This quiz works best with JavaScript enabled. Home > Accounting > Managerial Accounting > Managerial Accounting – Quiz 11 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Managerial Accounting Quiz 11 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The cost of products that are partially complete A) Direct materials. B) Manufacturing overhead. C) Work in process inventory. D) Period costs. Show Answer Correct Answer: C) Work in process inventory. 2. Advertising costs are usually viewed as (period, product) costs. A) Prime. B) Conversion. C) Product. D) Period. Show Answer Correct Answer: D) Period. 3. The work of factory employees that can be directly associated with converting raw materials into finished goods is A) Manufacturing overhead. B) Indirect materials. C) Indirect labor. D) Direct labor. Show Answer Correct Answer: D) Direct labor. 4. A branch of accounting that provides financial information about a business to help managers make decisions. A) Cost Accounting. B) Managerial Accounting. C) Management Accounting. D) Financial Accounting. Show Answer Correct Answer: B) Managerial Accounting. 5. Which one describe product cost? A) Non-Manufacturing cost. B) Direct Material, Direct Labour, Manufacturing overhead. C) Operating cost. D) Identified with specific time interval. Show Answer Correct Answer: B) Direct Material, Direct Labour, Manufacturing overhead. 6. What is the purpose of a balance sheet? A) The purpose of a balance sheet is to track the daily expenses of a company. B) The purpose of a balance sheet is to forecast future financial performance of a company. C) The purpose of a balance sheet is to measure the market value of a company's assets. D) The purpose of a balance sheet is to provide a snapshot of a company's financial position at a specific point in time. Show Answer Correct Answer: D) The purpose of a balance sheet is to provide a snapshot of a company's financial position at a specific point in time. 7. Which one is not part of managment function? A) Planning. B) Controlling. C) Decision making. D) Throwing rubbish bins. Show Answer Correct Answer: D) Throwing rubbish bins. 8. Compute the companywide break-even point in dollar sales. A) $ 50, 000. B) $ 935, 897. C) $ 110, 000. D) $ 120, 000. Show Answer Correct Answer: B) $ 935, 897. 9. Compute the break-even point in dollar sales for the Commercial Law. A) 487, 500. B) $ 0. C) $ 500, 000. D) $ 10 million. Show Answer Correct Answer: A) 487, 500. 10. Which of the following best explains what is meant by 'Capital Expenditure'? Capital Expenditure is expenditure: A) On non-current assets, including repairs and maintenance. B) On expensive items over $ 10, 000. C) On the acquisition of non-current assets, or improvement in their earning capacity. D) On items relating to owners' capital. Show Answer Correct Answer: C) On the acquisition of non-current assets, or improvement in their earning capacity. 11. When used together, Financial Accounting and Managerial Accounting can provide a complete picture of a company's overall financial health A) False. B) True. Show Answer Correct Answer: B) True. 12. A shop that tailors batik shirts to sell as souvenirs to tourists. Determine the standard cost of producing 1 shirt as follows:the cost of 2 yards of batik fabric, 150 baht each, the labor cost of the tailor. It is scheduled to take 1.5 hours/piece, paying 300 baht per hour for labor. Other production expenses are set to be 100 baht/direct labor hour. Last May, the shop produced 500 shirts, using all the fabric. 1, 050 yards has a total fabric purchase cost of 154, 350 baht. I would like to know how much the difference in raw material prices is. A) 3, 150 baht (F). B) 3, 150 baht (U). C) 3, 000 baht (F). D) 3, 000 baht (U). E) 4, 350 baht (F). Show Answer Correct Answer: A) 3, 150 baht (F). 13. BOBS Corporation began operations on January 1st. During the year, it started and completed 2, 700 units of product. The company incurred the following costs:Raw materials purchased and used-$ 5, 600Wages of production workers-$ 6, 890.Salaries of administrative and sales personnel-$ 2, 450.Depreciation on manufacturing equipment-$ 4, 280.Depreciation on administrative equipment-$ 7, 010.BOBS corporation sold 2, 100 units of product.Determine cost of inventory per unit A) $ 7.99. B) $ 6.21. C) $ 5.85. D) $ 8.14. Show Answer Correct Answer: B) $ 6.21. 14. Positions are filled by A) Employees. B) Tender number is always assigned manually. C) Career planning consists of all positions. D) None of above. Show Answer Correct Answer: A) Employees. 15. Flour-1, 000.00Salt-200.00Sugar-240.00Oil-100.00This is an example of ..... 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. 16. Budgeting can assist with companies in the following areas:Communication, Coordination, Planning and what? A) Evaluation. B) Controlling. Show Answer Correct Answer: A) Evaluation. 17. At the beginning of the year, Ventra expected to produce 10, 000 jewelry boxes and estimated overhead costs of $ 40, 000. Actual overhead costs ended up being $ 45, 000 and Ventra only produced 9, 000 jewelry boxes. Based on the information given, what is the predetermined overhead rate? A) $ 4.00. B) $ 4.50. C) $ 4.44. D) $ 5.00. Show Answer Correct Answer: B) $ 4.50. 18. A jewelry manufacturer makes charm necklaces. Staff attaches a necklace to a preprinted card and slips it into cellophane envelopes. This will create ..... inventory. A) Materials. B) Finished goods. C) Packing. D) Work in process. Show Answer Correct Answer: B) Finished goods. 19. A portion of the accounts receivable that proves to be uncollectible is termed: A) Bad debts. B) Doubtful debts. C) Provision for bad debts. D) All of the above. Show Answer Correct Answer: A) Bad debts. 20. The current market price of land that a company purchased for 100 million won three years ago is 200 million won. It is said that this land was decided as a park site due to urban planning, and the compensation price is 80 million. If this company decides to donate for free without receiving compensation, what is the opportunity cost? A) Purchase cost 100 million won 3 years ago. B) The current market price is 200 million won. C) The government's compensation price is 80 million won. D) None of above. Show Answer Correct Answer: C) The government's compensation price is 80 million won. ← 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