This quiz works best with JavaScript enabled. Home > Accounting > Management Accounting > Management Accounting – Quiz 27 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Management Accounting Quiz 27 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Target for launching Fuel Information Presentation Automation: A) July 01, 2022. B) July 31, 2022. C) 30 Sept 2022. D) 15 Sept 2022. Show Answer Correct Answer: A) July 01, 2022. 2. Below statements are correct for ABC except A) ABC stands for Activity Based Consumption. B) Costs to be traced back to the activities that drive the costs. C) ABC is based on the concept that products consume activities. D) Recognizing a few classification of major activities and pooling their costs. Show Answer Correct Answer: A) ABC stands for Activity Based Consumption. 3. The liquid ratio should be around A) 4. B) 2. C) 5. D) 1. Show Answer Correct Answer: D) 1. 4. What does Environmental Management Accounting (EMA) primarily focus on? A) Environmental sustainability only. B) Financial performance only. C) Integrating environmental and economic information. D) Social impact assessment. Show Answer Correct Answer: C) Integrating environmental and economic information. 5. Given the budgeted output in second quarter is 8, 000 units. In the first quarter, Fixed overheads were Rs 40, 000 Variable overheads were Rs 5 per unit ( Rs 40, 000) and semi variable were 20, 000 ( 60% varying @ Rs 3 per unit). Determine the total manufacturing overhead budget for the second quarter.a. b. c. d. A) Rs 1, 12, 000. B) 1, 12, 000 units. C) Insufficient data. D) None of the above. Show Answer Correct Answer: A) Rs 1, 12, 000. 6. What is one of the most important decisions made by management? A) Pricing. B) Marketing. C) Accounting. D) Economics. Show Answer Correct Answer: A) Pricing. 7. Which of the following is a part of the formal management control system? A) Mutual commitments among the members of the organization. B) The accounting information system provides metrics about costs, revenues, and contribution margins. C) Shared values and loyalties among the members of the organization. D) General understanding about acceptable behavior for managers. Show Answer Correct Answer: B) The accounting information system provides metrics about costs, revenues, and contribution margins. 8. Operating costs include the cost of goods sold and ..... A) Purchases. B) Sales. C) Gross profit. D) Other operating expenses. Show Answer Correct Answer: D) Other operating expenses. 9. A semi variable cost totals £1, 000 for 100 units. The variable cost per unit is £8 per unit. How much is the fixed element of this semi variable cost? A) £800. B) £200. C) £1, 000. D) £250. Show Answer Correct Answer: B) £200. 10. Which of the following funds are long term sources of funds? A) Bank Overdraft. B) Creditors. C) Term Loans. D) Public Deposits. Show Answer Correct Answer: C) Term Loans. 11. What role does financial data play in Environmental Management Accounting? A) It is irrelevant to EMA. B) It is integrated with environmental data. C) It is used only for external reporting. D) It is tracked separately from environmental data. Show Answer Correct Answer: B) It is integrated with environmental data. 12. What is the system introduced by Luca Pacioli? A) Bookkeeping. B) Accounting. C) Double Enter. D) Double Entry. Show Answer Correct Answer: D) Double Entry. 13. Which of the following are Non-current assets? A) Land, Building and Plant. B) Leasehold property. C) Computer software. D) All of the above. Show Answer Correct Answer: D) All of the above. 14. Summary budget may be regarded as A) Cash Budget. B) Flexible Budget. C) Master Budget. D) Flexible Budget. Show Answer Correct Answer: C) Master Budget. 15. Which of these cost is not considered as prime cost for manufacturing A) Direct material. B) Direct labor. C) Direct expense. D) Administration expense. Show Answer Correct Answer: D) Administration expense. 16. THE FOLLOWING ARE THE PURPOSES OF ENVIRONMENTAL MANAGEMENT ACCOUNTING, EXCEPT ..... A) REDUCE RISKS TO THE ENVIRONMENT. B) IMPROVING COMPANY MANAGEMENT RESULTS. C) REDUCE THE ENVIRONMENTAL IMPACTS OF COMPANY OPERATIONS, PRODUCTS AND SERVICES. D) COMPENSATE ENVIRONMENTAL LOSS CAUSED BY THE COMPANY. Show Answer Correct Answer: D) COMPENSATE ENVIRONMENTAL LOSS CAUSED BY THE COMPANY. 17. Why are budgets useful in the planning process? A) They provide management with information about the company's past performance. B) They help communicate goals and provide a basis for evaluation. C) They guarantee the company will be profitable if it meets its objectives. D) They enable the budget committee to earn their paycheck. Show Answer Correct Answer: B) They help communicate goals and provide a basis for evaluation. 18. Which of the following describes the flow of overhead costs in an activity-based costing system? A) Overhead cost>products. B) Overhead cost>machine hours>products. C) Overhead cost>direct labour cost or hours>products. D) Overhead cost>activity cost pools>cost drivers>products. Show Answer Correct Answer: D) Overhead cost>activity cost pools>cost drivers>products. 19. Difficulties in recognize economic, environmental, and social impacts except A) Future ecological and social issues are not always known. B) Many costs and benefits are external to the organization. C) Many costs and benefits are difficult to measure in financial terms. D) Mostly costs are internal. Show Answer Correct Answer: D) Mostly costs are internal. 20. When capital in the beginning is ₹ .10, 000 drawings during the year is ₹ .6, 000 profit made during the year is ₹ .2, 000 and the additional capital introduced is ₹ .3, 000 find out the amount of capital at the end ..... A) ₹ .9, 000. B) ₹ .11, 000. C) ₹ .21, 000. D) ₹ .64, 000. Show Answer Correct Answer: A) ₹ .9, 000. ← 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