This quiz works best with JavaScript enabled. Home > Accounting > Managerial Accounting > Managerial Accounting – Quiz 15 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Managerial Accounting Quiz 15 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Fahsai Tour Company organizes a One Day Trip activity in Krabi, priced at 300 baht per person (including transportation and lunch and snacks), with the cost of organizing the tour. Including the bus rental fee of 4, 000 baht, the guide and management fee of 2, 000 baht, the lunch fee of 100 baht per head. This tour has a total of 40 seats and currently 35 people have applied. Therefore, on the last day of application Fasai Tour Company So we decided to set up a fire promotion. To find 40 tour members, Fahsai Tour Company What is the acceptable price for the fire promotion? A) Not less than 50 baht. B) Not less than 100 baht. C) Not less than 150 baht. D) Not less than 200 baht. E) Not less than 250 baht. Show Answer Correct Answer: C) Not less than 150 baht. 2. Which accounting that reports to people within the business organizations? A) Managerial Accounting. B) Financial Accounting. Show Answer Correct Answer: A) Managerial Accounting. 3. What are the total product costs for Amelia's bakery if they sold 2, 000 cakes this year?A. Labor costs of constructing each cake is $ 15 per cake.B. Material costs (flour, eggs, frosting) is $ 12 per cake.C. Cost of delivering cakes to customers is $ 9 per cake.D. Depreciation on the factory building used to make cakes is $ 20, 000 a year.E. Salaries for the factory employees is $ 160, 000 a year.F. Advertising costs $ 75, 000 a year.H. Property taxes on the factory building is $ 8, 000 a year.I. Sales employees get a $ 5 commission for each cake sale they make. A) $ 260, 000. B) $ 242, 000. C) $ 268, 000. D) $ 234, 000. Show Answer Correct Answer: B) $ 242, 000. 4. Contribution margin is the amount remaining after: A) Variable expenses have been deducted from sales revenue. B) Fixed expenses have been deducted from sales revenue. C) Fixed expenses have been deducted from variable expenses. D) Cost of goods sold has been deducted from sales revenues. Show Answer Correct Answer: A) Variable expenses have been deducted from sales revenue. 5. In an effort to protect the public interest, Congress established the ..... and gave it authorityto regulate public financial reporting practices. A) Financial accounting standards board. B) Securities and exchange commission. C) Generally accepted accounting principles. D) None of above. Show Answer Correct Answer: B) Securities and exchange commission. 6. What is a written financial plan for a business over a specific period of time, usually a year. A) Budget. B) Business plan. C) Statement of Income. D) Statement of Owner's Equity. Show Answer Correct Answer: A) Budget. 7. The beginning cash balance was $ 3, 000. At the end of the period, the balance was $ 2, 000. If total cash paid out during the period was 27, 000, the number of cash receipts was: A) 22000. B) 28000. C) 32000. D) 26000. Show Answer Correct Answer: D) 26000. 8. Managerial accounting reports are special-purpose and issued as frequently as needed. TRUE OR FALSE? A) True. B) False. Show Answer Correct Answer: A) True. 9. Which one is NOT one of the five factors of Cost Volume Profit? A) Selling prices. B) Unit variable costs. C) Total variable costs. D) Total fixed costs. Show Answer Correct Answer: C) Total variable costs. 10. The cost which is changed in proportion to level the total volume is A) Fixed Cost. B) Variable Cost. C) Total Cost. D) Infeasible cost. Show Answer Correct Answer: B) Variable Cost. 11. Identify whether the item being described by the statement is Competence, Confidentiality, Credibility or Integrity: "Refrain from engaging in any conduct that would prejudice carrying out duties ethically." A) Competence. B) Confidentiality,. C) Credibility. D) Integrity. Show Answer Correct Answer: D) Integrity. 12. Fixed costs should not be included in a flexible budget since such costs are not likely to be controllable by managers. A) True. B) False. Show Answer Correct Answer: B) False. 13. What is the formula for net income A) Revenues-Expenses = Net Income. B) Revenue + Expenses = Net Income. C) Assets = Liabilities + Owner's Equity. D) None of above. Show Answer Correct Answer: A) Revenues-Expenses = Net Income. 14. Purser, Inc. sells lawn furniture. Selected financial information for the most recent year follows. Beginning merchandise inventory on January 1 was $ 33, 700.Ending merchandise inventory on December 31 was $ 35, 700.Purchases during the year were $ 92, 900.Selling and administrative expenses were $ 75, 500.Sales for year were $ 262, 200. What was cost of goods sold? A) $ 162, 300. B) $ 93, 800. C) $ 94, 900. D) $ 90, 900. Show Answer Correct Answer: D) $ 90, 900. 15. The following is not a planning activity..... A) Formulate company goals and objectives. B) Create a budget for the procurement of additional facilities. C) Compare actual production costs and standard production costs. D) Create a schedule for procurement of materials for production activities. Show Answer Correct Answer: C) Compare actual production costs and standard production costs. 16. A debt ratio that shows how much of a company's assets have been financed through debt. It can be calculated by dividing the total liabilities by total assets. A) Debt to total assets ratio. B) Total Assets to debt ratio. Show Answer Correct Answer: A) Debt to total assets ratio. 17. The measure of how sensitive operating income is to a given percentage change in sales is called A) Operating leverage. B) Risk leverage. C) Financial leverage. D) None of above. Show Answer Correct Answer: A) Operating leverage. 18. The Avengers Company is trying to do cost-volume-profit analysis with the following information for the month of August:Sales-P1, 100, 000; Total Fixed costs-P280, 000; Total Variable costs-P660, 000; Unit price-P40.00. The margin of safety is: A) P100, 000. B) P200, 000. C) P300, 000. D) P400, 000. Show Answer Correct Answer: D) P400, 000. 19. Which of the following processes takes place at the beginning of a recruitment process A) Create position. B) Positions are filled by. C) Position is vacant if it is occupies. D) None of above. Show Answer Correct Answer: A) Create position. 20. Which of the following items is not used when calculating the cost of goods manufactured? A) Direct materials used. B) Direct labor. C) Salesperson salaries. D) Manufacturing overhead. Show Answer Correct Answer: C) Salesperson salaries. ← 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