023

IMAC – DEC 2022 – L1 – Q5 – Cost Segregation and Estimation | Cost-Volume-Profit (CVP) Analysis

Estimation of fixed and variable costs using linear regression and discussion of assumptions underlying Cost-Volume-Profit (CVP) analysis.

Question

a) Total production costs each week in a production department have been measured for the past five weeks, as follows:

Week	Units Produced	Total Cost (GH¢000)
1	5	20
2	9	27
3	4	17
4	5	19
5	6	23

Required:
i) Use linear regression analysis to obtain an estimate of fixed costs per week and the variable cost of production per unit (see formula table). (8 marks)
ii) Use your results to estimate total costs in a week when 8 units are produced. (3 marks)
iii) Explain why the regression analysis method of separating cost is considered more accurate than the high-low method. (4 marks)

b) The cost-volume-profit (CVP) analysis, also commonly known as breakeven analysis, looks to determine the breakeven point for different sales volumes and cost structures, which can be useful for managers making short-term business decisions. For CVP analysis to be effective, several assumptions are usually made.

Required:
State FOUR (4) assumptions underlying cost-volume-profit (CVP) analysis. (5 marks)

Answer

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Tags: Breakeven Analysis, Cost Estimation, Fixed and Variable Costs, Linear Regression
Level: Level 1

Topic: Cost Segregation and Estimation, Cost-Volume-Profit (CVP) Analysis
Series: DEC 2022

IMAC – DEC 2022 – L1 – Q4 – Accounting for Inventory and Labour

Explanation of inventory discrepancies, preparation of a FIFO inventory statement, sources of management information, and explanation of an investment center.

Question

a) Inventory refers to the goods and materials that a business holds for the ultimate goal of resale, production, or utilization in the near future. Inventory could be in the form of raw materials, finished goods, work in progress, among others.

Required:
Identify FIVE (5) reasons actual inventory counted may be different from the balance in the inventory records. (5 marks)

Answer

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Tags: FIFO Method, Inventory Discrepancies, Investment Center, Sources of Information
Level: Level 1

Topic: Accounting for Inventory and Labour
Series: DEC 2022

IMAC – DEC 2022 – L1 – Q3 – Scope of Management Accounting | Standard Costing and Variance Analysis

Explanation of responsibility accounting classifications, reasons for full costing, and calculation of material, labour, and overhead variances.

Question

a) Responsibility Accounting is a system of accounting in which costs are identified with persons who are primarily responsible for making decisions about the costs in question. Responsibility Accounting classifies cost under two main headings.

Required:
Explain the TWO (2) classifications of cost under Responsibility Accounting. (2 marks)

b) Full costing is an accounting method used to determine the complete end-to-end cost of producing products or services. Accountants use the term full cost to mean more than a product’s manufacturing or production costs (including fixed manufacturing overhead).

Required:
Explain FOUR (4) reasons full cost of a product or service may be calculated. (8 marks)

c) Afram Ltd has just introduced a standard marginal costing system to assist in the planning and control of the production activities for its single product, Amino. The system became operational on 1 January 2022. The Functional Director responsible for cost and management accounting had a discussion with the Production Manager, and both have agreed on the following standard cost information to manufacture one unit of product, Amino.

Budgeted cost:

Direct materials: 4kg @ GH¢1.75 per kg
Direct labour: 2 hours @ GH¢10 per hour
Variable overhead: 2 hours @ GH¢8.25 per hour.

Actual Results:
The actual results for January 2022 are as follows:

Sales: 22,000 units yielding a total revenue of GH¢1,276,000
Production: 23,000 units
Direct Materials: 90,000 kgs at a cost of GH¢162,000
Direct labour: 48,000 hours at a cost of GH¢576,000
Variable overhead: GH¢350,000

The budgeted level of production and sales activity has been agreed with both production managers and sales staff at 24,000 units per month.

Required:
Calculate the following variances:
i) Direct Material Price
ii) Direct Material Usage
iii) Direct Labour Rate
iv) Direct Labour Efficiency
v) Variable Overhead Efficiency (10 marks)

Answer

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Tags: Full Costing, Labour Variance, Material Variance, Overhead Variance, Responsibility Accounting, Variances
Level: Level 1

Topic: Scope of Management Accounting, Standard Costing and Variance Analysis
Series: DEC 2022

IMAC – DEC 2022 – L1 – Q2 – Budgeting

Preparation of a flexible budget and addressing negative cash balances in a cash budget.

Question

a) A cash budget is an estimation of the cash flows of a business over a specific period of time. This budget is used to assess whether an entity has sufficient cash to continue operating over a given time frame. The cash budget provides a company with insight into its cash needs (and any surplus) and helps to determine an efficient allocation of cash.

Required:
Identify THREE (3) ways a business can address negative monthly cash balances in a cash budget. (6 marks)

b) The following budget report was prepared for the second quarter of 2022.

