This quiz works best with JavaScript enabled. Home > Accounting > Management Accounting > Management Accounting – Quiz 32 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Management Accounting Quiz 32 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. If PVR=40%, MOS=50%, Sales=Rs.6, 00, 000. Find Net profit. A) Rs 1, 50, 000. B) Rs 1, 00, 000. C) Rs.1, 20, 000. D) Rs.1, 60, 000. Show Answer Correct Answer: C) Rs.1, 20, 000. 2. A semi variable cost increases at a diminishing rate in proportion to the output A) True. B) False. Show Answer Correct Answer: A) True. 3. Costs which are categorized as functional costs include manufacturing cost, cost of goods sold and manufacturing costs. A) True. B) False. Show Answer Correct Answer: A) True. 4. Corporate governance is same as corporate social responsibility A) True. B) False. Show Answer Correct Answer: B) False. 5. Material 10kgs Standard price is 4.00rs. Actual production is 500 units of product material used 3000kgs and price is 5.00 rs. what is the missing figure to calculated material variances A) SQ 5000. B) AQ 5000. C) AP 4.00. D) SP 5.00. Show Answer Correct Answer: B) AQ 5000. 6. During July at Loeb Corporation, $ 83, 000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $ 4, 000. The journal entry to record the requisition from the storeroom would include a: A) Debit to Work in Process of $ 79, 000. B) Debit to Work in Process of $ 83, 000. C) Credit to Manufacturing Overhead of $ 4, 000. D) Debit to Raw Materials of $ 83, 000. Show Answer Correct Answer: A) Debit to Work in Process of $ 79, 000. 7. Funds flow statements are prepared so as to A) To identify the changes in working capital. B) To identify reasons behind change in working capital. C) To know the item-wise outflow of funds during given period. D) All of the above. Show Answer Correct Answer: D) All of the above. 8. Equity or Shareholders fund is equal to ..... A) Equity share capital + Preference share capital. B) Equity share capital + Revenues and Surplus. C) Equity share capital + Preference share capital + Revenues and Surplus. D) None of the options are correct. Show Answer Correct Answer: C) Equity share capital + Preference share capital + Revenues and Surplus. 9. Which organization is responsible for International Financial Reporting Standards (IFRS)? A) UK FRS. B) IASB. C) UK GAAP. D) UK FRC. Show Answer Correct Answer: B) IASB. 10. In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost of goods manufactured is computed according to which of the following equations? A) Cost of goods manufactured = Total manufacturing costs + Ending work in process inventory-Beginning work in process inventory. B) Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory-Ending work in process inventory. C) Cost of goods manufactured = Total manufacturing costs + Beginning finished goods inventory-Ending finished goods inventory. D) Cost of goods manufactured = Total manufacturing costs + Ending finished goods inventory-Beginning finished goods inventory. Show Answer Correct Answer: B) Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory-Ending work in process inventory. 11. Amortization is depreciation of intangible assets A) True. B) False. Show Answer Correct Answer: A) True. 12. In the activity-based costing implementation, the indirect costs are allocated by using ..... A) Support tracing. B) Sustained tracing. C) Activity cost driver. D) Basis of apportionment. Show Answer Correct Answer: C) Activity cost driver. 13. The amount of money you're paid, after all taxes and deductions are taken out of your paycheck is called ..... A) Gross Pay. B) Net Pay. C) Total Pay. D) Taxes. Show Answer Correct Answer: B) Net Pay. 14. To find out the predicted amount of raw material spending, you can refer to A) Production Budget. B) Sales Budget. C) Direct Material Purchase Budget. D) Inventory Budget. Show Answer Correct Answer: C) Direct Material Purchase Budget. 15. The term current assets don't cover A) Car. B) Debtors. C) Stock. D) Prepaid Expenses. Show Answer Correct Answer: A) Car. 16. Do we need to borrow in the near future? A) Creditors. B) Finance. C) Management. D) Investors. Show Answer Correct Answer: C) Management. 17. Cash Flow Statement is based upon A) Cash basis of accounting. B) Accrual basis of accounting. C) Credit basis of accounting. D) None of the above. Show Answer Correct Answer: A) Cash basis of accounting. 18. Formula for Shut Down Point is? A) Fixed Cost/ Cont p.u. B) Avoidable Fixed Cost/ Cont p.u. C) Unavoidable Fixed Cost/ Cont p.u. D) Variable Cost/Cont p.u. Show Answer Correct Answer: B) Avoidable Fixed Cost/ Cont p.u. 19. What are the main elements of the balanced scorecard, except? A) Financial. B) External business processes. C) Customer. D) Learning and growth. Show Answer Correct Answer: B) External business processes. 20. A TQM team at ABC Corp. has recorded the following average times for production:* Wait 3.0 days* Inspection 0.4 days* Process 0.2 days* Move 0.5 days* Queue 7.3 daysWhat is the delivery cycle time (DCT)? A) 0.5 days. B) 0.7 days. C) 10.4 days. D) 13.4 days. Show Answer Correct Answer: C) 10.4 days. ← 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