This quiz works best with JavaScript enabled. Home > Accounting > Managerial Accounting > Managerial Accounting – Quiz 16 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Managerial Accounting Quiz 16 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is not a management function? A) Constraining. B) Planning. C) Controlling. D) Directing. Show Answer Correct Answer: A) Constraining. 2. Reports that follow GAAP and provide a financial summary of an organization's activities. A) Managerial Accounting. B) Cost Accounting. C) Financial Accounting. D) Tax Accounting. Show Answer Correct Answer: C) Financial Accounting. 3. Variable Costing does not include the following A) Direct materials. B) Variable manufacturing overhead. C) Direct Labour. D) Fixed manufacturing overhead. Show Answer Correct Answer: D) Fixed manufacturing overhead. 4. A detailed financial statement of one segment of a business over a period of time. A) Budget Schedule. B) Budget Income Statement. C) Budget Variance Report. D) None of above. Show Answer Correct Answer: A) Budget Schedule. 5. These activities include transactions and events that affect long-term liabilities and equity. A) Managerial Activities. B) Financing Activities. C) Operating Activities. D) Investing Activities. Show Answer Correct Answer: B) Financing Activities. 6. At a sales volume of 39, 500 units, Choice Corporation's sales commissions (a cost that is variable with respect to sales volume) total $ 505, 600. To the nearest whole cent, what should be the average sales commission per unit at a sales volume of 41, 900 units? (Assume that this sales volume is within the relevant range.) A) $ 12.80. B) $ 13.07. C) $ 13.59. D) $ 12.07. Show Answer Correct Answer: A) $ 12.80. 7. The role of cost accounting in controlling costs and activities can be found in the following efforts..... A) Create a written, quantified statement of the management plan. B) Identify non-value-added activities and reduce them. C) Set the selling price. D) Make business decisions such as leasing or purchasing equipment. Show Answer Correct Answer: B) Identify non-value-added activities and reduce them. 8. In planning, managers use past production cost information to..... A) Assess the performance of the person in charge of production. B) Planning future production costs. C) Assess production efficiency. D) Planning future selling prices. Show Answer Correct Answer: B) Planning future production costs. 9. The term that describes whether costs change as output changes, is the meaning of? A) Cost Behavior. B) Budget. C) Cost. D) Income. Show Answer Correct Answer: A) Cost Behavior. 10. Costs that are directly and physically related to a cost object, such as raw material costs, auxiliary material costs and direct labor costs, will use the cost assignment method..... A) Direct Tracing. B) Driver Tracing. C) Indirect Tracing. D) All true. Show Answer Correct Answer: A) Direct Tracing. 11. Consider a S'mores manufacturing business. Which would be an example of a direct material? A) Graham crackers. B) S'mores assemblers. C) Electricity. D) Supervisor Salary. Show Answer Correct Answer: A) Graham crackers. 12. Financial Accounting does not follow GAAP A) True. B) False. C) Maybe. D) None of above. Show Answer Correct Answer: B) False. 13. In hierarchy, management accountant is placed at A) Lower level. B) Middle level. C) Bottom level. D) Higher level. Show Answer Correct Answer: D) Higher level. 14. Part of your job as a managerial accountant is to "sell" stakeholders on your findings and recommendations. Which skills must you develop to do this effectively? A) Delivery skills. B) Presentation skills. C) Project management skills. D) Communication skills. Show Answer Correct Answer: A) Delivery skills. 15. Common users of managerial accounting reports include the following: A) Operations manager and loan officer. B) Chief financial officer and public shareholder. C) Public shareholder and loan officer. D) Chief financial officer and operations manager. Show Answer Correct Answer: D) Chief financial officer and operations manager. 16. Which of the following is a G/L account type? A) Reconcilation accounts. B) Non-operating profit and expenses. C) Fixed assets, balance sheet accounts and material accounts. D) None of above. Show Answer Correct Answer: A) Reconcilation accounts. 17. A widely accepted set of rules, conventions, standards, and procedures for reporting financial information, established by the Financial Accounting Standards Board. A) GAAP. B) GAP. C) Gaap. D) You sing. Show Answer Correct Answer: A) GAAP. 18. The following comparison of both accounting information systems refers to imposing restrictions? A) Target Users. B) Degree of Aggregation. C) Breadth. D) Type of Information. Show Answer Correct Answer: D) Type of Information. 19. Direct material and direct labour are classified as A) Period costs and expensed when incurred. B) Period costs and expensed when the goods are sold. C) Product costs and expensed when incurred. D) Product costs and expensed when the goods are sold. Show Answer Correct Answer: D) Product costs and expensed when the goods are sold. 20. The work of factory employees that can be physically and 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. ← 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