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 – AUG 2022 – L1 – Q2 – Budgeting

Preparation of production forecast and material purchase budget for Kikaw Ltd, and identification of benefits of budgeting.

Question

Kikaw Ltd engages in the manufacturing and trading of two products namely: Product A and Product B. Kikaw Ltd is presently in the process of preparing budgets for the year ending 31 March 2023, and the following information was estimated.

Purchases: Material cost per unit:

Product A
Material X (GH¢200 per Kg)	GH¢550

Sales: The following quarterly sales have been forecasted. Monthly sales are evenly distributed within each quarter.

	Apr-Jun 2022	Jul-Sep 2022	Oct-Dec 2022	Jan-Mar 2023	Apr-Jun 2023
Product A (Units)	84,000	88,200	93,000	96,000	100,800
Product B (Units)	63,000	66,000	67,800	69,000	72,000

Additional information:

Kikaw Ltd operates FIFO method in issuing inventory and maintains a material inventory of 20% of the following quarter’s production requirement.
The policy of the company is to maintain month-end inventory of finished goods equal to 50% of sales of the following month.

Required: a) Prepare a production forecast in units for Products A and B separately on quarterly basis, for the year ending 31 March 2023. (9 marks)

b) Prepare Material Purchase budget for material X in quantity for the first three quarters for product A only. (7 marks)

c) Identify FOUR (4) benefits Kikaw Ltd will gain from preparing budgets. (4 marks)

Answer

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Tags: Benefits of Budgeting, Material Purchase Budget, Production Forecast
Level: Level 1

Topic: Budgeting
Series: AUG 2022

IMAC – AUG 2022 – L1 – Q1 – Budgeting

Differences in operating profit under marginal and absorption costing, preparation of profit statements, production forecast, and material purchase budget.

Question

a) Marginal costing and Absorption costing are cost management techniques used to allocate cost to the products produced for their valuation. There are differences in the operating profit when either marginal costing or absorption costing is deployed.

Required: State TWO (2) reasons that account for the differences in the operating profit under Marginal costing and Absorption costing systems. (4 marks)

b) Adam Ltd is a producer of product Wale. In a period, it produced 20,000 units and sold 18,000 units of product Wale. The selling price per unit of the output is GH¢5. In the planned production period, relevant cost and revenue data were stated as:

	GH¢
Sales	100,000
Production cost:
Variable	35,000
Fixed	15,000
Administration and selling overhead:
Fixed	25,000

Required: Prepare a profit or loss statement based on the following costing systems: i) Marginal costing systems. (8 marks) ii) Absorption costing systems. (8 marks)

Answer

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Tags: Closing Stock, Fixed Overhead, Marginal Cost, Material Purchase Budget, Production Forecast
Level: Level 1

Topic: Budgeting
Series: AUG 2022

IMAC – APRIL 2022 – L1 – Q4 – Standard Costing and Variance Analysis

Factors for deciding time-based reward systems, measures to ensure task completion, challenges in implementing group bonus schemes, and uses of standard costing.

Question

a) Most organisations use time as a basis to reward their employees, hence they pay their staff on a time basis using clock-in devices. Employers are therefore likely to pay for attendance instead of tasks performed. Accountants believe that employees should be rewarded based on tasks, however, not all tasks can easily be rewarded on a time basis.

Required:
i) State THREE (3) factors that should be considered when deciding to use a time-based reward system. (6 marks)
ii) State THREE (3) measures that can be put in place to ensure that employees do not only report for work but execute their tasks as required. (6 marks)

b) State THREE (3) challenges management may face in implementing group bonus schemes. (3 marks)

c) Standard costing among other advantages is used for performance measurement and control reporting.

Required:
Explain how the above uses of standard costing are measured. (5 marks)

Answer

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Tags: Control Reporting, Employee Motivation, Performance Measurement, Time-Based Reward System
Level: Level 1

Topic: Standard Costing and Variance Analysis
Series: APR 2022

IMAC – APRIL 2022 – L1 – Q5 – Standard Costing and Variance Analysis

Computation of variances for a product, derivation of a cost prediction formula using the high-low method, and explanation of seasonal variation models.

Question

a) Magawa Ltd operates a standard variables costing system and manufactures a single product called “Magic Touch”.

