This quiz works best with JavaScript enabled. Home > Accounting > Management Accounting > Management Accounting – Quiz 33 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Management Accounting Quiz 33 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Maryam have to prepare a Balance Sheet of her own company. Select the term that is NOT included in Balance Sheet. A) Non-current assets. B) Expenses. C) Owner's equity. D) Current liabilities. Show Answer Correct Answer: B) Expenses. 2. Which of the following would probably be a variable cost in a soda bottling plant? A) None of these. B) Time spent by adjusters to evaluate accidents. C) Application forms. D) The salary of customer service representatives. Show Answer Correct Answer: D) The salary of customer service representatives. 3. The analysis which is known as a static analysis A) Vertical. B) Long term. C) External. D) Internal. Show Answer Correct Answer: A) Vertical. 4. What is another word used to describe a company's liabilities? A) Debts. B) Expenses. C) Cash. D) Cashflow. Show Answer Correct Answer: A) Debts. 5. Which of the following statements are true about budget, budgeting & budgetary control A) Budgeting is business estimates for future periods. B) Budget is the process of preparing business estimates. C) Budgetary control is the means to achieve performance on the basis of budget. D) None of the above. Show Answer Correct Answer: C) Budgetary control is the means to achieve performance on the basis of budget. 6. The process of budgeting includes A) Preparation of budget. B) Budget Control. C) Budget co-ordination. D) All of the above. Show Answer Correct Answer: D) All of the above. 7. CC Ltd manufactures a carbonated drink which is sold in 1 litre bottles. During the bottling process there is a 10% loss of liquid input due to spillage and evaporation. The standard usage of liquid per bottle is: A) 1.25 liters. B) 1.11 liters. C) 1.20 liters. D) 1.12 liters. Show Answer Correct Answer: B) 1.11 liters. 8. Fixed budgets are useful for planning purposes or for when the activity level is unlikely to change A) True. B) False. Show Answer Correct Answer: A) True. 9. The process of budgeting helps in the control of A) Cost of production. B) Liquidity. C) Capital Expenditure. D) All of the above. Show Answer Correct Answer: D) All of the above. 10. When accounting for Raw Materials, how do you record receipts (goods in) from a goods received note? A) Dr Materials Control, Cr Bank/Receivables. B) Dr Bank, Cr Materials Control. C) Dr Materials Control, Cr Bank/Payables. D) Dr WIP Control, Cr Bank/Payables. Show Answer Correct Answer: C) Dr Materials Control, Cr Bank/Payables. 11. Stock is considered as a liquid asset as anytime it can be converted into cash immediately. A) Yes. B) No. Show Answer Correct Answer: B) No. 12. A professional accountant should be straight forward, honest in all professional business relationship A) Professional behaviour. B) Professional competence and due care. C) Objectivity. D) Integrity. Show Answer Correct Answer: D) Integrity. 13. Management accounting highlights staff relationship with top management as well as other personnel. A) True. B) False. Show Answer Correct Answer: B) False. 14. The..... is the percentage indicator of Capital that is transformed into Profits. It measures the profitability obtained by each peso that the company has invested in its own business, relating the profits generated to the company's assets. A) ROIC (Return on Invested Capital). B) ROE (Return on Equity). C) ROA (Return on Assets). D) RFR (Risk Free Rate). Show Answer Correct Answer: A) ROIC (Return on Invested Capital). 15. Production supervisor A) Internal User. B) External User. Show Answer Correct Answer: A) Internal User. 16. WHAT IS THE MEANING OF THE ENVIRONMENT ACCORDING TO ISO 14001? A) ENVIRONMENT IS THE CONDITION OF THE SURROUNDING WHERE THE ORGANIZATION OPERATS, ie AIR, WATER, SOIL, NATURAL RESOURCES, FLORA, FAUNA, HUMANS AND ALL ITS INTERACTIONS. B) ENVIRONMENT IS THE CONDITION OF THE SURROUNDING WHERE AN ORGANIZATION IS AUTHORIZED, ie AIR, WATER, SOIL, NATURAL RESOURCES, FLORA, FAUNA, HUMANS AND ALL ITS INTERACTIONS. C) ENVIRONMENT IS THE CONDITION OF THE SURROUNDING WHERE AN ORGANIZATION OPERATES, ie AIR, WATER, SOIL, NATURAL RESOURCES, FLORA, FAUNA, HUMANS AND THEIR SELLING AND SELLING INTERACTIONS. D) ENVIRONMENT IS THE CONDITION OF THE SURROUNDING WHERE THE ORGANIZATION OPERATS, ie SOIL, NATURAL RESOURCES, FLORA, FAUNA, HUMANS AND ALL ITS INTERACTIONS. Show Answer Correct Answer: A) ENVIRONMENT IS THE CONDITION OF THE SURROUNDING WHERE THE ORGANIZATION OPERATS, ie AIR, WATER, SOIL, NATURAL RESOURCES, FLORA, FAUNA, HUMANS AND ALL ITS INTERACTIONS. 17. The Accounting Entity means ..... A) The business is a separate accounting entity from its owner. B) The business is not a separate accounting entity from its owner. C) The owner has permission to takes finance from the business and spend it on personal expenses. D) None of above. Show Answer Correct Answer: A) The business is a separate accounting entity from its owner. 18. Miss Griffin owns a bookstore, which of the following would be revenue receipts? A) Cash discount from a supplier of stationery. B) Money received from selling an old bookshelf. C) Money received from the bank for expansion of the bookstore. D) Purchase of new stock from a publisher. Show Answer Correct Answer: A) Cash discount from a supplier of stationery. 19. Gross profit is incurred when A) Net Sales are equal to Net Purchases. B) Net Purchase is more than Net Sales. C) Sales are less than cost of goods sold. D) Sales exceed the cost of sales. Show Answer Correct Answer: D) Sales exceed the cost of sales. 20. Cost re classified into four main categories which are function, behaviour, traceability and relevancy. A) True. B) False. Show Answer Correct Answer: A) True. ← 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