This quiz works best with JavaScript enabled. Home > Accounting > Management Accounting > Management Accounting – Quiz 13 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Management Accounting Quiz 13 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Costs are subdivided into what two major functional categories? A) Opportunity and allocation. B) Fixed and variable. C) Product and non-production. D) Direct and indirect. Show Answer Correct Answer: C) Product and non-production. 2. Which would appear in a Statement of Financial Position? A) Closing inventory. B) Cost of sales. C) Opening inventory. D) Sales. Show Answer Correct Answer: A) Closing inventory. 3. Crich Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct labor-hours were 21, 800 hours and the total estimated manufacturing overhead was $ 497, 040. At the end of the year, actual direct labor-hours for the year were 21, 500 hours and the actual manufacturing overhead for the year was $ 492, 040. Overhead at the end of the year was:(Round your intermediate calculations to 2 decimal places.) A) $ 6, 840 overapplied. B) $ 6, 840 underapplied. C) $ 1, 840 underapplied. D) $ 1, 840 overapplied. Show Answer Correct Answer: C) $ 1, 840 underapplied. 4. What is the meaning of objectivity based on IMA code of ethics? A) Communicate informations fairly and disclose all information that might be useful to management. B) Communicate informations fairly and don't disclose all information that might be useful to management. C) Communicate informations slowly and disclose all information that might be useful to management. D) Communicate informations fastly and disclose all information that might be useful to management. Show Answer Correct Answer: A) Communicate informations fairly and disclose all information that might be useful to management. 5. The control process begins when managers set goals. A) True. B) False. Show Answer Correct Answer: A) True. 6. Profit on sale of machinery is ..... A) Operating expense. B) Non-operating expense. C) Operating Income. D) Non-operating Income. Show Answer Correct Answer: D) Non-operating Income. 7. Jexerlin Berhad's activity cost pools is machine hours, with estimated overhead of RM180, 000. The company produces coffee tables (400 machine hours) and dining tables (600 machine hours). How much of the overhead should be assigned to coffee table? A) RM72, 000. B) RM90, 000. C) RM108, 000. D) RM180, 000. Show Answer Correct Answer: A) RM72, 000. 8. The term standard cost refers to the A) Average unit cost of product produced in the previous period. B) Budgeted unit cost of product produced in a particular period. C) Average unit cost of product produced by other companies. D) Average unit cost of product produced in the current period. Show Answer Correct Answer: B) Budgeted unit cost of product produced in a particular period. 9. As discussed in the class, Profit and Loss account is like a photograph of a person A) True. B) False. Show Answer Correct Answer: B) False. 10. Management accounting maintains A) Journal. B) Ledger. C) Trial Balance. D) None of these. Show Answer Correct Answer: D) None of these. 11. Direct Costs A) Are not directly linked to a particular product or service. B) Are directly linked to a particular product or service. C) Remain the same regardless of output levels. D) Are costs that vary with the level of production. Show Answer Correct Answer: B) Are directly linked to a particular product or service. 12. Opening balance of debtors ₹ .30, 000 cash received ₹ .1, 00, 000 credit sales ₹ 90, 000 closing balance of debtors is ..... A) ₹ .30, 000. B) ₹ .1, 30, 000. C) ₹ .40, 000. D) ₹ .20, 000. Show Answer Correct Answer: D) ₹ .20, 000. 13. Management Accounting is useful for taking A) Operational Decisions. B) Routine Decisions. C) Policy Decisions. D) All the Above. Show Answer Correct Answer: D) All the Above. 14. In Management accounting, an emphasis and focus must be A) Future oriented. B) Past oriented. C) Communication oriented. D) Bank oriented. Show Answer Correct Answer: A) Future oriented. 15. Which of the following is NOT a level of Maslow's hierarchy of needs? A) Self-actualization. B) Self-esteem. C) Personal interest. D) Safety. Show Answer Correct Answer: C) Personal interest. 16. The overheads cost of a firm at 12, 000 output is Rs. 1, 00, 000 and at 14, 000 is Rs. 1, 20, 000. Whats type of cost is this based on behaviour? A) Fixed. B) Variable. C) Semi variable. D) None of above. Show Answer Correct Answer: C) Semi variable. 17. Furniture A) Expense. B) Asset. C) Liability. D) None of above. Show Answer Correct Answer: B) Asset. 18. Management accounting deals with A) Qualitative. B) Quantitative. C) Both A and B. D) None of the Above. Show Answer Correct Answer: C) Both A and B. 19. Miguel is a wholesaler who sells furniture to retailers. Which of the following is a revenue receipt? A) Income received from the sale of furniture. B) Income received from the sale of old office equipment. C) Capital introduced into the business by the owner. D) A loan received from the bank for expansion of the showroom. Show Answer Correct Answer: A) Income received from the sale of furniture. 20. The following information is available for plastic grade RX3:* Annual demand-225, 000 kilograms * Annual holding cost per kilogram-£0.50 * Fixed ordering cost-£2.50 A) 1, 600 kg. B) 1, 500 kg. C) 1, 420 kg. D) 1, 300 kg. Show Answer Correct Answer: B) 1, 500 kg. ← PreviousNext →Related QuizzesAccounting QuizzesManagement Accounting Quiz 1Management Accounting Quiz 2Management Accounting Quiz 3Management Accounting Quiz 4Management Accounting Quiz 5Management Accounting Quiz 6Management Accounting Quiz 7Management Accounting Quiz 8Management Accounting Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books