FREE ACCA F2 (Accountant in Business) Questions and Answers

Question 1

Data is information that has undergone processing to give its recipients meaning.

Accepted Answer

FALSE

Answer

The statement defines 'data' as 'information that has undergone processing to give its recipients meaning.' This definition is actually for *information*, not data. Data refers to raw, unprocessed facts and figures, while information is data that has been processed, organized, and structured to be meaningful and useful.

Question 2

In addition to offering piecework compensation, the organization assures its workers of receiving 80% of a time-based rate of pay, or $20 per hour for an eight-hour workday. The standard amount of time per output unit is three minutes. The pay rate for piecework is $18 per regular hour. What is the gross compensation of an employee on a given day if they create 200 units in eight hours?

Accepted Answer

$180

Answer

First, calculate the guaranteed minimum: 8 hours * $20/hour = $160, and 80% of this is $128. Next, calculate piecework earnings: the standard time per unit is 3 minutes, so 20 units are produced per hour (60/3). The piecework rate is $18 per regular hour, meaning $0.90 per unit ($18/20). For 200 units, the piecework earnings are 200 * $0.90 = $180. Since $180 (piecework) is greater than the $128 guaranteed minimum, the gross compensation is $180.

Question 3

The same percentage of people in each age group as there are in the population as a whole is included in the sample. Which kind of sampling is this an example of?

Accepted Answer

Stratified Sampling

Answer

Stratified sampling involves dividing the population into distinct subgroups, or strata, based on shared characteristics like age. A sample is then drawn from each stratum in proportion to its size in the overall population. This method ensures that all relevant subgroups are represented in the sample, reflecting their true proportion in the population.

Question 4

Of the following, which one goes under the category of indirect labor?

Accepted Answer

Forklift truck drivers in the stores of an engineering company

Answer

Indirect labor costs are those that cannot be directly traced to specific products or services but are necessary for the overall production process. Forklift truck drivers in stores support the production by moving materials but are not directly involved in manufacturing a specific product unit. In contrast, assembly workers, brick layers, and machinists are directly involved in creating the product, making them direct labor.

Question 5

The choice was made to select the 12th item, and then every 20th item, in order to take a sample. Which kind of sampling is this an example of?

Accepted Answer

Systematic Sampling

Answer

Systematic sampling involves selecting items from a population at regular intervals after a random starting point. In this scenario, selecting the 12th item and then every 20th item thereafter (e.g., 12th, 32nd, 52nd, etc.) perfectly describes this method. This ensures a spread-out sample across the population list.

ACCA - Association of Chartered Certified Accountants Practice Test

ACCA - Association of Chartered Certified Accountants Practice Test

FREE ACCA F2 (Accountant in Business) Questions and Answers