	Budget	Actual	Variance
Production Level	6,000 units	7,200 units
Revenue and Cost:	GH¢	GH¢	GH¢
Sales	120,000	140,600	20,600 F
Direct Material	(30,000)	(39,600)	9,600 A
Direct Labour	(24,000)	(25,920)	1,920 A
Variable Overheads	(12,000)	(21,600)	9,600 A
Semi-Variable Overheads	(30,000)	(34,600)	4,600 A
Profit	24,000	18,880	5,120 A

The budgeted fixed overhead cost in the semi-variable overhead cost was GH¢12,000.

Required:
Prepare a budget report using the flexible budget for the second quarter of 2022. (14 marks)

Answer

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Tags: Cash Budget, Flexible Budget, Variance Analysis
Level: Level 1

Topic: Budgeting
Series: DEC 2022

IMAC – DEC 2022 – L1 – Q1 – Budgeting | Marginal Costing and Absorption Costing

Features of a service, calculation of overhead absorption rates and production cost, addressing negative cash balances, and preparation of a flexible budget.

Question

a) Services are the non-physical, intangible parts of the Ghanaian economy, as opposed to goods, which we can touch or handle. Services, such as banking, education, medical treatment, and transportation make up a significant percentage of the economy.

Required: State and explain THREE (3) features of a service. (6 marks)

b) Edwin Ltd manufactures aviation components and parts to order, and the following are budgeted overheads for the year based on normal activity levels:

Department	Budgeted overhead	Labour hours
Welding	GH¢12,000	3,000
Assembly	GH¢20,000	2,000

Selling and administration overheads are 25% of factory cost.

An order for 350 units of engine parts, Job X 01, incurred the following cost:

Material cost: GH¢24,000
Labour:
- Welding: 200 hours @ GH¢5 per hour
- Assembly: 400 hours @ GH¢2 per hour
GH¢1,000 was paid for the hiring of a special x-ray machine for testing the welds.

Required: i) Calculate the overhead absorption rate for each department. (2 marks)

ii) Calculate the production cost for Job X01. (10 marks)

iii) Calculate the total cost of Job X01. (2 marks)

Answer

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Tags: Flexible Budget, Negative Cash Balances, Overhead Absorption Rate, Production Cost, Service Features, Total Cost
Level: Level 1

Topic: Budgeting, Marginal Costing and Absorption Costing
Series: DEC 2022

IMAC – AUG 2022 – L1 – Q5 – Costs and Cost Behaviour

Establishment of total cost function using high-low method, profit calculation for a specific production level, and identification of advantages and disadvantages of high-low method.

Question

a) Takyi Carpentry makes twin-desk for local schools in the Daboase District. To facilitate control, the owner of the shop has asked you to assist him in analysing cost into fixed and variable elements.

Below is his six-year financial information:

Year	No. of Twin-Desk	Revenue (GH¢)	Profit (GH¢)
2016	1,800	19,600	6,000
2017	1,700	22,000	6,200
2018	1,750	20,300	5,800
2019	2,100	26,200	8,000
2020	1,950	22,400	7,500
2021	2,050	21,800	6,800

Required: i) Establish total cost function using high-low method. (5 marks)

ii) Calculate profit for making 3,500 units of the twin-desk if the selling price is fixed at GH¢20. (3 marks)

iii) Identify TWO (2) advantages and TWO (2) disadvantages of using high-low method. (4 marks)

iv) Identify THREE (3) importance for classifying cost as fixed and variable. (3 marks)

b) For managers within a company, exercising control through standards and standard costing is a creative program aimed at determining whether the organisations’ resources are being used optimally. Standard costs are typically determined during the budgetary control process because it uses predetermined standard costs for direct material, direct labour and factory overheads.

Required: Explain THREE (3) benefits to a company that uses standard costing. (5 marks)

Answer

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Tags: Cost Classification, Cost Function, Fixed Cost, High-Low Method, Profit Calculation, Variable Cost
Level: Level 1

Topic: Cost and Cost Behaviour
Series: AUG 2022

IMAC – AUG 2022 – L1 – Q4 – Inventory Management

Calculation of cost of goods issued and closing inventory using the weighted average method, and identification of causes for material and labour cost variances.

Question

Question: a) The following extracts are from the books of Bediako Enterprise in the month of February:

Date	Description	Units	Per unit cost (GH¢)
01	Receipts	400	42
04	Receipts	700	45
07	Issue	450
10	Receipts	600	48
14	Issue	700
20	Receipts	1,200	50

Required: Using the Weighted Average Method;

i) Calculate the cost of goods issued to Cost of Sales. (3 marks)

ii) Compute the value of closing inventory. (12 marks)

b) Identify TWO (2) possible causes for each of the following variances:

i) Material cost variance.

ii) Labour cost variance. (5 marks)

Answer

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Tags: Closing Inventory, Cost of Goods Issued, Labour Cost Variance, Material Cost Variance, Weighted Average Method
Level: Level 1

Topic: Inventory Management
Series: AUG 2022

IMAC – Aug 2022 – L1 – Q3 – Scope of Management Accounting

Discuss the objectives and qualities of management accounting, differentiate operational control from cost control, and explain specific order costing characteristics.

