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NATIONAL OPEN UNIVERSITY OF NIGERIA

UNIVERSITY VILLAGE, PLOT 91, CASDASTRAL ZONE, NNAMDI AZIKIWE EXPRESS WAY, JABI, ABUJA.
FACULTY OF MANAGEMENT SCIENCES
OCTOBER 2013 EXAMINATION

Course code:          ACC 313                                               

Credit  Unit :          3

Course Title:          Management Accounting

Time Allowed:        21/2 HRS

Instruction: Attempt Question 1 and any three questions of your choice

                     Present your answers legibly and logically using relevant examples

 

  1. The following information has been gathered with regard to material X of UMO Ltd.

Descriptions                                                                          Units

Normal monthly usage                                                           24,600

Maximum anticipated monthly usage                                      27,000

Delivery period from suppliers:

Maximum                                                                              3months

Normal                                                                                 2months

Minimum                                                                              1,2months

Re-order quantity (EOQ)                                                       10,000units

 

Required:

  1. Calculate:
  1. Reorder level
  2. Minimum stock level
  3. Maximum stock level

 

  1. Comment on four factors, which may have to be taken into accounts in setting the maximum stock level.
  2. The company required 80,000 units per year which will be used at a constant rate. The purchasing manger is considering what size to be used. The holding cost is 20% of the purchase price. The cost per order is N2,500 while the purchase price is N 24 per5 unit. Economic Order Quantity, using the formula.                                                                   (25marks).

2.        State the roles of management accounting in a company. (15marks)

3.        Materials control involves the following procedures

4.        Inventory control is the system used in an enterprise to control its investment in stock. T his includes three levels;

 

5.        Explain what you understand by Activity Based Costing.         

 6.       What is required of a successful job costing system?


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