This quiz works best with JavaScript enabled. Home > Accounting > Managerial Accounting > Managerial Accounting – Quiz 12 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Managerial Accounting Quiz 12 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Used to show profitability trends and calculated by dividing the gross profit by the total sales. A) Gross Profit Margin. B) Net Profit Margin. C) Contribution Margin. D) Required Contribution Margin. Show Answer Correct Answer: A) Gross Profit Margin. 2. Which one reports on the past? A) Managerial Accounting. B) Financial Accounting. Show Answer Correct Answer: A) Managerial Accounting. 3. Which of the following describes the cost of direct materials, direct labor and manufacturing overhead incurred in producing the goods. A) Manufacturing costs. B) Manufacturing overhead. C) Cost of goods manufactured. D) Cost of goods sold. Show Answer Correct Answer: A) Manufacturing costs. 4. Management accountants would not A) Assist in budget planning. B) Prepare reports primarily for external users. C) Determine cost behavior. D) Be concerned with the impact of cost and volume on profits. Show Answer Correct Answer: B) Prepare reports primarily for external users. 5. Managerial accounting guides ..... users. A) Internal. B) External. Show Answer Correct Answer: A) Internal. 6. The benefits of management accounting information include: A) Improved decisions. B) Providing a means of motivating workers and rewarding performance. C) More effective planning. D) All of the above. Show Answer Correct Answer: D) All of the above. 7. Position is vacant if it is occupied A) False. B) True. Show Answer Correct Answer: A) False. 8. Managerial accountants should, but have no obligation to, maintain their professional skills. A) TRUE. B) FALSE. Show Answer Correct Answer: B) FALSE. 9. Depreciation expense is what type of Expense? A) Administrative. B) Selling. C) Tax. D) None of above. Show Answer Correct Answer: A) Administrative. 10. Abnormal cost is the cost: A) Cost normally incurred at a given level of output. B) Cost not normally incurred at a given level of output. C) Cost which is charged to customer. D) Cost which is included in the cost of the product. Show Answer Correct Answer: A) Cost normally incurred at a given level of output. 11. Which are true about Management accounting? A) Places emphasis on future. B) Must comply with GAAP standards. C) Presents very detailed information. D) Presents only monetary information. Show Answer Correct Answer: A) Places emphasis on future. 12. The percentage by which a retailer increases wholesale price; also called gross profit. A) Markup. B) Markdown. C) MSRP. D) None of above. Show Answer Correct Answer: A) Markup. 13. Management accounting and financial accounting differ in that management accounting information is prepared A) Following prescribed rules. B) Using whatever methods the company finds beneficial. C) For shareholders. D) To summarize the whole company with little detail. Show Answer Correct Answer: B) Using whatever methods the company finds beneficial. 14. Published financial statements show costs classified by behavior. A) TRUE. B) FALSE. Show Answer Correct Answer: B) FALSE. 15. Cost of goods sold is beginning finished goods inventory plus ..... minus ending finished goods inventory. A) Costs of goods available for sales. B) Costs of goods purchased. C) Costs of goods manufactured. D) Costs of direct material purchased. Show Answer Correct Answer: C) Costs of goods manufactured. 16. Yes or No:If current assets is higher than current liabilities, it is a favorable net working capital A) Yes. B) No. Show Answer Correct Answer: A) Yes. 17. Gross profit is calculated as A) Cost-depreciation. B) Revenue-total costs. C) Revenue-cost of goods sold. D) None of above. Show Answer Correct Answer: C) Revenue-cost of goods sold. 18. The wages of factory maintenance personnel would usually be considered to be a A) Direct labor cost. B) Manufacturing overhead cost. C) Administrative cost. D) Selling cost. Show Answer Correct Answer: B) Manufacturing overhead cost. 19. Identify whether the item being described by the statement is Competence, Confidentiality, Credibility or Integrity: "Perform professional duties in accordance with relevant laws, regulations and technical standards." A) Competence. B) Confidentiality,. C) Credibility. D) Integrity. Show Answer Correct Answer: A) Competence. 20. Predicting the sales of goods or services based on historical data gathered from financial statements. A) Forecasting. B) Budgeting. C) Process analysis. D) None of above. Show Answer Correct Answer: A) Forecasting. ← 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