The following details have been extracted from the payables' records of X Co:
Invoices paid in the month of purchase 25%
Invoices paid in the first month after purchase 70%
Invoices paid in the second month after purchase 5%
Purchases for July to September are budgeted as follows:
July $250,000
August $300,000
September $280,000
For suppliers paid in the month of purchase, a settlement discount of 5% is received. What is the amount budgeted to be paid to suppliers in September?
The amount budgeted to be paid to suppliers in September is $289,000
Workings Paid in Month
July $ August September October November
Purchases $ $ $ $ $
July $250,000 59.375(1) 175,000(2) 12,500(3)
August $300,000 71,250(4) 210,000(5) 15,000(6)
September $280,000 66,500(7) 196,000(8) 14,000(9)
289,000
1 $250,000 x 25% x0.95 = $59.375
2 $250,000 x 70% =$175,000
3 $250,000 x 5% =$12,500
4 $300,000 x 25% x0.95 =$71,250
5 $300,000 x 70% =$210,000
6 $300,000 x 5% =$15,000
7 $280,000 x 25% x0.95 =$66.500
8 $280,000 x 70% =$196,000
9 $280,000 x 5% =$14,000
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Which of the following statements about management accounting information is/are true?
(i) They must be stated in purely monetary terms.
(ii) Limited companies must, by law, prepare management accounts.
(iii) They serve as a future planning tool and are not used as an historical record.
Which of the following statements is/are correct?
(i) A management control system is a term used to describe the hardware and software used to drive a database system which produces information outputs that are easily assimilated by management.
(ii) An objective is a course of action that an organisation might pursue in order to achieve its strategy.
(iii) Information is data that has been processed into a form meaningful to the recipient.
Good information should have certain qualities. Which of the following are qualities of good information?(i) Complete(ii) Extensive(iii) Relevant(iv) Accurate
Monthly variance reports are an example of which one of the following types of management information?
Which of the following statements is/are correct?
(i) Information for decision-making should incorporate uncertainty in some way
(ii) The data used to prepare financial accounts and management accounts are the
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