This quiz works best with JavaScript enabled. Home > Accounting > Management Accounting > Management Accounting – Quiz 8 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Management Accounting Quiz 8 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Budgeting provides all of the following EXCEPT: A) A means to communicate the organization's short-term goals to its members. B) Support for the management functions of planning and coordination. C) A means to anticipate problems. D) An ethical framework for decision making. Show Answer Correct Answer: D) An ethical framework for decision making. 2. Costs that remain fixed or constant, although there are changes in output in a given relevant range: A) Variable cost. B) Fixed cost. C) Mixed cost. D) Semi-variable cost. Show Answer Correct Answer: B) Fixed cost. 3. What are direct expenses also known as? A) Overhead expenses. B) Sundry expenses. C) Chargeable expenses. D) Major expenses. Show Answer Correct Answer: C) Chargeable expenses. 4. A budget prepared for variuos levels of capacity is called A) Fixed. B) Cash. C) Master. D) Flexible. Show Answer Correct Answer: D) Flexible. 5. At break even point there is A) Minimum profit. B) Minimum loss. C) Maximum Profit. D) No Profit nor loss. Show Answer Correct Answer: D) No Profit nor loss. 6. If Assets are $ 19, 500 and Capital is $ 14, 300, how much are Liabilities? A) 33, 800. B) $ 5, 200. C) $ 19, 500. D) None of above. Show Answer Correct Answer: B) $ 5, 200. 7. There are the purpose of Management Accounting, except ..... A) To provide information to make informed judment and decisons. B) To provide information for control purposes. C) To report financial information. D) To provide financial report. Show Answer Correct Answer: D) To provide financial report. 8. Tender is an estimation of units to be produced A) True. B) False. Show Answer Correct Answer: B) False. 9. Cost estimates are made on the basis of A) Past experience. B) Future anticipation. C) Both. D) Intention. Show Answer Correct Answer: C) Both. 10. In the cost sheet, income from sale of empty containers used for dispatch of the goods produced shall be ..... A) Added to cost of production. B) Deducted from cost of production. C) Added to sales. D) Ignored. Show Answer Correct Answer: B) Deducted from cost of production. 11. Debtors is an element of..... A) Current Asset. B) Current Liabilities. C) Debt. D) CRR. Show Answer Correct Answer: A) Current Asset. 12. Funds Flow Statement holds significance for A) Shareholders. B) Financiers. C) Government. D) All of the above. Show Answer Correct Answer: D) All of the above. 13. Following is the role of management accountant Except: A) Planning. B) Controlling. C) Coordinating. D) Executing. Show Answer Correct Answer: D) Executing. 14. Which of these statement on semi variable cost is false A) Semi-variable costs have properties of both variable and fixed elements attached to the total cost. B) High/low method is a 'method of estimating cost behaviour by comparing the total cost associated with two different level of outputs. C) For semi-variable costs, the distinction between the fixed and variable costs element is not important for decision-making purposes. D) Cost estimation methods such as high-low method, scatter diagram and regression analysis are used to separate the fixed and variable elements in semi-variable costs. Show Answer Correct Answer: C) For semi-variable costs, the distinction between the fixed and variable costs element is not important for decision-making purposes. 15. Which of the following is a basic feature of a managerial accounting system? A) External audience. B) Reports are current and future oriented. C) Objective data only. D) Reports on the entire organization. Show Answer Correct Answer: B) Reports are current and future oriented. 16. Budget is in nature A) Prediction. B) Definitely. C) Historical. D) All true. Show Answer Correct Answer: A) Prediction. 17. Among the following are non-funding sources. A) Issue of shares. B) Sale of property. C) Payment of tax. D) Increase in debt. Show Answer Correct Answer: C) Payment of tax. 18. Cost of Goods Sold = Beginning Finished Goods + Cost of Goods Manufactured-Ending Finished Goods A) True. B) False. C) None. D) Both. Show Answer Correct Answer: A) True. 19. Management accounting is considered successful when it A) Helps creditors evaluate the company's performance. B) Helps managers improve their decisions. C) Is accurate. D) Is relevant and reported annually. Show Answer Correct Answer: B) Helps managers improve their decisions. 20. Direct costs are costs that can be easily traced to a business activity, for example, direct material cost or direct labour cost. 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 9Management Accounting Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books