Multiple Choice Questions - Page 23

1 B
2 C
3 C

Product A = (2000 X $500 X 6) + (2000 X $550 X 6) 12,600,000

Product B = (4000 + 3000 + 2000 + 1000) X $300 3,000,000
Product C = 500 X 4 X $100 200,000
15,800,000

4 Production Budget - Feb D

Budgeted Sales - Feb 2500
Add Cl Inv ( 10% of March Sales) 300
Less Op Inv ( 10% of Feb Sales) -250
2550

5 Sales 300000
Markup 25%
Cost 240000

Sales at cost 240,000

Add Cl stock 60,000
Less Op Stock 40,000

Bud Purchases 260,000 D

6 Month 4
Budgeted Sales 120,000
Add Closing stock 8,000
Less Op stock 6,000

Budgeted Pro 122,000

Per unit - kgs 2
Material usage 244,000 D

7
Alpha Beta
Skilled lab/hr 2 3
Bud Prod 8,000 12000
Total hrs 16,000 36,000 52,000 C

8 Total Lab Variance Actual Cost AH X AR 8190 = 1560 X 5.25

Flexed B Cost SH X SR 8000 0.33 = 4800 X 20/60 X 5.

-190 AD B

9 C

10 Std qty per unit = 5

Actual Prod 5,900 units
Should be Quantity 29,500 = 5900 X 5
Act Qty 28,000
Variance 1,500
Std Price $ 3
Variance 4950 F C

11 Price Variance
Actual Material Cost 105,000
Should be cost 99,000 = 30000 X 3.3

Variance (6,000) AD A

12 Std Price 12
Actual Sales 9,500 Units
Shd Be Revenue $ 114,000
Act Revenue $ 104,500

Variance $ (9,500) A C

13 Sales Volume Variance

Actual 9,500 units
Budget 9,000 units

Variance 500 F
Sales Cont $ 4
Volume Variance $ 2,000 F B

14
AH X AR 56576
8320 Exp Variance
AH X. SR 58240 1664 F
8320
7 Ans 6.8 B

15 B

16 Actual FO
Budgted FO 280,000
Act Prod X FOAR F 8,000 FOAR
7200 X 40 288,000 Fav 40
D

Standard Costing and Graph

Example
Budget
Production 3,000 units
Fixed overheads $15000
SR ( F O per unit) $5

Actual
Fixed overheads $20000
Production 3,500 units

1 Actual FO 20,000
(5,000) Exp Var
2 Budgeted FO 15,000
2,500 Vol Var
3 AP X SR 17,500

(2,500) Total ( Under Absorption)

Investment Appraisal - Page 36
6 10%
Year Cash Flow D Factor PV
0 (240,000) 1 (240,000)
1 80,000 0.917 73,360
2 120,000 0.842 101,040
3 70,000 0.772 54,040
4 40,000 0.708 28,320
5 20,000 0.65 13,000

NPV of project 29,760

7 When calculating NPV of a project, work with releva

Relevant costs
Labour costs 20,000
Components 18,000
38,000
Relevant revenue
Turnover 80,000

Net cash inflow for NPV 42,000

 20%
Year Cash Flow D Factor PV
0 (100,000) 1 (100,000)
1-3 42,000 2.106 88,452
3 40,000 0.579 23,160
NPV of project 11,612

Positive NPV - Project is financially viable and will be

12 PAYBACK

Project A Cumm C F
Y0 (450,000)
Y1 200,000 200,000
Y2 150,000 350,000
Y3 100,000 450,000 Payback = 3 years
Y4 100,000
Y5 120,000

Project B Cumm C F
Y0 (100,000)
Y1 50,000 50,000
Y2 40,000 90,000
Y3 30,000 120,000
Y4 20,000
 Y5 30,000

Payback = 2 + 10000/30000
2 1/3 Years
Decision is to prefer the project with the shorterst payback

Discounted Payback - A
10%
Project A D Factor
Y0 (450,000) 1 (450,000)
Y1 200,000 0.909 181,800
Y2 150,000 0.826 123,900
Y3 100,000 0.751 75,100
Y4 100,000 0.683 68,300
Y5 120,000 0.521 62,520

For project A
Payback 3 yrs
Discounted payback 4 yrs
Note : discounted payback is longer than nondiscounted p

Important points on NPV and IRR

using NPV for a capital investment decision imply:

0 Accepting a project with a positive NPV ( Accept /Re
 0 Choosing the project with the highest NPV for mutua

When comparing 2 projects, NPV will give a better decision

A B
NPV $22000 $18000
IRR 17% 17.50%

However, the following factors need to be considered:

0 Risk characteristics of the projects
0 Initial investment, availability of cash
0 Payback period, projects with shorter periods are us

When calculating NPV, use only RELEVANT costs

A Relevant cost is 1. A Cash Cost
2. A Future Costs
3. An incremental Costs
An opportunity cost is a Relevant Cost

When calculating NPV, the following costs are irrelevant:

0 Depreciation
0 General Fixed Overheads
0 Non-Cash Expenses
0 Past / sunk costs
0 Interest costs
Assumptions used in Discounting
0 All cash flows occur at the start or end of a year

0 Initial Investment occur at once ( Y0), and other cash

-10
380000

Bonus Questions

1 To earn a perpetuity of $2,000 p.a, how much would need

today. The rate of interest is 10%

2 What is the IRR of an investment that costs $20,000 and

for an indefinitely long period .

3 What is the PV of $200 incurred each year for four years,

years time, if the discount rate is 5% ?
Page 36

t, work with relevant costs and revenues only

viable and will be accepted.

0.19231

ack = 3 years

Discounted Payback
Project B DF
Y0 (100,000)
Y1 50,000 0.909 45,450
Y2 40,000 0.826 33,040
Y3 30,000 0.751 22,530
Y4 20,000 0.683 13,660
 Y5 30,000 0.621 18,630

Nearly 3 years

e shorterst payback period ( project B)

Cumm CF

181,800
305,700
380,800
449,100 Disc Payback = year 4

an nondiscounted payback

on imply:
e NPV ( Accept /Reject Decision)
hest NPV for mutually exclusive projects ( Choice Decision)

a better decision than IRR

considered:

rter periods are usually preferred.

NT costs

ant Cost

s are irrelevant:
r end of a year

Y0), and other cash flows start in one year time ( Y1)

54000
-54000
16
200
3200

w much would need to be invested

20000

osts $20,000 and generates $1,600 8%

ear for four years, starting in three

643
 33310
24800
1.34314516 10 13.43145

6
25000
130000 -4
19%

Cumm

45,450
78,490
101,020
arly 3 years
ce Decision)
Sparrow - PAGE 6 Q 4
Task 1 a Sales
Amount to be received in MAY
Sales Total Sales Cash Credit
Feb 50,000 50,000
March 60,000 60,000
April 20,000 20,000
May 40,000 40,000

Task 1 - b Sales
Amount to be received in October
Sales Amount Cash credit
August 320,000 160,000 160,000
Sept 510,000 255,000 255,000
Oct 130,000 65,000 65,000
Nov 250,000 125,000 40,000

Cash Sales - October

Task 2 Net Inflow of 25000

Task 3 Expense
Investment in new factory
Extension to enhance prod capacity
Cleaning of factory
Office furniture
Staff wages
Repairs on faulty machine
Payment Amount to be received
0
10% 6,000
60% 12,000
20% 8,000

26,000

Payment Amount to be received

10% 16,000
60% 153,000
20% 13,000
-

182,000
90% 58,500
240,500
Cap/ Rev
Capital
Capital
Revenue 336000
Capital
Revenue
Revenue
Question 1
TASK 1
Direct Labour Rate Variance

AH X AR
AH X SR

Direct Material Usage variance

AQ X SP
SQ X SP

Total Variable overhead Variance

Actual VO
SH X SR

Question 2
TASK 1
Sales Price Variance
( 30 - 25 ) X 1300

Sales Volume Variance

( 1300-1100) X 10

Task 2

How many tins of paint were sold in Augu

( AS - BS ) X std Profit =

( AS - 1100 ) X 10 =

Actual Sales should be less than Budgete

variance is Adverse.

AS = 900
Task 3 - Answer D

Task 4 - Answer A

Question 3

Task 1

ROCE

Task 2
Profit
Notional charge
 Residual Income

Task 3

Current ratio

Task 4

Activity or
Volume Ratio

Task 5
Measures
% of Turnover from new products
Net Profit Margins
Amont of factory downtime
Time to set up the prod time for a new order
Question 10
Sec a
Investment - computerised system

Depreciation

Staff training costs - $425,000

New staff salary

Staff training costs - $75,000

Interest cost - $150,000

Sec b

Incremental sales - year 1

Savings in vehice running costs

PV of maintenance costs

Sec C
Ans B - The project is worthwhile because the IRR
 is greater than the cost of capital.