The following quantities, costs and prices data have been extracted for the period just ended March 31, 2021 in respect of Magic Touch:

Standard cost card:

	GH¢
Direct materials	15g at GH¢10/g = 150
Direct labour	8 hours at GH¢6/hour = 48
Variable overheads	8 hours at GH¢4/hour = 32
Standard contribution	25
Standard selling price per unit	255

Budgeted production units: 1,500

Actual results for the period ended March 31, 2021 were as follows:


Production and sales units	1,650
Selling price per unit	GH¢278
Direct materials used	23,760g
Direct materials costs	GH¢308,880
Direct labour hours worked	10,725
Direct labour costs	GH¢85,800
Variable overheads	GH¢68,000

Required: i) Compute the following variances for Magawa Ltd for the period ended March 31, 2021:

Direct materials price variance. (1 mark)
Direct materials usage variance. (1 mark)
Direct labour rate variance. (1 mark)
State ONE (1) possible reason for the material price variance calculated. (1 mark)
State ONE (1) possible reason for the labour rate variance calculated. (1 mark)

b) The Valuation Department of a large firm of surveyors wishes to develop a method of predicting its total costs in a period. The following past costs and activity levels have been recorded.

Period	Number of Valuations (V)	Total Cost (TC) GH¢
1	420	82,200
2	515	90,275
3	425	82,900
4	500	90,000

Required: i) Derive a formula for the total cost model for a period. (4 marks) ii) Evaluate the usefulness of the high-low method. (4 marks)

c) The trend line on its own is not sufficient to make forecasts for the future. Estimates of the size of the ‘seasonal’ variation for each of the different seasons are needed. The seasonal variation is then used to adjust a forecast trend.

Required: Explain TWO (2) models used to estimate seasonal variations. (7 marks)

Answer

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Tags: Cost Prediction, High-Low Method, Labour Rate Variance, Material Price Variance, Material Usage Variance, Seasonal Variation Models
Level: Level 1

Topic: Standard Costing and Variance Analysis
Series: APR 2022

IMAC – April 2022 – L1 – Q3 – Cost Segregation and Estimation | Process Costing

Determination of prime and full costs of living room furniture and features of a process costing system.

Question

a) Frankadua Furniture Works located at Bomaa in the Ahafo Region has a rough estimate of the materials and labour cost of a set of living room furniture. It is expected that 8 cubic metres of timber, 6 cubic metres of foam and 12 square metres of fabric can be used. Glue, screws and other accessories will also cost GH¢80.

The Carpenters who will do the cutting, joining and finishing will use 35 hours. Since the company is fairly new, it will engage a tailor to sew the fabric to fit the sizes of the units of the chairs. For each set the tailor will charge GH¢150. Labour is paid at GH¢12 per hour plus a premium of GH¢5 per hour when the job requires more than 20 hours.

Timber is priced at GH¢25 per cubic metre, foam is GH¢20 per cubic metre while the fabric is GH¢15 per square metre. The Accountant has estimated overhead absorption rate of 20% on direct material cost.

Required:
i) Determine the prime cost of a set of living room furniture. (10 marks)
ii) Determine the full cost of a set of living room furniture. (5 marks)

b) Kempion Breweries Ltd has just commenced business in the alcoholic beverage sector of Ghana producing a local gin called Pitoo and is desirous of having a good grasp of its costs for product costing, valuation and pricing purposes.

Required:
State FOUR (4) features of a process costing system to be used by Kempion Breweries to arrive at the total cost of Pitoo. (5 marks)

Answer

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Tags: Features of Process Costing, Full Cost, Prime Cost
Level: Level 1

Topic: Cost Segregation and Estimation, Process Costing
Series: APR 2022

IMAC – April 2022 – L1 – Q2 – Budgeting

Preparation of functional budgets for Dampare Ltd and explanation of principal budget factor.

Question

a) Dampare Ltd manufactures three products namely A, B, and C. The information given below relates to the month of November 2020.

Product	Quantity (Units)	Price/Unit (GH¢)
Sales:
A	1,200	80
B	2,400	96
C	1,800	112

Materials used in company’s Products:

Material	MA	MB	MC
Unit cost	GH¢3	GH¢5	GH¢8

Quantity used in:	MA (Units)	MB (Units)	MC (Units)
Product A	5	3	1
Product B	4	4	3
Product C	3	2	2

Finished Stock:

Product A (Units)	Product B (Units)	Product C (Units)
Opening stock	1,200	1,800
Closing stock	1,320	1,980

Material Stock:

Material	MA (Units)	MB (Units)	MC (Units)
Opening stock	31,200	24,000	14,400
Closing stock	37,440	28,800	17,280

Required: Prepare the following functional budget for the month of November 2020 for: i) Sales in quantity and value, including total value ii) Production quantities iii) Material usage in quantities iv) Material purchases in quantities and value, including total value. (15 marks)

b) Principal budget factor is such an important factor in the budgetary control process. It is essential to identify the principal budget factor before the preparation of budgets.

