This quiz works best with JavaScript enabled. Home > Accounting > Managerial Accounting > Managerial Accounting – Quiz 14 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Managerial Accounting Quiz 14 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which reports the information needed to run the day to day operations of the business? A) Managerial Accounting. B) Financial Accounting. Show Answer Correct Answer: A) Managerial Accounting. 2. The labor costs directly required to produce a product. For example, the salary and benefits of those employees who are working directly on producing a product are considered it. A) Direct Labor. B) Total Labor. C) Indirect Labor. D) None of above. Show Answer Correct Answer: A) Direct Labor. 3. Which of the following would not be an example of a value-added activity? A) Timely delivery of products. B) Offering the customer a variety of products. C) Storage of finished products. D) Excellent customer service. Show Answer Correct Answer: C) Storage of finished products. 4. Includes details that help explain cash flows and noncash activities. A) This is the wrong answer. B) Comparative Balance Sheets. C) Current Income Statement. D) Additional Information. Show Answer Correct Answer: D) Additional Information. 5. Red Manufacturing produces a product at $ 25 per unit price, sells 1, 000 units and accrues $ 10, 500 in variable cost. Which of the following is the contribution margin per unit? A) $ 11.50. B) $ 13.50. C) $ 12.50. D) $ 14.50. Show Answer Correct Answer: D) $ 14.50. 6. Management Accounting guides ..... on decision making. A) Accountant. B) Managers. C) Teachers. D) Employee. Show Answer Correct Answer: B) Managers. 7. Analyzing previous years' data; locating budget information; setting goals for the next fiscal year; developing a plan to meet the goals; forecasting the effects of the budget decisions; and monitoring, evaluating, and updating the budget as needed are all part of what? A) Budget Process. B) Financial Accounting. C) Managerial Accounting. D) None of above. Show Answer Correct Answer: A) Budget Process. 8. Prime cost includes A) Direct materials, direct wages and indirect expenses. B) Indirect materials and indirect labour and indirect expenses. C) Direct materials, direct wages and direct expenses. D) Direct materials, indirect wages and indirect expenses. Show Answer Correct Answer: C) Direct materials, direct wages and direct expenses. 9. Capital + Liabilities =? A) Revenue. B) Assets. C) Unearned Income. D) Voucher. Show Answer Correct Answer: B) Assets. 10. How many inventory in SOFP for a manufacturing business? A) 5. B) 3. C) 4. D) 1. Show Answer Correct Answer: B) 3. 11. Managerial accounting is A) Used for internal users. B) In conformity with GAAP. C) Used for external users. D) Backwards looking. Show Answer Correct Answer: A) Used for internal users. 12. The form and content of reports can influence decisions made by managers. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 13. Which of the following listings correctly describes the order in which the four types of budgets must be prepared? A) Production, direct materials, sales, cash disbursements. B) Sales, production, direct materials purchases, cash disbursements. C) Cash disbursements, direct materials purchases, production, sales. D) Sales, direct materials purchases, production, cash disbursements. Show Answer Correct Answer: B) Sales, production, direct materials purchases, cash disbursements. 14. Which of the following are associated with Control? A) Specifies the resources needed to achieve the company goals. B) Communicate's a company's goals to employees. C) Evaluating managers to determine how their performance should be rewarded or punished. D) Evaluating operations to provide information as to whether they should be changed or not. Show Answer Correct Answer: D) Evaluating operations to provide information as to whether they should be changed or not. 15. How do you find direct materials A) Beg raw materials + Purchases + End raw materials. B) Beg raw materials + Purchases-End raw materials. C) Beg raw materials-Purchases + End raw materials. D) Beg WIP + Total manufacturing cost for the period-End WIP. Show Answer Correct Answer: B) Beg raw materials + Purchases-End raw materials. 16. Which of the following is a type of G/L Account A) Non-operating profit and expenses. B) Fixed assets, balance sheet accounts and material accounts. C) Activity types are organizational units within the controlling area, which classify the performance of const center. D) None of above. Show Answer Correct Answer: A) Non-operating profit and expenses. 17. What does GAAP mean? A) Generally Accepted Accounting Principal. B) Generally Accepted Accounting Principles. C) Generally Accepted Accounting Price. D) Generally Accounting Accepted Principles. Show Answer Correct Answer: B) Generally Accepted Accounting Principles. 18. The Orange Company plans to sell a new product. The selling price is expected to be P150 per unit. The company is able to produce 15, 000 units but the company's marketing manager feels that a more realistic level of sales would be 12, 000 units. Variable cost is estimated at P70 per unit. Total fixed costs will be P900, 000. The break-even point in units: A) 10, 000 units. B) 11, 250 units. C) 16, 000 units. D) 18, 000. Show Answer Correct Answer: B) 11, 250 units. 19. The management function that requires managers to look ahead and establish objectives is A) Controlling. B) Directing. C) Planning. D) Constraining. Show Answer Correct Answer: C) Planning. 20. What are the traceable fixed expenses for the Family segment? A) $ 180, 000. B) $ 390, 000. C) $ 280, 000. D) $ 780, 000. Show Answer Correct Answer: C) $ 280, 000. ← 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