Kansas State Master of Agribusiness (MAB) · USA · Kansas State University
Original practice questions written to the published syllabus · not past papersKansas State Master of Agribusiness (MAB) is a postgraduate admission exam run by Kansas State University, for candidates in USA. 42 credits, 30 months, cohort-based, online plus 4 campus weeks; January and September intakes; running since 1998.
Source: mab.k-state.edu.
Checked against the exam body's published information. Formats and fees change; confirm the current edition there before you book.
Recording, reporting and reading business accounts, then using cost and budget information to control an agribusiness.
Our 21 Kansas State Master of Agribusiness questions in this subject: 13 easy, 7 medium, 1 hard, across 13 units.
Choose an answer, then open the working. Each explanation says why the right answer is right and why the others are not.
These 10 were written to Kansas State Master of Agribusiness and are not shown on any other exam's page.
Once wheat is harvested by a company applying IFRS, the harvested grain is accounted for as:
A. Inventory under IAS 2, at fair value less costs to sell at harvest as deemed cost
IAS 41 applies to agricultural produce only at the point of harvest; after that the produce is inventory under IAS 2, and its fair value less costs to sell at harvest becomes its cost.
Under the traditional (British) rules of debit and credit, nominal accounts follow which rule?
B. Debit all expenses and losses; credit all incomes and gains
Nominal accounts: debit expenses and losses, credit incomes and gains. 'Debit the receiver' is the personal-account rule; 'debit what comes in' is the real-account rule.
Preference shares carry a preferential right to:
A. A fixed dividend and repayment of capital before equity shareholders in a winding up
Preference shareholders rank ahead of equity for dividend (at a fixed rate) and for return of capital; residual profits belong to equity. Interest regardless of profit describes debentures.
Which error can accounting software NOT prevent on its own?
D. Debiting the cost of a tractor repair to the Tractor asset account
Software enforces balanced vouchers and does the arithmetic and posting, but it cannot judge whether an item is capital or revenue; that error of principle depends on the user.
Which of the following is NOT usually listed as a tool of management accounting?
B. Statutory audit of the financial statements
Statutory audit is an independent examination required by law for external users. Budgetary control, marginal costing, ratio, fund and cash flow analysis and standard costing are management accounting tools.
An input company's credit sales are 7,300,000 currency units and total sales 8,900,000; average trade debtors are 1,200,000. Using a 365-day year, what is the average collection period?
C. 60 days
Debtors turnover = 7,300,000 ÷ 1,200,000 = 6.08; collection period = 365 ÷ 6.08 = 60 days. Using total sales (which include cash sales) understates it at 49 days; 6 is the turnover, not days. 30 days halves the debtors figure as if it were opening plus closing balances.
In the traditional fund-flow statement, 'funds' means:
D. Net working capital
Fund-flow analysis defines funds as current assets minus current liabilities. The cash-flow statement narrows the focus to cash and cash equivalents.
A farmer cultivates his own land instead of leasing it out at 20,000 currency units a hectare. In farm decision making, the 20,000 is:
D. An opportunity cost
Opportunity cost is the value of the best alternative forgone. It never appears in the cash book but is essential in comparing enterprises and in cost concepts such as B2 and C2.
A feed plant holds 200 bags of a premix at 520 currency units, then buys 400 bags at 550, then issues 350 bags. What is the value of the issue under FIFO?
D. 186,500
FIFO issues the oldest stock first: 200 × 520 + 150 × 550 = 186,500. Weighted average (540) gives 189,000; LIFO would give 192,500. Valuing all 350 bags at the old price gives 182,000.
A feed company's contribution is 1,200,000 currency units and operating profit is 300,000. What is its degree of operating leverage?
D. 4
DOL = contribution ÷ operating profit = 1,200,000 ÷ 300,000 = 4; a 10% rise in sales raises operating profit by about 40%. Its reciprocal, 0.25, is the margin-of-safety ratio. 3 is fixed cost ÷ operating profit, which drops the 1; 1.33 divides contribution by fixed cost.
This plan follows where our questions actually fall, so the time goes where the marks are likely to be. It is our reading of the syllabus, not the exam body's weighting.
Read the manual chapters for these first and do every worked question you can find on them.
Aim for one sitting per unit, then mixed questions across them.
Learn the definitions, classifications and standard numbers; these units are more often recalled than worked.
Come back to these after a first pass, untimed, and read every explanation, including for the options you rejected.
Do these early in revision so they are fast on the day.
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