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Performance Management Specimen Exam applicable from December 2014 Time allowed Reading and planning: Writing: 15 minutes 3 hours This paper is divided into two sections: Section A – ALL TWENTY questions are compulsory and MUST be attempted Section B – ALL FIVE questions are compulsory and MUST be attempted Formulae Sheet is on page 12. Do NOT open this paper until instructed by the supervisor. During reading and planning time only the question paper may be annotated. You must NOT write in your answer booklet until instructed by the supervisor. This question paper must not be removed from the examination hall. The Association of Chartered Certified Accountants Paper F5 Fundamentals Level – Skills Module Section A – ALL TWENTY questions are compulsory and MUST be attempted Please use the space provided on the inside cover of the Candidate Answer Booklet to indicate your chosen answer to each multiple choice question. Each question is worth 2 marks. 1 The following statements have been made about different types of standards in standard costing systems: (1) Basic standards provide the best basis for budgeting because they represent an achievable level of productivity. (2) Ideal standards are short-term targets and useful for day-to-day control purposes. Which of the above statements is/are true? A B C D 2 1 only 2 only Neither 1 nor 2 Both 1 and 2 The following statements have been made about management information systems: (1) They are designed to report on existing operations (2) They have an external focus Which of the above statements is/are true? A B C D 3 1 only 2 only Neither 1 nor 2 Both 1 and 2 The following statements have been made about zero based budgeting: (1) Employees will focus on eliminating wasteful expenditure (2) Short-term benefits could be emphasised over long-term benefits Which of the above statements is/are true? A B C D 4 1

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