Question

a) Management Accounting is that branch of accounting known for management decision-making. It is a more intimate merger of the two older professions of management and accounting, wherein the information needs of the manager determine the accounting means for their satisfaction.

In Management Accounting, managers use accounting information in decision-making and to assist in the management and performance of their control functions. Management accounting information should comply with certain qualities and characteristics to be useful in planning, control, and decision-making.

Required:
i) Identify THREE (3) objectives of Management Accounting. (6 marks)
ii) Explain FIVE (5) qualities of management accounting information. (5 marks)

b) All deployed cost-accounting controls and processes should bring to focus opportunities for improvement and engender decision-makers’ trust in results. Operational control and cost control management approaches are needed to add insight into where and how cost improvements can be implemented.

Required:
Distinguish between operational control and cost control. (4 marks)

c) Specific order costing methods are appropriate for business organizations that are involved in the construction, manufacturing, or assembling of products to individual customers’ specifications.

Required:
State THREE (3) characteristics of Specific Order Costing. (5 marks)

Answer

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Tags: Cost Control, Information Qualities, Management Accounting, Objectives, Operational Control, Specific Order Costing
Level: Level 1

Topic: Scope of Management Accounting
Series: AUG 2022

Subject: INTRODUCTION TO MANAGEMENT ACCOUNTING

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ICMA – Nov 2024 – L1 – Q5b – Budgeting Models and Systems

Explain the benefits of GIFMIS to the government of Ghana.

Required:

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ICMA – Nov 2024 – L1 – Q5a – Cost Segregation and Estimation

Determine fixed and variable cost components using regression analysis and estimate total cost for a given production level.

Required:

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ICMA – Nov 2024 – L1 – Q4b – Day-Rate Incentive Scheme Calculation

Calculates the cost per unit for both low and high day-rate incentive schemes.

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ICMA – Nov 2024 – L1 – Q4a – Apportionment of Overheads

Apportion overhead costs across departments based on the most appropriate bases.

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ICMA – Nov 2024 – L1 – Q3d – Fixed Overhead Volume Variance

Explains the concept of fixed overhead volume variance and lists potential causes for such variances.

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ICMA – Nov 2024 – L1 – Q3c – Material and Labour Variances

Calculates material and labour variances based on given actual and standard cost data.

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ICMA – Nov 2024 – L1 – Q3b – Relevant Cost Concepts

Explains two key concepts of relevant cost used in decision-making.

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ICMA – Nov 2024 – L1 – Q3a – Value for Money (VFM)

Explains the components of Value for Money (VFM) in the public sector.

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ICMA – Nov 2024 – L1 – Q2c – Government Budgeting Challenges

Identifies and explains the challenges or limitations in government budgeting.

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ICMA – Nov 2024 – L1 – Q2b – Working Capital

Calculates total amount held in working capital excluding cash and equivalents.

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IMAC – Mar 2023 – L1 – Q2 – Budgeting | Cost and Cost Behaviour

Prepare functional budgets for sales, production, and direct material purchases for Naa Sei enterprise.

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IMAC – Mar 2023 – L1 – Q1 – Pricing

Calculation of the production cost and selling price per loaf of bread, including direct materials, labor, and overheads.

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IMAC – DEC 2022 – L1 – Q5 – Cost Segregation and Estimation | Cost-Volume-Profit (CVP) Analysis

Estimation of fixed and variable costs using linear regression and discussion of assumptions underlying Cost-Volume-Profit (CVP) analysis.

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IMAC – DEC 2022 – L1 – Q4 – Accounting for Inventory and Labour

Explanation of inventory discrepancies, preparation of a FIFO inventory statement, sources of management information, and explanation of an investment center.

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IMAC – DEC 2022 – L1 – Q3 – Scope of Management Accounting | Standard Costing and Variance Analysis

Explanation of responsibility accounting classifications, reasons for full costing, and calculation of material, labour, and overhead variances.

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IMAC – DEC 2022 – L1 – Q2 – Budgeting

Preparation of a flexible budget and addressing negative cash balances in a cash budget.

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IMAC – DEC 2022 – L1 – Q1 – Budgeting | Marginal Costing and Absorption Costing

Features of a service, calculation of overhead absorption rates and production cost, addressing negative cash balances, and preparation of a flexible budget.

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IMAC – AUG 2022 – L1 – Q5 – Costs and Cost Behaviour

Establishment of total cost function using high-low method, profit calculation for a specific production level, and identification of advantages and disadvantages of high-low method.

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IMAC – AUG 2022 – L1 – Q4 – Inventory Management

Calculation of cost of goods issued and closing inventory using the weighted average method, and identification of causes for material and labour cost variances.

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IMAC – Aug 2022 – L1 – Q3 – Scope of Management Accounting

Discuss the objectives and qualities of management accounting, differentiate operational control from cost control, and explain specific order costing characteristics.

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