Soal Olimpiade Akuntansi #2

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Soal Olimpiade Akuntansi #2
Soal Olimpiade Akuntansi #2

Soal 1 s.d. 5 

1. The International Accounting Standards Board’s (IASB) conceptual framework includes materiality constraint. Which of the following is true regarding this constraint?

a. The IASB’s rule for materiality is any item under 5% of net income is considered immaterial.
b. Materiality factors into both internal and external accounting decisions.
c. An item is immaterial if 1ts inclusion or omission would influence or change the judgment of a reasonable person.
d. All of the choices are correct.

2. The International Accounting Standards Board’s (IASB) conceptual framework
a. Includes the concept of prudence or conservatism which means when in doubt, choose the solution that will be least likely to overstate assets or income and/or understate liabilities or expenses.
b. Excludes the concept of prudence or conservatism because it is inconsistent with neutrality, which encompasses freedom from bias.
c. Includes the concept of prudence or conservatism which means when in doubt, choose the solution that will be least likely to understate assets or income and/or overstate liabilities or expenses.
d. Includes the concept of prudence or conservatism as a desirable, but not required, quality of financial reporting information.

Soal 3

3. Two support departments provide support for IAF’s operating units: maintenance and power. Maintenance costs are allocated on the basis of machine hours. Power costs are allocated on the basis of kilowatt hours. Budgeted data for the coming quarter follow:

Soal Olimpiade Akuntansi Bagian 2
Soal Olimpiade Akuntansi Bagian 2

The predetermined overhead rate for cutting is computed on the basis of machine hours, direct labor hours are used for sewing.
Recently, the U.S force has requested a bid on a three year contract that would suppy fatigues to solders at a nearby fort. Fatigues are uniforms consisting of a long sleveed shirt and pants. The prime cost for a batch of 100 sets of fatigues total $817.5. It takes two machine hours to produce a batch in the cutting department and 50 direct labor hours to sew the 100 uniforms in the sewing departments. IAF Uniform Company policy is to bid full manufacturing cost plus 25 percent. OH rate for sewing department — cutting department is …

A. $8.525
B. $8.552
C. $8.252
D. $8.225

Soal 4
4. PT IAF adalah perusahaan yang memproduksi furniture. Berikut ini adalah data tahun 2005

Direct Material 1 jan 2005  Rp 8.000.000 
Direct Material 31 des 2005         10.000.000
Work-in-Process 1 jan 2005 2.000.000
Work-in-Process 31 des 2005 2.800.000
Finished Goods 1 jan 2005 20.000.000
Finished Goods 31 des 2005 30.000.000
Direct Labor60.000.000
Purchased direct material92.000.000
Biaya material handling 14.000.000
Indirect material1.400.000
Indirect labor8.000.000
Biaya leasing pabrik10.800.000
Property tax-peralatan pabrik800.000
Asuransi peralatan pabrik 600.000
Depresiasi pabrik7.200.000
Biaya promosi barang12.000.000
Gajibagian marketing20.000.000
Biaya distribusi14.000.000
Biaya customer service20.000.000

Dari keterangan-keterangan di atas, maka Cost of goods sold PT IAF adalah ….

a. Rp 180.000.000
b. Rp 182.000.000
c. Rp 212.000.000
d. Rp 192.000.000

Untuk Soal 5 – 6

IAF Corp is a manufacturing company, which produces three kinds of leather related product, which are bags, purse, and wallet. Right now, the company has difficulties in determining the profitability of each of the product, and therefore is considering to implement Activity Based Costing system. After several interview and research, the company determine seven activities which are: Scheduling Production Run, Purchasing Materials, Moving Materials, Set-up the machine, Making Product, Inspecting Product, Packaging Product

Direct cost to produce one unit of each of the product are :

Direct MaterialRp 8,000 per bagsRp 7,000 per purseRp 9,000 per wallet
Direct Labor Rp 1,000 per bagsRp 1,500 per purseRp 1,200 per wallet

The company already performed the first stage of Activity Based Costing, which was allocating the indirect costs to each of the activities, Now the company is trying to do the second stage alloacation. Results of the first stage allocarion were stated below:

Scheduling Production Run Rp 37,482,500
Purchasing MaterialsRp 24,120,000
Moving MaterialsRp 71,981,250
Set-up the machineRp 39,878,750
Making ProductRp 580.530,000
Inspecting ProductRp 92,187,500
Packaging ProductRp 41,820,000
The activity drivers (cost drivers) to allocate each of the activities to products are listed below.

(You have to match the activity drivers listed – one driver for one activity only)

Number of Run Scheduled500 run750 run750 run
Packaging Hour per unit0.05 hours per unit0.03 hours per unit0.02 hours per unit
Number of moves perrun3 moves per run4 moves per run5 moves per run
Inspection Hours per run2 hours per run3 hours per run4 hours per run
Number of Purchase order300 purchase order400 purchase order500 purchase order
Machine hour per unit0.1 per unit0.12 per unit0.15 per unit
Set up hours per run0.25 hours per run0.35 hours per run0.5 hours per run

Other Informations given by the company were:

Unit Produced60,000 unit30,000 unit10,000 unit
Price Per UnitRp 16,500Rp 25,000Rp 28,000

5 What is the allocated OH cost for Bags?

a. 394,175,625
b. 390,175,625
c. 396,175,625
d. 398,175,625

Soal 6 s.d. 10 

6 What is the gross profit percentage for each product?

Bags PurseWallet

Soal 7
7. SPA Company processes direct materials up to the splitoff point where two products, A and B, are obtained. The following information was collected for the month of July:

Direct materials processed: 2,500 liters (with 20% shrinkage)
Production:          A 1,500 liters                                    B 500 liters
Sales:                      A $15.00 per liter                             B $10.00 per liter

The cost of purchasing 2,500 liters of direct materials and processing it up to the splitoff point to yield a total of 2,000 liters of good products was $4,500. There were no inventory balances of A and B.Product A may be processed further to yield 1,375 liters of Product Z5 for an additional processing cost of $150. Product Z5 is sold for $25.00 per liter. There was no beginning inventory and ending inventory was 125 liters.