Question 11
a Direct Labour efficiency variance
AH X SR
150000 X $8
SH X SR
( 26000 X 6 ) X $8

b Sales Volume Variance

Sales Price Variance

C Labour rate is adverse while efficiency is

the company has use dmore skilled labou
However, being more experienced the lab
Question 12
Sec a.
FINANCIAL
i ROCE
ii Return on Sales
iii Asset turnover
NON FINANCIAL
iv Avg wait for telephone repair
v % of customers lost p.a.
vi % of Sales attributed to new prod

Sec C
The 4 perspectives of the BS
Financial - consider how the organisation creates value fo
Look at measures such as growth, profitability….

Customer - consider how the organisation appears to exis

Look at measures such as market share, quality, complain
Aim to increase the quality of service to customers

Internal Process - " what must be excel at to achieve our f

objective?". Look at measures such as productivity, waste
Identify the business processes which are critical to the or
aims to improve processes.

Learning and Growth - " what must we do to create future

Look at measures such as training, innovation , new produ

Question 5

Task 1
Direct Labour rate V

Variable overhead Eff

Task 2
Sales Volume variance
Task 3
Cheaper Material led to more material wa

Task 4
Important to consider before investigating
1. Materiality
2. Controllability

Question 6
Budget
Actual
Standard

Efficiency Ratio
Capacity Ratio
Activity/Volume Ratio
 % of enquiries that were customer complaints

% of enquires that were customers asking to cha

Task 2
Performance requirements that are fundamental to succ
Business rationale for existing
Measures used to assess performance
Quantified embodiments of mission

Task 3
Measure of service quality
No of customer complaints
No of repeat customers

Question 16

Profit
Capital Employed

ROI
Manager's decision

Profit
Capital Employed
Cost of Capital
Notional Interest

Residual Income

Manager's Decision

TASK 3
Advantages of ROI over RI
 1 It is more easily understood by divisional
2 It helps in comparing the performance of t

Question 17

ROI for Div JC

ROI for Div GC
RI - Div JC
RI - Div GC
Market share - Div JC
Assets Turnover - Div GC

Task 2
Disadvantages of using Residual Incom

1 Comparison between divisions of differen

2 It does not relate the size of the centres in

TASK 3
 Examples of non-financial performance

1 Number of new customers

2 % increase in market share

Question 18

Task 1

Non Financial Measures

No of customer complaints
Market Share
Machine downtime
Employee attitudes

Task 2
 ROI - 25%

Task 3

RI - $ 15,000

Task 4

Residual Income - Absolute

ROE - Relative

Question 19

Section a
GAP 1 - 670 Kg
GAP 2 - 335 Kg
 GAP 3 - 360 Kg

Section b

B1-B2+B3

Section C
True Statement
Continuous budgets are also known as ro

Section D
Aims of budgeting
A Controlling costs
C Evaluating manager's performance

Question 20
Section a

256,000

Section b

12,700

Section C

Decision

Section D

6,802
Section E

Answer C

Question 21

Section a

i 360 A
ii 140 A

Section b

Ans B

Section C
 Ans B

Section D

Ans C

Question 22

Section a

i 10
ii 40%
iii 48%

Section b

Ans A and B
Section C

Ans A

Question 23

Section a
103.50%

Section b
96.40%

Section C
107.30%

Section D
Do not Invest
Section E
Invest

Section F
67,000

Section G
Invest
 1,023,000
990,000 33,000

riance

246,000
264,000 18,000

Variance

700,000
660,000 40,000
 6,500

2,000

t were sold in August ?

2000

2000

e less than Budgeted, because the

15.6% = 60770 / 389580

60,770
38,958 389580X 10%
 21,812 Ans D

1.43

103.1% SH/ BH

Ans D

Perspective
Learning/Growth
Financial
§
ew order Process efficiency
 Relevant/Irrelevant
Relevant.
Irrelevant
Relevant.
Relevant.
Irrelevant
Irrelevant

800,000

110,000

284,325

while because the IRR

y variance

1,200,000
48,000
1,248,000

16800 F

5120 A

while efficiency is favourable. Possible reason :

dmore skilled labour and paid a higher rate ( Adve
experienced the labour has achieved higher produ
 25%
10%
2.5 Times

29.3 Days
6.00%
1.67%

nisation creates value for the shareholders

, profitability….

anisation appears to existing and new customers

share, quality, complaints, ….
ice to customers

excel at to achieve our financial and customer

ch as productivity, waste…
hich are critical to the organisation and

st we do to create future value to our customers.

g, innovation , new products and services.

