ACCA F2

Powerful Essays
Management
Accounting
Specimen Exam applicable from June 2014

Time allowed: 2 hours
This paper is divided into two sections:
Section A – ALL 35 questions are compulsory and MUST be attempted
Section B – ALL THREE questions are compulsory and MUST be attempted
Formulae Sheet, Present Value and Annuity Tables are on pages 16, 17 and 18.
Do NOT open this paper until instructed by the supervisor.
This question paper must not be removed from the examination hall.

The Association of Chartered Certified Accountants

Paper F2

Fundamentals Level – Knowledge Module

Section A – ALL 35 questions are compulsory and MUST be attempted
Please use the space provided on the inside cover of the Candidate Answer Booklet to indicate your chosen answer to each multiple choice question.
Each question is worth 2 marks.
1

A manufacturing company benchmarks the performance of its accounts receivable department with that of a leading credit card company.
What type of benchmarking is the company using?
A
B
C
D

2

Which of the following BEST describes target costing?
A
B
C
D

3

Internal benchmarking
Competitive benchmarking
Functional benchmarking
Strategic benchmarking

Setting
Setting
Setting
Setting

a a a a cost by subtracting a desired profit margin from a competitive market price price by adding a desired profit margin to a production cost cost for the use in the calculation of variances selling price for the company to aim for in the long run

Information relating to two processes (F and G) was as follows:
Process
F
G

Normal loss as
% of input
8
5

Input
(litres)
65,000
37,500

Output
(litres)
58,900
35,700

For each process, was there an abnormal loss or an abnormal gain?
A
B
C
D

4

Process F
Abnormal gain
Abnormal gain
Abnormal loss
Abnormal loss

Process G
Abnormal gain
Abnormal loss
Abnormal gain
Abnormal loss

The following budgeted information relates to a

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