pathfinder - The Institute of Chartered Accountants of Nigeria

PATHFINDERD. 100%E. 66.7%20. A policy where an item is replaced immediately it fails is known asA. Individual policyB. Group policyC. Ordinary policyD. Objective policyE . Special policyPART II: SHORT-ANSWER QUESTIONS (20 Marks)Write the answer that best completes each of the followingquestions/statements.1. Small groups of related manufacturing processes organised in clusters toassemble parts of finished products are called ………………………………….2. The sequence of activities within the firm that begins with research anddevelopment, followed by design, manufacturing, marketing/distribution andcustomer service is called………………………………..3. A method for analyzing how operating decisions and marketing decisions affectnet income, based on an understanding of the relationship between variablecosts, fixed costs, unit selling price, and the output level is called………………..4. The standard price of a product is N20. If the standard quantity required forproduction was 53,000 kg and there was a usage variance of N40,000 adverse,what was the actual quantity used?5. A planned positive approach to reducing expenditure is known as……………….6. A method of budgeting where each cost element needs to be justified as thoughthe activities to which the budget relates were being undertaken for the firsttime is regarded as……………………..INTERMEDIATE EXAMINATION - NOVEMBER 20119