This quiz works best with JavaScript enabled. Home > Accounting > Managerial Accounting > Managerial Accounting – Quiz 13 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Managerial Accounting Quiz 13 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The indirect method of reporting reports net income and then adjusts it for items that do not affect cash. A) True. B) False. Show Answer Correct Answer: A) True. 2. Expenses-4, 000Income-10, 000This is simple example of ..... A) Cash flow analysis. B) Break even analysis. C) Product costing and valuation. D) None of above. Show Answer Correct Answer: A) Cash flow analysis. 3. Out-of-pocket costs involve an actual outlay of cash. A) T. B) F. Show Answer Correct Answer: A) T. 4. Basic objectives of cost accounting is ..... A) Tax compliance. B) Financial audit. C) Cost ascertainment. D) Profit analysis. Show Answer Correct Answer: C) Cost ascertainment. 5. 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 set to take 1.5 hours/each, paying labor costs of 300 baht per hour. Other production expenses are set at 100 baht/direct labor hour from the above information. What is the standard cost of producing 1 shirt? A) 550 baht. B) 700 baht. C) 850 baht. D) 900 baht. E) 1, 050 baht. Show Answer Correct Answer: D) 900 baht. 6. Management accounting is the branch of accounting concerned with reporting to A) Internal managers. B) Shareholders. C) The government. D) Bankers. Show Answer Correct Answer: A) Internal managers. 7. Selling and administrative expenses are A) Product costs. B) Period costs. C) Prime costs. D) Direct costs. Show Answer Correct Answer: B) Period costs. 8. A costs that are matched with the revenue of a specific time period rather than included as part of the cost of a salable product. These are non manufacturing costs which includes selling and administrative expenses. A) Period Cost. B) Product Cost. C) Fixed Cost. D) Variable Cost. Show Answer Correct Answer: A) Period Cost. 9. Fixed or Variable?Raw materials A) Fixed. B) Variable. Show Answer Correct Answer: B) Variable. 10. Which is future oriented? A) Managerial Accounting. B) Financial Accounting. Show Answer Correct Answer: A) Managerial Accounting. 11. Managerial accounting is designed for use by: A) Internal users. B) Stockbrokers. C) External users. D) Clients. Show Answer Correct Answer: A) Internal users. 12. Which of the following does not represents the characteristics of Management Accounting? A) Helps in finding out cost of products and control costs. B) Helps in finding out cost of products and control costs. C) Helps in identifying the financial position of the business. D) Process of determining and accumulating the cost of products or activity. Show Answer Correct Answer: C) Helps in identifying the financial position of the business. 13. Identify whether the following statement are true or false.Financial accounting focuses on providing information to internal users A) True. B) False. Show Answer Correct Answer: B) False. 14. What does the cash budget project? A) The inflow and outflow of money for a specific time period. B) The outflow of cash for a specific time period. C) The inflow of cash for a specific time period. D) None of these. Show Answer Correct Answer: A) The inflow and outflow of money for a specific time period. 15. In managerial accounting the data provided can be A) Quantitative. B) Qualitative. C) Both Qualitative & Quantitative. D) Only Quantitative. Show Answer Correct Answer: C) Both Qualitative & Quantitative. 16. Under absorption costing, the company calculates gross margin A) True. B) False. Show Answer Correct Answer: A) True. 17. The costs associated with the production of goods. A) Manufacturing costs. B) Fixed costs. C) Variable costs. D) Service costs. Show Answer Correct Answer: A) Manufacturing costs. 18. What kind of expenses are paid from Gross Profit? A) Selling Expenses. B) Financial Expenses. C) General Expenses. D) All of the above. Show Answer Correct Answer: D) All of the above. 19. Are the cost that are expensed during the time period in which they are incurred. A) Cost. B) Expenses. C) Period Cost. D) Product Cost. Show Answer Correct Answer: C) Period Cost. 20. The setting of objectives and the identification of methods to achieve those objectives is called A) Planning. B) Controlling. C) Performance evaluation. D) Decision making. Show Answer Correct Answer: A) Planning. ← 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