This quiz works best with JavaScript enabled. Home > Accounting > Managerial Accounting > Managerial Accounting – Quiz 10 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Managerial Accounting Quiz 10 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Both direct materials and indirect materials are A) Raw materials. B) Manufacturing overhead. C) Merchandise inventory. D) Sold directly to customers by a manufacturing company. Show Answer Correct Answer: A) Raw materials. 2. Identify whether the item being described by the statement is Competence, Confidentiality, Credibility or Integrity: "Provide decision support information and recommendations that are accurate, clear, concise and timely ..... " A) Competence. B) Confidentiality,. C) Credibility. D) Integrity. Show Answer Correct Answer: A) Competence. 3. Managerial accounting: A) Is governed by generally accepted accounting principles. B) Places emphasis on special-purpose information. C) Pertains to the entity as a whole and is highly aggregated. D) Is limited to cost data. Show Answer Correct Answer: B) Places emphasis on special-purpose information. 4. The following is a classification of costs based on Behavior A) Fixed Cost dan Variable Cost. B) Product Cost dan Period Cost. C) Direct Cost dan Indirect Cost. D) Sunk Cost dan Opportunity Cost. Show Answer Correct Answer: A) Fixed Cost dan Variable Cost. 5. ..... refers to the calculation of production cost of goods and services. A) Internal rate of return. B) Break even analysis. C) Product costing and valuation. D) None of above. Show Answer Correct Answer: C) Product costing and valuation. 6. Fahsai Tour Company organizes a One Day Trip to Krabi, 4 islands, price 500 baht per person (including car, boat fees, and lunch and snacks). Costs for organizing the tour include bus rental 3, 000 baht, guide and management fees 2, 000 baht. The boat is 100 baht per head, lunch is 100 baht per head, snacks are 50 baht per head. This tour has a total of 40 seats. Fahsai Tour Company How many minimum seats should be sold to break even? A) 10 people. B) 20 people. C) 25 people. D) 30 people. E) 40 people. Show Answer Correct Answer: B) 20 people. 7. How does managerial accounting differ from financial accounting? A) Financial accounting involves more unknowns and uncertainties than managerial accounting. B) Financial accounting is more concerned with interest rates than managerial accounting. C) Managerial accounting deals primarily with summary data and explicit formulas. D) Managerial accounting informs decision-making through documented assumptions. Show Answer Correct Answer: D) Managerial accounting informs decision-making through documented assumptions. 8. Which of the following is not correct regarding the manufacturing overhead budget? A) Total budgeted cash disbursements for manufacturing overhead is equal to the total of budgeted variable and fixed manufacturing overhead. B) Manufacturing overhead costs should be broken down by cost behavior. C) The manufacturing overhead budget should provide a schedule of all costs of production other than direct materials and direct labor. D) A schedule showing budgeted cash disbursements for manufacturing overhead should be prepared for use in developing the cash budge. Show Answer Correct Answer: A) Total budgeted cash disbursements for manufacturing overhead is equal to the total of budgeted variable and fixed manufacturing overhead. 9. A statement of the financial position of a business on a specified date or for a period of time. A) Financial Statement. B) Balance Sheet. C) Statement of Cash Flows. D) Statement of Owner's Equity. Show Answer Correct Answer: A) Financial Statement. 10. The salary for Assembly employees is: A) Direct Material (DM). B) Direct Labor (DL). C) Factory Overhead (FOH). D) Selling/ Administrative Expense. Show Answer Correct Answer: B) Direct Labor (DL). 11. ..... is the employees who convert materials into the company's product and can be traced directly to the finished product. A) Direct material. B) Manufacturing overhead. C) Direct labour. D) Direct Material. Show Answer Correct Answer: C) Direct labour. 12. What is a transition cost? A) A one-off cost to account for changes. B) The liability for old facilities. C) The cost of moving facilities. D) A projected interest rate. Show Answer Correct Answer: A) A one-off cost to account for changes. 13. Dining Out A) Fixed Expense. B) Variable Expense. Show Answer Correct Answer: B) Variable Expense. 14. The following is a classification of costs based on function A) Fixed Cost dan Variable Cost. B) Direct Cost dan Indirect Cost. C) Product Cost dan Period Cost. D) Sunk Cost dan Opportunity Cost. Show Answer Correct Answer: C) Product Cost dan Period Cost. 15. Which are characteristics of financial accounting? A) Is mandatory, Follows GAAP, and reporting on past decisions. B) Is not mandatory, Follows GAAP, reporting on future decisions. C) Is mandatory but does not follow GAAP, reports on past decisions. D) None of above. Show Answer Correct Answer: A) Is mandatory, Follows GAAP, and reporting on past decisions. 16. Absorption costing treats all fixed costs as product costs A) True. B) False. Show Answer Correct Answer: B) False. 17. If Quantity Produced is greater than Quantity sold, what can account for the difference in the Net Incomes under the two costing methods. A) The difference in Net Incomes can be accounted for by the differences in Ending Inventory. B) The difference in Net Incomes can be accounted for by the differences in Beginning Inventory. C) The difference in Net Incomes can be accounted for by the differences in Selling Expenses. D) The difference in Net Incomes can be accounted for by the differences in Administrative Expenses. Show Answer Correct Answer: A) The difference in Net Incomes can be accounted for by the differences in Ending Inventory. 18. ..... is devoted to providing information for external users. A) Management accounting. B) Financial accounting. C) Internal accounting. D) Cost accounting. Show Answer Correct Answer: B) Financial accounting. 19. What are the component of management functions? A) Planning. B) Controlling. C) Decision making. D) All the above. Show Answer Correct Answer: D) All the above. 20. What is Managment Accounting? A) Planning. B) Controlling. C) Decision making. D) All the above. Show Answer Correct Answer: D) All the above. ← PreviousNext →Related QuizzesAccounting QuizzesManagerial Accounting Quiz 1Managerial Accounting Quiz 2Managerial Accounting Quiz 3Managerial Accounting Quiz 4Managerial Accounting Quiz 5Managerial Accounting Quiz 6Managerial Accounting Quiz 7Managerial Accounting Quiz 8Managerial Accounting Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books