Product B may be processed further to yield 375 liters of Product W3 for an additional processing cost of $275. Product W3 is sold for $30.00 per liter. There was no beginning inventory and ending inventory was 25 liters. What is Product Z5’s estimated net realizable value at the splitoff point?

a. $11,100
b. $22,350
c. $34,225
d. $34,375

8 Pertimbangkan pernyataan berikut mengenai absorption costing dan variable costing:
I. Variable costing konsisten dengan pelaporan kontribusi dan analisa cost- volume-profit
II. Absorption-costing harus digunakan untuk pelaporan keuangan eksternal
III. Sejumlah perusahaan menggunakan baik absorption costing maupun variable costing sekaligus.

Manakah di antara pernyataan di atas yang benar?

a. I
b. II
c. III
d. I dan II
e. I, I, dan Ill

soal 9

9 JAF Company manufactures convinience foods, including potato chips and corn chips. Production of corn chips occurs in four departments, cleaning, mixing, cooking, and drying and packaging. Consider the drying and packaging department, where the direct materials (packaging) are added at the end of the process. Conversion costs are added evenly during the process. The company uses FIFO method for process costing and there is no spoilage incurred during the production process.

The Accounting records of Amazone plant provide the following information for corn chips

in its Drying and Packaging Department during a weekly period (week 37):
Beginning WIP Inventory (80% Complete)             1.250 cases
Transferred in during                                                          375.000 cases
Ending WIP Inventoru (40% Complete)                 1.000 cases

Cost added during week 37:
Transferred-in costs               Rp. 94.000.000,-
Direct Materials                      Rp. 25.200.000,-
Conversion Costs                  Rp. 38.400.000,-

Cost of Beginning WIP Inventory week 37:
Transferred-in Costs          Rp. 28.920.000,-
Conversion Costs               Rp. 9.060.000,-

How much the cost of the week 37 work in process inventory?

a. Rp 194.580.000
b. Rp 195.580.000
c. Rp 196.580.000
d. Rp 197.580.000

10 When an asset acguired through government grants is recorded using the capital approach

a. Assets and eguity increase by their fair value of asset
b. Asset and liabilities increase by the fair value of the asset
c. Asset and eguity increase by the cost of the asset
d. Asset and liabilities increase by the cost of the asset

Soal 11 s.d. 15 Olimpiade Akuntansi #2

11. IAF, Inc. hired a new controller in late 2011. The controller has not prepared financial statements using IFRS before and needs your assistance. In compiling a complete set of financial statements under IFRS, which of the following components must be included?

a. A statement of financial position at the end of the period.
b. Notes, including a summary of significant accounting policies.
c. A statement of comprehensive income for the period.
d. All of the choices are correct

12. Which of following is not a similarity in the accounting treatment for depreciation and cost depletion?

a. The estimated life is based on economic or productive life.
b. Assets subject to either are reported in the same classification on the statement of financial position.
c. The rates may be changed upon revision of the estimated productive life used in the original rate computations.
d. Both depreciation and depletion are based on time.

Soal 13
13. Techtronics, a technology company that uses 1GAAP for its financial reporting, has been found to have  polluted the property surrounding its plant. The property is leased for 12 years and Techtronics has agreed that when the lease expires, the pollution will be remediated before transfer back to its owner. The lease has a renewal option for another 8 years. If this option is exercised, the cleanup will be done at the end of the renewal period. There is a 70% chance that the lease will not be renewed and the cleanup will cost $120,000. There is 30% chance that the lease will be renewed and the cleanup costs will be $250,000 at the end of the 20 years. If you assume that these estimates are derived from best estimates of likely outcomes and the risk-free rate is 5%, the expected present value of the cleanup provision is:

a. $159,000
b. $75,042
c. $185,000
d. $151,050

14. On December 31, 2011, SPA Corporation has elected to use the fair value option for one of its notes receivable. The note was accepted in late September, 2011 from a customer who was unable to pay its accounts receivable. The transaction with the customer had been delivery of accounting services valued at €25,000. The customer made a partial payment, resulting in a carrying value for the note of €22,000. At year-end, SPA Corporation estimates the fair value of the note to be €17,500. Which of the following is incorrect regarding this note?

a. Hunter will report the note on its statement of financial position at €17,500.
b. Hunter will report an unrealized loss of €7,500 in its income statement for the year ended December 31, 2011.
c. Hunter will be required to use the fair value option for this note for the duration of its existence.
d. In 2012, Hunter will calculate the unrealized holding gain or loss as the net change in the fair value of the receivable from 2011 to 2012, exclusive of interest revenue recognized but not recorded.

soal 15

15 IAF Co. was formed on January 2, 2010, to sell a single product. Over a two-year period, IAF’s acquisition costs have increased steadily. Physical quantities held in inventory were equal to three months’ sales at  december 31, 2010, and zero at December 31, 2011. Assuming the periodic inventory system, the inventory cost method which reports the highest amount of each of the following is

December 31, 2010 
Cost of Sales 2011
a.Average FIFO

Jawaban Soal Olimpiade Akuntansi #2