Required: i) Explain the term “Principal budget factor” as used in budgetary control. (2 marks) ii) Identify THREE (3) examples of Principal budget factor from financial institution. (3 marks)

Answer

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Tags: Material Purchases Budget, Material Usage Budget, Principal Budget Factor, Production Budget, Sales Budget
Level: Level 1

Topic: Budgeting
Series: APR 2022

IMAC – APRIL 2022 – L1 – Q1 – Budgeting | Process Costing

Computation of costs and preparation of Process X account using the weighted average method, and preparation of functional budgets for a manufacturing firm.

Question

a) The following information has been extracted from the records of a company for the half-year ended 31 March 2021. A product, Capital Q, goes through two processes, X and Y:

Details relating to Process X for the period: Input units: 5,000 Finished units transferred to Process Y: 3,200 Closing WIP: 840 Normal losses: 10%

Normal losses have an estimated resale value of GH¢4 per unit.

Costs incurred during the period:

	GH¢
Direct materials	31,250
Direct labour	21,200
Overheads	17,325

Abnormal Losses and Closing WIP had the following degrees of completion at the end of the period:

	Direct materials	Direct labour	Overheads
Abnormal Losses	100%	80%	50%
Closing WIP	100%	80%	50%

Required: Using the weighted average method: i) Compute the cost per unit for each of the element of costs. (5 marks)

b) Compute the value of the complete units transferred to Process Y. (5 marks)

c) Compute the value of the closing WIP. (5 marks)

d) Prepare Process X Account for the period. (5 marks)

Answer

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Tags: Abnormal Loss, Cost per Unit, Functional Budgets, Principal Budget Factor, Process Account
Level: Level 1

Topic: Budgeting, Process Costing
Series: APR 2022

IMAC – Nov 2021 – L1 – Q5 – Budgeting | Forecasting

Analysis of a regression equation related to absenteeism, seasonal variation in production output, and variance analysis for overheads.

Question

a) A large manufacturing company is investigating the cost of sickness amongst production workers who the company has employed for more than one year. The following regression equation, based on a random sample of 50 for such production workers, was derived for 2018:

$y = 15.6 - 1.2 x$

where $y$ represents the number of days absent in a year because of sickness and $x$ represents the number of years’ employment with the company.

Required: i) Explain the meaning of each component of the regression equation. (2 marks)
ii) Predict the number of days of absence through sickness to be expected of an employee who has been with the company for eight years. (2 marks)
iii) Explain TWO (2) limitations or problems of using this equation in practice. (4 marks)

b) A statistician is carrying out an analysis of a company’s production output. The output varies according to the year’s season, and, from the data, she has calculated the following seasonal variations in units of production:

QUARTER	1	2	3	4
Year 1			+11.2	+23.5
Year 2	-9.8	-28.1	+12.5	+23.7
Year 3	-7.4	-26.3	+11.7

Required: i) Calculate and explain the average quarterly variation for each quarter. (5 marks)
ii) If the trend output in the 4th Quarter of Year 3 is expected to be 10,536 units, what is the forecast output? (2 marks)

c) KK Ltd operates a standard absorption costing system and has provided the following costs data in relation to its prime product, Qwikpass:

Standard Cost Card:

	GH¢
Direct Material 4kg @ GH¢3/kg	12
Direct Labour 3hrs @ GH¢5/hr	15
Variable Overheads 3hrs @ GH¢3/hr	9
Fixed Overheads 3hrs @ GH¢2	6
Total Cost per Unit	42

Budgeted Units: 6,000

Actual Results:

	GH¢
Units produced	6,400
Direct Materials Purchased and used 32,000kg	144,000
Direct Labour 30,720hrs	199,680
Variable Overheads	138,240
Fixed Overheads	45,000
Total costs	526,920

Required: i) Compute the Variable Overheads Expenditure Variance. (1 mark)
ii) Compute the Fixed Overheads Expenditure Variance. (2 marks)
iii) Compute the Fixed Overheads Volume Variance. (2 marks)

Answer

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Tags: Absenteeism, Employment Years, Regression Analysis, Seasonal Variations, Sickness, Standard Costing, Variance Analysis
Level: Level 1

Topic: Budgeting, Forecasting
Series: NOV 2021

IMAC – NOV 2021 – L1 – Q4 – Accounting for Inventory and Labour | Standard Costing and Variance Analysis

Calculation of direct and indirect labour costs, examples of inventory costs, and explanation of uses of standard costing.

