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Question 1: Marginal costing Calculate the breakeven position in units:
Sales 160,000 Cost of sales 112,000 Gross profit 48,000 Fixed expenses 25,000 Variable expenses 10,000 Profit 13,000 Units sold 50,000	52083 36458 32895 50000
Question 2: Marginal costing Using the same information as question 1, calculate the breakeven in value:
Sales 160,000 Cost of sales 112,000 Gross profit 48,000 Fixed expenses 25,000 Variable expenses 10,000 Profit 13,000 Units sold 50,000	£105,263 £166,666 £160,000 £116,666
Question 3: Marginal costing Using the above information, calculate the gross profit per cent:
Sales 160,000 Cost of sales 112,000 Gross profit 48,000 Fixed expenses 25,000 Variable expenses 10,000 Profit 13,000 Units sold 50,000	8% 23.75% 33% 30%
Question 4: Calculate the selling price of the following product based on standard costs Data Materials cost per unit: £360 Labour standard cost per unit: £240 Overheads absorbed at 200% of Prime Cost Profit margin: 25%
2250 1200 1800 2400
Question 5: Calculate the value of the issues using the FIFO method
Date Receipts Issues Balance   Quantity Value Quantity Value Quantity Value April 1         100 1,000 April 10 500 8,000     600 9,000 April 21     400 ?
6000 5800 6400 8000
Question 6: Calculate the value of the issues using the LIFO method
Date Receipts Issues Balance   Quantity Value Quantity Value Quantity Value April 1         100 1,000 April 10 500 8,000     600 9,000 April 21     400 ?
6000 5800 6400 8000 Question 7: Calculate the value of the issues using the Average Cost (AVCO) method
Date Receipts Issues Balance   Quantity Value Quantity Value Quantity Value April 1         100 1,000 April 10 500 8,000     600 9,000 April 21     400 ?
6000 5800 6400 8000
Question 8: Bookkeeping The debit side of the entry to reduce a provision for bad debts will go to: General provisions account Bad debts provision account Bad debts write off account Sales ledger control account
Question 9: Bookkeeping The receipt entered in the cash book for the sale of an asset will be posted: Debit disposals of assets account Credit disposals of assets account Debit fixed assets account Credit fixed assets account
Question 10: An entry has been made on the bank statement to cancel a charge the bank made. This item will be posted as follows: Debit bank account, credit bank charges account Credit bank account, debit bank charges account Debit bank account Credit bank charges account
Question 11: The journal is used for the following purposes: Entering bank transactions Entering purchases and sales Entering adjustments and transfers Entering credit and debit notes
Question 12: Depreciation - Straight Line method Calculate the depreciation to be charged to profit and loss account in year 2 using the straight line depreciation method. Data Date of purchase: January Year 1 Cost: £40,000 Depreciation rate: straight line write off period 5 years 2400 4000 8000 8400
Question 13: Depreciation - Reducing Balance method Using the information above, calculate the depreciation in year 2 using the reducing balance method at the rate of 30%. 2240 4000 8000 8400
Questions 14 and 15: Disposal of Asset The above asset was sold on 31st December Year 3 for £17,800. Calculate the gain or loss on disposal using both methods. (Brackets represent a loss on disposal). Data Date of purchase: January Year 1 Date of disposal: December Year 3 Cost: £40,000. Sold for £17,800. Depreciation rate: straight line write off period 5 years, reducing balance rate 30%.
Question 14: Straight Line Method 1800 (1800) (4080) 4080	Question 15: Reducing Balance Method 1800 (1800) (4080) 4080
Questions 16 and 17: Materials Price Variance Calculate the materials price variance from the following data: Data Materials standard cost per unit: 10 kg at £2.00 per kg Actual production in units: 128 Actual materials used - kg: 1300 Actual materials cost: £2,800
Question 16 £ 240 £200 £40 £280	Question 17 Adverse Favourable
Questions 18 and 19: Labour Efficiency Variance Calculate the labour efficiency variance from the following data: Data Labour standard cost per unit: 6 hours at £8.50 per hour Actual production in units: 128 Actual hours worked: 750 Actual wages paid: £6,800
Question 18 £425 £452 £153 £135	Question 19 Adverse Favourable
Questions 20 and 21: Fixed overheads total variance Calculate the fixed overheads total variance from the following data: Data Budgeted production for period: 136 Actual production: 128 Overhead recovery rate per unit: £25.625 Actual overhead cost: £3,500
Questions 20 £220 £15 £205 £250	Questions 21 Adverse Favourable

Accountancy Aid's Multiple Choice Question disks are provided free with both Intermediate and Technician Levels CD's. Each CD provides 100 questions plus your score as a percentage and the answers are also provided.

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