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Managerial Accounting Quiz 17 (20 MCQs)

Quiz Instructions

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1. Which of the following is any cost which cannot be capitalized into a prepaid expense, inventory, or fixed asset?
2. Net Sales (on account) $\div$
3. Part of the planning process involves
4. Budgeted manufacturing overhead costs include all types of factory expenses EXCEPT:
5. A shop that tailors batik shirts to sell as souvenirs to tourists. Determine the standard cost of producing 1 shirt as follows:cost of batik fabric, 2 yards, 150 baht each, labor cost of sewing workers. It is set to take 1.5 hours/piece, paying labor costs of 300 baht per hour. Other production expenses are set to be 100 baht/direct labor hour. From the above information What is the standard direct material cost?
6. Financial accounting information is generally used exclusively by internal parties such as managers.
7. If the gross profit margin is used to show profitability trends and calculated by dividing the gross profit by the total sales. Calculate the GPM if gross profit is 34, 000 and total sales is 50, 000. Please note on the exam, it may be calculated as a percentage.
8. Contribution Margin is calculated sales minus variable costs
9. A financial statement that provides data about all sources of cash inflows as well as what a company spends its money on
10. Cost-10, 000Sales-10, 000This is an example of .....
11. Which one of the following represents a period cost?
12. Managerial Accounting can use financial and nonfinancial data?
13. Depicts the relationship between each item on a financial statement to one major item. The calculation process is referred to as vertical analysis.
14. The formula for direct materials quantity is:
15. 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. If the company desires a profit of P80, 000, how many units must be sold?
16. At California Pizza Kitchen, indirect costs include items such as depreciation on the ovens used to bake the pizzas as well as the costs of utilities, advertising, and plant supervision.
17. If initial budgets prove unacceptable, planners achieve the MOST benefit from:
18. Beginning inventory in units 1, 200Sales budgeted for the quarter 426, 000Capacity in units of production facility 472, 000 How many finished goods units should be produced during the quarter if the company desires 3, 200 units available to start the next quarter?
19. Investors, creditors and regulators are the primary users of managerial accounting information.
20. The cost center represents an organizational unit within a costing area and specifies a set of locations for cost incurrence
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