This quiz works best with JavaScript enabled. Home > Accounting > International Accounting > International Accounting – Quiz 8 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books International Accounting Quiz 8 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The term "Class A Accounting" as it is used by the researcher Christopher Nobes refers to: A) Preferred accounting systems. B) The most efficient accounting systems. C) Accounting systems that primarily serve external shareholders. D) Accounting systems that were developed primarily for creditors and taxing authorities. Show Answer Correct Answer: C) Accounting systems that primarily serve external shareholders. 2. Job order costs are more useful for A) Determining inventory valuation using LIFO. B) Determining the cost of a specific project. C) Estimating the overhead costs included in transfer prices. D) Controlling indirect costs of future production. Show Answer Correct Answer: B) Determining the cost of a specific project. 3. In Gray's framework for accounting system development, the cultural dimensions of individualism, power distance, uncertainty avoidance and masculinity directly affect: A) Accounting systems. B) Accounting values. C) External influences. D) Institutional consequences. Show Answer Correct Answer: B) Accounting values. 4. A strategic business unit (SBU) has a relative high market share and a low market growth rate. According to the portfolio model for competitive analysis created by Boston Consulting Group, such an SBU is considered a A) Star. B) Question mark. C) Cash cow. D) Dog. Show Answer Correct Answer: C) Cash cow. 5. In a traditional budget the budgeted balance sheet is part of the operating budget. Correct? A) Yes. B) No. Show Answer Correct Answer: B) No. 6. The schedule of cost of goods manufactured of Gruber Fittings, shows the following balanced for its fiscal year end:Raw materials used in production $ 450, 000Direct manufacturing labor $ 280, 000Allocated manufacturing overhead $ 375, 000Ending work in process inventory $ 230, 000Cost of goods sold manufactured $ 1, 125, 000The value of the work-in-process inventory at the beginning of the fiscal year was: A) 625, 000. B) 250, 000. C) 210, 000. D) 20, 000. E) 230, 000. Show Answer Correct Answer: B) 250, 000. 7. A cultural preference for loosely knit social fabric rather than tightly knit social fabric is referred to by the term: A) Uncertainty avoidance. B) Masculinity. C) Individualism. D) Power distance. Show Answer Correct Answer: C) Individualism. 8. Which financial statement is provided by virtually all corporations worldwide? A) Statement of Cash Flows. B) Statement of Changes in Financial Position. C) Balance Sheet. D) Statement of Changes in Non-current Assets. Show Answer Correct Answer: C) Balance Sheet. 9. What is this logo? A) Jata negra. B) Civil Government. C) Royal Seal. D) None of above. Show Answer Correct Answer: A) Jata negra. 10. The average labor cost per unit for the first batch produced by a new process is $ 120. The cumulative average labor costs after the second batch is $ 72 per product. Using a batch size of 100 and assuming a learning curve continues, the total labor cost of four batches will be? A) $ 4, 320. B) $ 10, 368. C) $ 2, 592. D) $ 17, 280. E) $ 28, 800. Show Answer Correct Answer: D) $ 17, 280. 11. ..... is presented in the statement of financial position where a customer has paid an amount of consideration prior to the entity performing by transferring the related good or service to the customer. A) A contract Assets. B) A contract Expenses. C) A contract liability. D) A contract Income. Show Answer Correct Answer: C) A contract liability. 12. The five basic competitive forces as defined by Porter's model determines A) The long term profitability of an industry. B) The entrance barriers that potential players must face to get into the industry. C) The rivalry inside the industry. D) The strategy that a firm should follow to achieve its objectives. E) The short term profitability and competitive intensity of the industry. Show Answer Correct Answer: A) The long term profitability of an industry. 13. A cultural preference for accounting systems that rely on compliance with legal requirements is called: A) Professionalism. B) Uniformity. C) Statutory control. D) Optimism. Show Answer Correct Answer: C) Statutory control. 14. Which of the following statements about activity based costing is correct? A) ABC, as a cost allocation procedure, is only applicable in manufacturing environments. B) The implementation of ABC is more appropriate in a multi-product environment. C) ABC is a replacement procedure for and cannot be used in conjunction with a standard costing system. D) ABC is not applicable to the costing of services since it is more oriented towards the manufacturing environment. E) The implementation of ABC is more appropriate in service organisations than in manufacturing companies. Show Answer Correct Answer: B) The implementation of ABC is more appropriate in a multi-product environment. 15. Account means A) To record essays. B) To record financial information. C) To analyse financial pieces of information. D) All of above. Show Answer Correct Answer: B) To record financial information. 16. What is The national flower of Malaysia A) Hibiscus. B) Sun Flower. C) Rafflesia flower. D) Rose flower. Show Answer Correct Answer: A) Hibiscus. 17. Performance Measurement and evaluation of divisions (Business units) should be based on A) Financial measures (e.g. ROI). B) Customer satisfaction measures (e.g. response time). C) Internal business processes measures (e.g. cycle time). D) Combination of A and B, but not C. E) Outcome measures (e.g. ROI) and performance drivers/leading indicators (e.g customer satisfaction ratings). Show Answer Correct Answer: E) Outcome measures (e.g. ROI) and performance drivers/leading indicators (e.g customer satisfaction ratings). 18. For the month of March 2021, investment center XY had the following operating information:Sales $ 450, 000Gross profit $ 50, 000Operating income $ 25, 000Net income (after taxes) $ 8, 000Total assets $ 500, 000Shareholders equity $ 200, 000WACC 6%Based on the above information, which one of the following statements is correct? XY has a(n) A) Return on investment 4%. B) Residual income of $ 5, 000. C) Residual income of $ 22, 000. D) Residual income of $ 4, 000. E) Return on investment of 1, 6%. Show Answer Correct Answer: B) Residual income of $ 5, 000. 19. Under Pick's job order costing system, manufacturing overhead is applied to work in process using budgeted (predetermined) annual overhead rate. During January 2020, Pick's transactions included the following:Direct materials issued to production $ 90, 000Direct labor costs $ 107, 000Indirect materials issued to production $ 8, 000Manufacturing overhead incurred $ 125, 000Manufacturing overhead allocated $ 113, 000Pick had neither beginning nor ending Work in Process inventory. What was the cost of jobs completed during January 2020? A) 302, 000. B) 310, 000. C) 322, 000. D) 330, 000. E) 443, 000. Show Answer Correct Answer: B) 310, 000. 20. What is the capital of Malaysia A) Subang Jaya. B) Putrajaya. C) Shah Alam. D) Kuala Lumpur. Show Answer Correct Answer: D) Kuala Lumpur. ← PreviousNext →Related QuizzesAccounting QuizzesInternational Accounting Quiz 1International Accounting Quiz 2International Accounting Quiz 3International Accounting Quiz 4International Accounting Quiz 5International Accounting Quiz 6International Accounting Quiz 7International Accounting Quiz 9International Accounting Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books