Question

a) Asase Aban Ltd pays some of the employees on a time basis but is subject to a monthly minimum wage of GH¢800 as directed by the Government of Ghana. For one of the months, the following data were extracted from the timesheet of the company:

SRN	Name	Staff Number	Number of hours
1	Kwame Sarfo	K00324	262
2	Ajoa Mansa	A00225	240
3	Salomy Adiku	S00552	180
4	Joseph Asiedu	J00654	332
5	Thomas Tinge	T00724	204

The hourly rate was GH¢4.00, the minimum hours to be worked by each staff beyond which overtime can be paid is 224 per month. All overtime attracts a premium of GH¢1.50 per hour.

Required: i) Calculate the direct labour cost for the month. (8 marks) ii) Calculate the total indirect labour cost for the month. (2 marks)

b) Most businesses overlook their actual inventory cost, but in reality, the inventory price is more than its purchase price. It is because it includes the cost of ordering, as well as the cost of storing and maintaining until sales happen. Therefore, for assessing inventory value, every business must consider carrying or holding cost and ordering cost, together with the purchase price.

Required: i) State TWO (2) examples of inventory ordering costs. (2 marks) ii) State THREE (3) examples of inventory holding costs. (3 marks)

c) Explain TWO (2) uses of standard costing. (5 marks)

Answer

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Tags: Direct Labour Cost, Indirect Labour Cost, Inventory Holding Costs, Inventory Ordering Costs, Uses of Standard Costing
Level: Level 1

Topic: Accounting for Inventory and Labour, Standard Costing and Variance Analysis
Series: NOV 2021

IMAC – NOV 2021 – L1 – Q3 – Cost and Cost Behaviour | Marginal Costing and Absorption Costing

Explanation of different cost classifications and advantages of marginal costing over absorption costing.

Question

a) Costs may be classified in various ways according to their nature and the information needs of management.

Required:
Explain the following pairs of costs:
i) Direct and Indirect Costs (3 marks)
ii) Fixed and Variable Costs (3 marks)
iii) Controllable and Non-controllable Costs (3 marks)
iv) Production and Non-production Costs (3 marks)
v) Relevant and Irrelevant costs (3 marks)

b) QQQ Ltd has been reporting using an absorption costing technique. However, at a management retreat attended by the Cost and Management Accountant, they discussed the information usefulness of marginal costing reports for short-term decision making extensively.

Required:
Outline FIVE (5) advantages of a marginal costing system of reporting compared to absorption costing system for consideration by the management of QQQ Ltd. (5 marks)

Answer

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Tags: Controllable Costs, Direct Costs, Fixed Costs, Indirect Costs, Irrelevant Costs, Non-controllable Costs, Non-production Costs, Production Costs, Relevant Costs, Variable Costs
Level: Level 1

Topic: Cost and Cost Behaviour, Marginal Costing and Absorption Costing
Series: NOV 2021

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 – AUG 2022 – L1 – Q2 – Budgeting

Preparation of production forecast and material purchase budget for Kikaw Ltd, and identification of benefits of budgeting.

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IMAC – AUG 2022 – L1 – Q1 – Budgeting

Differences in operating profit under marginal and absorption costing, preparation of profit statements, production forecast, and material purchase budget.

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IMAC – APRIL 2022 – L1 – Q4 – Standard Costing and Variance Analysis

Factors for deciding time-based reward systems, measures to ensure task completion, challenges in implementing group bonus schemes, and uses of standard costing.

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IMAC – APRIL 2022 – L1 – Q5 – Standard Costing and Variance Analysis

Computation of variances for a product, derivation of a cost prediction formula using the high-low method, and explanation of seasonal variation models.

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IMAC – April 2022 – L1 – Q3 – Cost Segregation and Estimation | Process Costing

Determination of prime and full costs of living room furniture and features of a process costing system.

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IMAC – April 2022 – L1 – Q2 – Budgeting

Preparation of functional budgets for Dampare Ltd and explanation of principal budget factor.

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IMAC – APRIL 2022 – L1 – Q1 – Budgeting | Process Costing

Computation of costs and preparation of Process X account using the weighted average method, and preparation of functional budgets for a manufacturing firm.

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IMAC – Nov 2021 – L1 – Q5 – Budgeting | Forecasting

Analysis of a regression equation related to absenteeism, seasonal variation in production output, and variance analysis for overheads.

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IMAC – NOV 2021 – L1 – Q4 – Accounting for Inventory and Labour | Standard Costing and Variance Analysis

Calculation of direct and indirect labour costs, examples of inventory costs, and explanation of uses of standard costing.

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IMAC – NOV 2021 – L1 – Q3 – Cost and Cost Behaviour | Marginal Costing and Absorption Costing

Explanation of different cost classifications and advantages of marginal costing over absorption costing.

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