This quiz works best with JavaScript enabled. Home > Accounting > Management Accounting > Management Accounting – Quiz 44 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Management Accounting Quiz 44 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. While preparing sales budget, which of the following factors are considered A) Non-operational factors. B) Environmental factors. C) Both a and b. D) None of the above. Show Answer Correct Answer: B) Environmental factors. 2. Chipata Corporation applies manufacturing overhead to jobs on the basis of machine-hours. Chipata estimated 25, 000 machine-hours and $ 10, 000 of manufacturing overhead cost for the year. During the year, Chipata incurred 26, 200 machine-hours and $ 11, 300 of manufacturing overhead. What was Chipata's underapplied or overapplied overhead for the year? A) $ 480 overapplied. B) $ 820 underapplied. C) $ 1, 300 overapplied. D) $ 1, 300 underapplied. Show Answer Correct Answer: B) $ 820 underapplied. 3. Which one is not included in cost estimation? A) Planning. B) Decision-making. C) Changing. D) Control. Show Answer Correct Answer: C) Changing. 4. A form used to accumulate the cost of producing products is called a(n) A) Job cost sheet. B) Material requisition. C) Purchase order. D) Time sheet. Show Answer Correct Answer: A) Job cost sheet. 5. In computer based system, who evaluates the existing application system and designs new data processing procedures? A) Computer operator. B) EDP Manager. C) System Analyst. D) Programmer. Show Answer Correct Answer: C) System Analyst. 6. Which of the following is NOT true with regards to relevant costs and relevant revenues? A) They are sunk costs and historical revenues. B) They are expected costs and expected revenues. C) They occur in the future. D) The differ among alternative courses of action. Show Answer Correct Answer: A) They are sunk costs and historical revenues. 7. Cash Flow Statement is also known as A) Statement of Changes in Financial Position on Cash basis. B) Statement accounting for variation in cash. C) Both a and b. D) None of the above. Show Answer Correct Answer: C) Both a and b. 8. What does the Amoroso-Robinson rule suggest? A) Fixed costs are irrelevant for pricing decisions. B) Variable costs are irrelevant for pricing decisions. C) Demand quantity is irrelevant for pricing decisions. D) Profitability is irrelevant for pricing decisions. Show Answer Correct Answer: A) Fixed costs are irrelevant for pricing decisions. 9. The following would appear in which section of the cash flow statement? cash payments for equipment A) Operating. B) Investing. C) Financing. D) None of above. Show Answer Correct Answer: B) Investing. 10. Management accounting information must: A) Compliance with accounting standards. B) Consistent with general accounting principles. C) Consistent with general accounting policies. D) Flexible, timely and helpful. Show Answer Correct Answer: D) Flexible, timely and helpful. 11. The owner withdraws business assets for personal use. A) Assets (I). B) Liabilities (D). C) Equity (D). D) None of above. Show Answer Correct Answer: C) Equity (D). 12. If manufacturing overhead is underapplied, then: A) Actual manufacturing overhead cost is less than estimated manufacturing overhead cost. B) The amount of manufacturing overhead cost applied to Work in Process is less than the actual manufacturing overhead cost incurred. C) The predetermined overhead rate is too high. D) The Manufacturing Overhead account will have a credit balance at the end of the year. Show Answer Correct Answer: B) The amount of manufacturing overhead cost applied to Work in Process is less than the actual manufacturing overhead cost incurred. 13. Which of the following is NOT a source of funding for a business? A) Borrowing funds. B) Selling stocks. C) Investors. D) Decreasing owner contributions. Show Answer Correct Answer: D) Decreasing owner contributions. 14. Cash and Bank is an element of ..... A) Quick Assets. B) Non-Quick Assets. C) Quick Liabilities. D) Non-Quick Liabilities. Show Answer Correct Answer: A) Quick Assets. 15. The margin of safety can be calculated using the formula A) Total sales-Break-even sales. B) Fixed cost-P/V ratio. C) P/V ratio-Profit. D) Fixed cost-Contribution. Show Answer Correct Answer: A) Total sales-Break-even sales. 16. The goods will be shipped to you COD.What does COD stand for? A) A large sea fish. B) Cash on delivery. C) Codfish. D) None of above. Show Answer Correct Answer: B) Cash on delivery. 17. Which of the following is not a management accounting tool? A) Cash flow statement. B) Fund flow statement. C) Ratio analysis. D) Process costing. Show Answer Correct Answer: D) Process costing. 18. Subscription due but not received for the current year is ..... A) A liability. B) An asset. C) An expense. D) An item to be ignored. Show Answer Correct Answer: B) An asset. 19. What are variable expenses? A) Expenses that are the same month to month. B) Legal process of reducing debt. C) Cost that differ month to month (harder to estimate). D) Small book for recording account activity. Show Answer Correct Answer: C) Cost that differ month to month (harder to estimate). 20. What is the method called to work out a Semi-variable cost? A) Lo method. B) Hi Lo method. C) Mid method. D) No go method. Show Answer Correct Answer: B) Hi Lo method. ← 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