FREE PDF QUIZ CIPS - L4M7 - CIPS WHOLE LIFE ASSET MANAGEMENT–HIGH-QUALITY WELL PREP

Free PDF Quiz CIPS - L4M7 - CIPS Whole Life Asset Management–High-quality Well Prep

Free PDF Quiz CIPS - L4M7 - CIPS Whole Life Asset Management–High-quality Well Prep

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CIPS Whole Life Asset Management Sample Questions (Q229-Q234):

NEW QUESTION # 229
In inventory management, the cost of insurance and taxes are included in which group?

  • A. Inventory carrying cost
  • B. Acquisition costs
  • C. Costs of shortage
  • D. Set up costs

Answer: A

Explanation:
Direct and indirect costs of holding inventory include the following:
1. Acquisition costs
2. Holding costs (carrying costs) are the costs associated with the storage and handling of physical stock.
There are two different types of holding costs:
a. Costs related to the value of the goods: financial costs (i.e. the interest on the working capital tied up in inventory, which may be the bank borrowing rate or the company's target for return on capital); cost of insurance; losses due to product deterioration; losses due to obsolescence and redundancy of inventory; losses due to theft, accidental damage etc.
b. Costs related to the physical characteristics of the inventory include the following: storage space; power, heat and lighting of the store; movement equipment; labour costs; administration costs.
3. Costs of stockouts


NEW QUESTION # 230
When accounting for the disposal of fixed assets, the gain or loss on disposal is equal to...?

  • A. The difference between resale price and the cost or valuation plus depreciation up to the beginning of the year in which disposal took place
  • B. The difference between resale price and the cost of that asset
  • C. The difference between resale price and the cost of the asset less depreciation up to the beginning of the year in which disposal took place
  • D. The difference between resale price and the cost or valuation less accumulated depre-ciation up to the date of disposal

Answer: C

Explanation:
Fixed assets may be sold anytime during their useful life. This gives rise to the need to derecognize the asset from balance sheet and recognize any resulting gain or loss in the income statement.
The accounting for disposal of fixed assets can be summarized as follows:
- Record cash receive or the receivable created from the sale:
Debit Cash/Receivable
- Remove the asset from the balance sheet
Credit Fixed Asset (Net Book Value)
- Recognize the resulting gain or loss
Debit/Credit Gain or Loss (Income Statement)
Example
ABC LTD purchased a machine for $2000 on 1st January 2001 which had a useful life of 5 years and an estimated residual value of $500. The machine was being depreciated on straight line basis. However, ABC LTD decided to sell the asset on1 January 2003 for $1500 in order to raise cash for the purchase of a new machine.
The disposal of the fixed asset will be recorded as follows:
Record cash received or the receivable arising from the sale:
Debit Cash $1,500
Remove the asset from the balance sheet
As a fixed asset is recognized in the balance sheet at the Net Book Value (i.e. Cost less Accumulated Depreciation), the machine will be removed from the accounts of ABC LTD in two parts:
First, the Machine Cost must be removed by crediting the ledger:
Credit Machine Cost $2,500
Second, the Accumulated Depreciation in respect of the machine must be removed by debiting the ledger:
Debit Accumalated Depreciation $600*
*Accumulated Depreciation: (2000 - 500)/5 x 2 Years
The combined effect of the above two transactions would be to remove the machine's net book value of $1400 (2000 - 600) from the balance sheet.
Recognize the resulting gain or loss on the sale of machine
ABC LTD received $1500 for an asset with a balance sheet worth of $1400. It therefore earned a gain of $100. The gain will be recorded as follows:
Credit Gain on Disposal $100
Reference:
- Accounting for Disposals
- CIPS study guide page 197-198
LO 3, AC 3.3


NEW QUESTION # 231
In the periodic review system, the order quantity is the same for each order. Is this statement true?

  • A. No, the inventory position at each review point differs from each other
  • B. No, the next order quantity must be larger than the previous one
  • C. Yes, the order quantity should be equal to economic order quantity
  • D. Yes, in periodic review system items are reviewed when the Kanban is triggered

Answer: A

Explanation:
Fixed-Time Period System (or Periodic Review system) is the inventory management system in which inventory is checked in fixed time periods, T, and the quantity ordered varies. The system also contains a target inventory level, R, which is restored when order received. The order quantity is calculated as:
Q = R - IP
where: Q = order quantity
R = target inventory level
IP = inventory position
Inventory position (IP) is equal to inventory on-hand plus quantity on order minus backorder (if any) The order quantity varies because the inventory position at each review point differs from each other.
Diagram Description automatically generated with medium confidence

LO 2, AC 2.3


NEW QUESTION # 232
MRP system is the most suitable IT system to manage which type of items?

  • A. Construction projects
  • B. Fast moving components
  • C. Dependent demand
  • D. Independent demand

Answer: C

Explanation:
Material requirement planning (MRP) is a production planning and material (inventory) control system used in manufacturing. Objectives of MRP are to ensure materials are available for production while minimising inventory and to plan production and procurement activities.
Bill of materials (BOM) is an important component of MRP. BOM is also known as product struc-turer. This lists all the items that comprise each assembly and sub-assembly that make up the final product or end item.
Therefore, MRP is commonly used to manage dependent demand stock.


NEW QUESTION # 233
"Open stock plus purchases minus closing stock" is the formula of which of the following?

  • A. Cost of goods sold
  • B. Liability
  • C. Revenue
  • D. Inventory

Answer: A

Explanation:
The amount of closing stock (properly valued) is used to arrive at the cost of goods sold in a periodic inventory system with the following calculation:
Opening stock + Purchases - Closing stock = Cost of goods sold


NEW QUESTION # 234
......

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