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f2 Test 1

This document contains a practice test with 12 multiple choice questions covering various topics in finance and management accounting: 1) The questions cover topics such as frequency distributions, mission statements, performance measurement, cost behavior patterns, responsibility accounting, expected profits, data classification, management information qualities, mean and median calculations, frequency distributions, and sampling methods. 2) Multiple choice answers are provided for each question testing understanding of concepts like contribution margins, cost types, variance reporting, probability, mean and more. 3) 12 questions in total are included in this practice test covering a range of essential finance and accounting concepts.

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shahab
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168 views7 pages

f2 Test 1

This document contains a practice test with 12 multiple choice questions covering various topics in finance and management accounting: 1) The questions cover topics such as frequency distributions, mission statements, performance measurement, cost behavior patterns, responsibility accounting, expected profits, data classification, management information qualities, mean and median calculations, frequency distributions, and sampling methods. 2) Multiple choice answers are provided for each question testing understanding of concepts like contribution margins, cost types, variance reporting, probability, mean and more. 3) 12 questions in total are included in this practice test covering a range of essential finance and accounting concepts.

Uploaded by

shahab
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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FMA TEST 1 (1,2)

1) Which of the following BEST describes frequency distribution?


A. A chart displaying occurrence of a particular event
B. A measure of the number of times that events take place
C. A range of values between the highest and the lowest figures
D. A graph displaying results by drawing line

2) Which of the following would not be contained in mission statement


A. Detail operation objectives for the year
B. Responsibilities towards key stakeholders
C. Services offered
D. Major goals of the organisation

3) Which of the following COULD be used to measured the performance of a non profit seeking organization?
(1) Financial performance
(2) Non financial performance
A. 2 only
B. Neither 1 nor 2
C. Both 1 and 2
D. 1 only

4) A business has 55 employee with annual salaries ranging from $25000 to $40000. Out of the employee
Some employee recevive the same annual salary
Two additional employees have been recruited on salaries of $20000 and $45000 per annum
What would be the effect of the new employees on the mood and median of the business’s annual
salaries?
Increase Remain constant Decrease
Median
Mode

5) the following graph shows a cost behavior pattern: What does the on line graph represent?

A.
B.
C.
D.
E.
F.
G.
H.
I.
a. Unit fixed costs b. Stepped fixed costs c. Unit variable costs d. Total variable costs
FMA TEST 1 (1,2)

6) The following statements relate to responsibility accounting:


i. An area of responsibility may be structured as a cost centre a revenue centre a profit centre or an
investment centre
ii. Costs are categorized as being either controllable or nan controllable
iii. The concept of responsibility accounting cannot be applied in variance reporting
Which of the above statements are TRUE?

A. 2 and 3 only
B. 1 and 3 only
C. 1 2 and 3
D. 1 and 2 only

7) pelykan holiday Co sells package holidays to holidays makers. If books and pays for 50 seats on an air line each
week at a cost of $120 per seat. Each seat sold generates a contribution (before deducting the cost of the
airline seat) of $30

The forcast weekly demand for the holidays is shown in the table below:

Demand for the holidays 20 30 40 50


probability 0.10 .25 .30 0.35
What would be the expected profit per week?

A. $7020
B. $11700
C. $9000
D. $5700

8) 1. primary data is usually less expensive to produce than secondary data because it is available from with in the
organization
2. all data can be classified as either discrete or continuous
Are the above statements about data true or false?
True False
Statement 2
Statement 1

9) Which of the following are qualities of good management information?


1) Complete 2) Timely 3) Accurate 4) Low cost
a) 1 and 3 only
b) 2,3 and 4
c) 1,2,3 and 4
d) 1,2 and 3 only
FMA TEST 1 (1,2)

10) A residential block has 30 apartments of which 29 are occupied . the mean annual salary is $27000. The last is
then occupied by a resident with an annual salary of $26100.
What would be the new annual mean salary of the resident?
______________

11) The data below shows the frequency distribution for the number of products returned in the last month
Frequency (f) 10 20
Products returned 4 7
Which two of the following equations are correct?
A. ∑fx2/∑f=1080
B. (∑fx/∑f)2 =36
C. ∑fx2/∑f=38
D. (∑fx/∑f)2=23.55

12) A survey is being carried out with regard to computer usage within a population . a total of 100 people from
each of six different age groups will be selected to make up the sample.
What type of sampling is this known as?
A. Quota
B. Random
C. Cluster
D. Systematic
FMA TEST 1 (1,2)
FMA TEST 1 (1,2)
FMA TEST 1 (1,2)
FMA TEST 1 (1,2)

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