This quiz works best with JavaScript enabled. Home > Accounting > Management Accounting > Management Accounting – Quiz 43 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Management Accounting Quiz 43 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. It is a system of accounting that is implemented to an organization so that performance is recorded, reported and evaluated by levels of responsibility within an organization. A) Cost Accounting. B) Financial Accouting. C) Standard Cost Accounting. D) Responsibility Accounting. Show Answer Correct Answer: D) Responsibility Accounting. 2. Broadly speaking, cost accounting can be defined as a(n) A) External reporting system that is based on activity-based costs. B) System used for providing the government and creditors with information about a company's internal operations. C) Internal reporting system that provides product costing and other information used by managers in performing their functions. D) Internal reporting system needed by manufacturers to be in compliance with Cost Accounting Standards Board pronouncements. Show Answer Correct Answer: C) Internal reporting system that provides product costing and other information used by managers in performing their functions. 3. Turnover ratio is also known as A) Activity ratios. B) Performance ratios. C) Both A & B. D) None of the above. Show Answer Correct Answer: C) Both A & B. 4. ..... is the art and science of recording, classifying, summarizing, and analyzing costs to help management make prudent business decisions. A) Financial accounting. B) Cost accounting. C) Management accounting. D) None of above. Show Answer Correct Answer: B) Cost accounting. 5. Why is Trading Account made A) To find total cash in business. B) To find the Net Profit. C) To find the Gross profit. D) To find the total asset and liabilities of the business. Show Answer Correct Answer: C) To find the Gross profit. 6. The number of ..... (employ) in the company has trebled over the past decade. A) Employer. B) Employment. C) Employees. D) Employs. Show Answer Correct Answer: C) Employees. 7. ZBB Starts with A) Historical Data. B) Zero. C) Last Years Data. D) Current year data. Show Answer Correct Answer: B) Zero. 8. Which disciplines are involved in pricing decisions? A) Accounting, economics, and marketing. B) Management, marketing, and sales. C) Finance, operations, and human resources. D) Research and development, production, and logistics. Show Answer Correct Answer: A) Accounting, economics, and marketing. 9. Which of the following is NOT a revenue expenditure A) Cost of ink cartridges. B) Purchase of paper. C) Cost of printer mainainance. D) Purchase of printer. Show Answer Correct Answer: D) Purchase of printer. 10. What is 5 asprects of IMA code ethics for management accountant? A) Competence, confidentiality, integrity, subjectivity, resolution of ethical conflicts. B) Competence, Transparancy, integrity, objectivity, resolution of ethical conflicts. C) Competence, confidentiality, integrity, objectivity, resolution of ethical conflicts. D) Incompetence, confidentiality, integrity, objectivity, resolution of ethical conflicts. Show Answer Correct Answer: C) Competence, confidentiality, integrity, objectivity, resolution of ethical conflicts. 11. Data concerning Nelson Company's activity for the first six months of the year appear below:Machine Hours Electrical Cost January $ 4000 $ 3, 120 February 6, 000 4, 460March 4, 800 3, 500 April 5, 800 5, 040May 3, 600 2, 900June 4, 200 3, 200Required:Using the high-low method of analysis, estimate the variable electrical cost per machine hour. A) $ 0.65. B) $ 1. C) $ 0.56. D) $ 0.98. Show Answer Correct Answer: A) $ 0.65. 12. Uncontrollable costs are the costs which be influenced by the action of a specified member of an undertaking. A) Can not. B) Can. C) May or may not. D) Must. Show Answer Correct Answer: A) Can not. 13. Define Management Information System (MIS) A) *Identifying the system that is needed for effective conclusion in organizations. B) *Identifying the management that is needed for efficient decision making in organizations. C) Identifying the information that is needed for effective decision making in organizations. D) *Identifying the information that is needed for user acceptance in organizations. Show Answer Correct Answer: C) Identifying the information that is needed for effective decision making in organizations. 14. The theory of constraints (TOC) defines throughput margin as: A) Operating income minus the direct material costs of the goods sold. B) Operating income minus the direct labor costs of the goods sold. C) Revenues minus the direct material costs of the goods sold. D) Revenues minus the full costs of the goods sold. Show Answer Correct Answer: C) Revenues minus the direct material costs of the goods sold. 15. Which type of report is based on the actual expenses from previous years? A) Performance report. B) Account receivables aging report. C) Budget report. D) Cost management accounting report. Show Answer Correct Answer: C) Budget report. 16. Costs that possess characteristics of both fixed and variable cost are called ..... A) Semi-variable cost. B) Step cost. C) Variable cost. D) Fixed cost. Show Answer Correct Answer: A) Semi-variable cost. 17. If TPAR > 1, then product is A) Loss making. B) Profitable. C) Break even. D) None of these. Show Answer Correct Answer: B) Profitable. 18. To whom does the shareholders delegate responsibilities in running the business as a whole? A) Management. B) Employees. C) Board of Directors. D) Accountants. Show Answer Correct Answer: C) Board of Directors. 19. Overall Profitability ratios are based on A) Investments. B) Sales. C) Both a and b. D) None of the above. Show Answer Correct Answer: A) Investments. 20. How can EMA support decision-making in an organization? A) By preparing annual environmental reports. B) By calculating greenhouse gas emissions. C) By focusing solely on legal compliance. D) By providing insights into the financial implications of environmental aspects. Show Answer Correct Answer: D) By providing insights into the financial implications of environmental aspects. ← 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