432000 A

180000 A

33600 A
o more material wastage .

before investigating a variance

hrs
6000 b
5700 a
6270 s

110% s/a
95% a/b
105% ER X CR or S/B
ustomer complaints

ustomers asking to change policy

are fundamental to succ Critical success factors

Mission Statement
rmance Key performance indicators
strategic objectives

Actual Prop1
10 11
 40 45

25.0% 24.4%
Reject

Actual Prop1
10 11
40 45
10% 10%
4 4.5

6 6.5

Accept

er RI
stood by divisional managers
he performance of the managers of divisions of dif

20.0%
15.0%
350
225
2.0%
13.33

ng Residual Income

divisions of different sizes

ize of the centres income to the siz
ancial performance measures

share

aints
solute
re also known as rolling budgets

performance
A

A
F

A
9580
695
 150000 X $8
F
C9 X C4

Possible reason :
higher rate ( Adverse Rate).
ieved higher productivity ( Fav Eff)
ustomers
tomer

stomers.
Variance
Fav
Adv
Fav
 30%

2%

ndicators

48%

Prop 2
8.5 a
 30 b

28.3% a/b
Accept

Prop 2
8.5 a
30
10%
3b

5.5 a-b

Reject
s of divisions of different sizes

240 1.5 360

180 2 360
720
34 720
3
47 335
8
-11
81
175
256
34
4011.37255 340
 280
3157.57692
853.795626
284.598542
 15 10.3%
145
145
1320000
Question 1
TASK 1
Direct Labour Rate Variance

AH X AR
AH X SR

Direct Material Usage variance

AQ X SP
SQ X SP

Total Variable overhead Variance

Actual VO
SH X SR

Question 2
TASK 1
Sales Price Variance
( 30 - 25 ) X 1300

Sales Volume Variance

( 1300-1100) X 10

Task 2

How many tins of paint were sold in A

( AS - BS ) X std Profit =

( AS - 1100 ) X 10 =

Actual Sales should be less than Bud

variance is Adverse.

AS = 900
Task 3 - Answer D

Task 4 - Answer A

Question 3

Task 1

ROCE

Task 2
Profit
Notional charge
 Residual Income

Task 3

Current ratio

Task 4

Activity or
Volume Ratio

Task 5
Measures
% of Turnover from new products
Net Profit Margins
Amont of factory downtime
Time to set up the prod time for a new order
Question 5

Task 1
Direct Labour rate V

Variable overhead Eff

Task 2
Sales Volume variance

Task 3
Cheaper Material led to more materia

Task 4
Important to consider before investiga
1. Materiality
2. Controllability
Question 6
Budget
Actual
Standard

Efficiency Ratio
Capacity Ratio
Activity/Volume Ratio

% of enquiries that were customer complain

% of enquires that were customers asking t

Task 2
Performance requirements that are fundamental to s
Business rationale for existing
Measures used to assess performance
 Quantified embodiments of mission

Task 3
Measure of service quality
No of customer complaints
No of repeat customers

Question 10
Sec a
Investment - computerised system

Depreciation

Staff training costs - $425,000

New staff salary

Staff training costs - $75,000

Interest cost - $150,000

Sec b
 Incremental sales - year 1

Savings in vehice running costs

PV of maintenance costs

Sec C
Ans B - The project is worthwhile because the I
is greater than the cost of capital.

Question 11
a Direct Labour efficiency variance
AH X SR
150000 X $8
SH X SR
( 26000 X 6 ) X $8

b Sales Volume Variance

 Sales Price Variance

C Labour rate is adverse while efficienc

the company has use dmore skilled la
However, being more experienced th

Question 12
Sec a.
FINANCIAL
i ROCE
ii Return on Sales
iii Asset turnover
NON FINANCIAL
iv Avg wait for telephone repair
v % of customers lost p.a.
vi % of Sales attributed to new prod

Sec C
The 4 perspectives of the BS
Financial - consider how the organisation creates value fo
Look at measures such as growth, profitability….

Customer - consider how the organisation appears to exis

Look at measures such as market share, quality, complain
Aim to increase the quality of service to customers

Internal Process - " what must be excel at to achieve our f

objective?". Look at measures such as productivity, waste
Identify the business processes which are critical to the or
aims to improve processes.

Learning and Growth - " what must we do to create future

Look at measures such as training, innovation , new produ

Question 16
Profit
Capital Employed

ROI
Manager's decision

Profit
Capital Employed
Cost of Capital
Notional Interest

Residual Income

Manager's Decision

TASK 3
Advantages of ROI over RI
 1 It is more easily understood by divisio
2 It helps in comparing the performance

Question 17

ROI for Div JC

ROI for Div GC
RI - Div JC
RI - Div GC
Market share - Div JC
Assets Turnover - Div GC

Task 2
Disadvantages of using Residual In

1 Comparison between divisions of diffe

2 It does not relate the size of the centr
 TASK 3

Examples of non-financial perform

1 Number of new customers

2 % increase in market share

Question 18

Task 1

Non Financial Measures

No of customer complaints
Market Share
Machine downtime
Employee attitudes

Task 2
 ROI - 25%

Task 3

RI - $ 15,000

Task 4

Residual Income - Absolute

ROE - Relative

Question 19

Section a
GAP 1 - 670 Kg
 GAP 2 - 335 Kg
GAP 3 - 360 Kg

Section b

B1-B2+B3

Section C
True Statement
Continuous budgets are also known a

Section D
Aims of budgeting
A Controlling costs
C Evaluating manager's performance
Question 20

Section a

256,000

Section b

12,700

Section C

Decision

Section D

6,802
Section E

Answer C

Question 21

Section a

i 360 A
ii 140 A

Section b

Ans B

Section C
 Ans B

Section D

Ans C

Question 22

Section a

i 10
ii 40%
iii 48%

Section b

Ans A and B
Section C

Ans A

Question 23

Section a
103.50%

Section b
96.40%

Section C
107.30%

Section D
Do not Invest
Section E
Invest

Section F
67,000

Section G
Invest
 1,023,000
990,000 33,000 A

246,000
264,000 18,000 F

riance

700,000
660,000 40,000 A
 6,500 F

2,000 F

int were sold in August ?

ofit = 2000 A

2000

be less than Budgeted, because the

15.6% = 60770 / 389580

60,770
38,958 389580X 10%
 21,812 Ans D

1.43

103.1% SH/ BH

Ans D

Perspective
Learning/Growth
Financial
Process efficiency
a new order Process efficiency
 432000 A

180000 A

33600 A

d to more material wastage .

r before investigating a variance

 hrs
6000 b
5700 a
6270 s
Variance
110% s/a Fav
95% a/b Adv
105% ER X CR oFav

customer complaints 30%

customers asking to change policy 2%

hat are fundamental to suc Critical success factors

Mission Statement
rformance Key performance indicators
mission strategic objectives

quality 48%

Relevant/Irrelevant
Relevant. 695
Irrelevant
Relevant.
Relevant.
Irrelevant
Irrelevant
 800,000

110,000

284,325

hwhile because the IRR

capital.

ncy variance

1,200,000
48,000 F
1,248,000

16800 F
 5120 A

se while efficiency is favourable. Possible reason :

e dmore skilled labour and paid a higher rate ( Adv
e experienced the labour has achieved higher prod

25%
10%
2.5 Times

29.3 Days
6.00%
1.67%
ation creates value for the shareholders
ofitability….

sation appears to existing and new customers

are, quality, complaints, ….
to customers

cel at to achieve our financial and customer

as productivity, waste…
h are critical to the organisation and

we do to create future value to our customers.

nnovation , new products and services.

Actual Prop1 Prop 2

 10 11 8.5
40 45 30

25.0% 24.4% 28.3%

Reject Accept

Actual Prop1 Prop 2

10 11 8.5
40 45 30
10% 10% 10%
4 4.5 3

6 6.5 5.5

Accept Reject

over RI
erstood by divisional managers
the performance of the managers of divisions of d

20.0%
15.0% 240
350 180
225
2.0% 34
13.33 3
47
8
sing Residual Income -11
81
n divisions of different sizes 175
size of the centres income to 256
 4011.4

nancial performance measur 3157.6

853.8
omers 284.6
et share

plaints
bsolute
are also known as rolling budgets

s performance
 56

33600
ance

56865

cators
150000 X $8

C9 X C4
ossible reason :
higher rate ( Adverse Rate).
eved higher productivity ( Fav Eff)
a
b

a/b

a-b
s of divisions of different sizes

1.5 360
2 360
720
720

335

34
340
280
Test your IQ - Page 112
Question Answer
1 C
2 A.
3 D
4 D
5 D
6 B
7 C
8 C
9 D
10 C
11 D
12 A.
13 A.
14 C
15 C
16 D
 17 C

Questions from Examiner's Report Page 97

Question Answer
1 D
2 C
3 A
4 A
5 C
6 D
7 D
8 D
9 A
Question Answer
18 B
19 D
20 D
21 B
22 A
23 D
24 B
25 D
Report Page 97
Question 12

Budgeted Hrs 2,000

Actual Hrs 2,300
Std Hrs 2,200

Capacity Ratio A/B

Efficiency Ratio S/A

Volume/Activity Ratio S/B

or
CR X ER

Interpretation - If the Ratio is greater than

it can also be interpreted as a good perfo
Question 45
$m
PBIT 6

Non current Assets 26

Net Current Assets 5
31

ROI 19.4%

Question 46
ROI
Current
Profit 360
Capital Employed 1600

ROI 22.5%
 Manager will reject the new project as it will

Residual Income

Return on new project 19.2%

Cost of capital 18%

Since the return on the new project is greate

be positive, and the manager will accept th e

Calculate the RI
Profit 25
Notional Interets 23.4

RI 1.6

Question 51
Budget
Dept A 800
Dept B 700
Dept C 1200
Dept D 300
 = Actual Prod X Std Time per unit
= 1100 X 2

115%

96%

110%

is greater than 100%, it means the variance is favo

as a good performance
= 30-4

Ans D

New Total
25 385
130 1730

22.3%
project as it will reduce its ROI

project is greater than the cost of capital, the RI will

r will accept th enew project.

= 130 X 18%

Budget Actual
Actual B.E A.E Avg/E Avg/E
1000 4 5 200 200
 660 5 3 140 220
1050 8 7 150 150
400 4 5 75 80
riance is favourable or
, the RI will
Ans B
KAPLAN ASSESSMENT 1
Question Answer Question
1 D 18
2 A 19
3 C 20
4 B 21
5 D 22
6 D 23
7 B 24
8 D 25
9 B 26
10 B 27
11 A 28
12 B 29
13 A 30
14 B 31
15 B 32
16 B 33
17 C 34
Answer
B
B
B
C
D
D
C
D
A
B
C
C
B
D
C
D
D
KAPLAN ASSESSMENT 2
Question Answer Question
1 D 18
2 C 19
3 B 20
4 C 21
5 C 22
6 C 23
7 A 24
8 D 25
9 A 26
10 A 27
11 C 28
12 A 29
13 B
14 A
15 D
16 B
17 B
Answer
D
A
D
D
A
C
B
D
B
C
B
A
Answer to Performance Measurement Questio
Quest
Answer
1 A.
2A & B
3 D
4 A.
5 B
6 C
7 B
8 B
9 C
10 C
11 C
12 C
13 A.
14 D
15 N/A
16 D
17 B
18 D
19 A.
20 A.
21 B
22 A.
23 B
24 D
25 C
26 C
27 B
28 A.
29 C
30 D
31 C
32 A.
33 B
34 D
35 D
36 A.
37 B
38 D
39 B
40 D
41 C
42 C
43 D
44 A.
45 D
46 C
47A & B
48 C
49 D
50 AVERAGE CLASS SIZE , PERCENTAGE R
51 B
52 SETTING TARGETS FOR CC MANAGERS
53 CONTROL COSTS , REDUCE COSTS
54 A.
55 VALUE ANALYSIS, VALUE ENGINEERING
56 D
57 D
58 C.
59 B
60 C.
61 A.
62 B
63 EFFECTIVENESS, EFFICIENCY , EFFECT
64A & B
65 D
66 C.
67 B
68 COMPETITIVE, INTERNAL, FUNCTIONAL
69 D
ent Questions
 ENTAGE ROOM OCCUPANCY

MANAGERS , COST VARIANCE ANALYSIS

COSTS

GINEERING
Y , EFFECTIVENESS, ECONOMY, EFFICIENCY, ECO

NCTIONAL
ENCY, ECONOMY