This quiz works best with JavaScript enabled. Home > Accounting > Managerial Accounting > Managerial Accounting – Quiz 19 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Managerial Accounting Quiz 19 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The roles of managerial accountant includes: A) Supervising low level accountants. B) Analyzing and managing financial risks. C) Recording and analyzing costs. D) All of the above. Show Answer Correct Answer: D) All of the above. 2. Managerial accounting is a branch of financial accounting and serves essentially the same purposes as financial accounting. A) True. B) False. Show Answer Correct Answer: B) False. 3. The volume variance for fixed overhead is an activity-related variance based on the difference between the denominator level of activity and the standard level of activity allowed for the output of a period. A) True. B) False. Show Answer Correct Answer: A) True. 4. Is the following direct labor, direct materials, manufacturing overhead, or period costs?$ 210, 000 in advertising costs. A) Direct labor. B) Direct materials. C) Manufacturing overhead. D) Period costs. Show Answer Correct Answer: D) Period costs. 5. The type or branch of accounting that generates reports for the use of external users such as creditors, investors and government agencies is known as: A) Financial Accounting. B) Managerial Accounting. C) Tax Accounting. D) Forensic Accounting. Show Answer Correct Answer: A) Financial Accounting. 6. Formula for debt ratio A) Total assets/Total liabilities. B) Total Liabilities/Total assets. Show Answer Correct Answer: B) Total Liabilities/Total assets. 7. ..... cash inflow and outflows for production. 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. 8. Few businesses plan to fail, but many of those that don't succeed have failed to plan A) True. B) False. Show Answer Correct Answer: A) True. 9. Which of the following describes process costing? A) Low cost per unit & Consume different resources. B) Low cost per unit & Consume same resources. C) High cost per unit & Consume different resources. D) High cost per unit & Consume same resources. Show Answer Correct Answer: B) Low cost per unit & Consume same resources. 10. Expenses relating to sale of goods are shown in: A) Proft and Loss Account. B) Trading Account. C) Trading and Profit & Loss a/c. D) Balance Sheet. Show Answer Correct Answer: A) Proft and Loss Account. 11. Management accountant plays a key role by A) Analysing the accounting information. B) Interpreting the accounting information. C) Serving the informational needs of the management. D) All the above. Show Answer Correct Answer: D) All the above. 12. The main Purpose of Financial Accounting is? A) To Provide financial information to shareholders. B) To maintain balance sheet. C) To minimize taxes. D) To keep track of liabilities. Show Answer Correct Answer: A) To Provide financial information to shareholders. 13. This type of accounting fulfills the needs of external users of a business such as investors and creditors A) Managerial. B) Financial. Show Answer Correct Answer: B) Financial. 14. The three different inventory will be shown as ..... section of statements of financial position. A) Liabilities. B) Non-current. C) Current. D) Non-liabilities. Show Answer Correct Answer: C) Current. 15. ..... costs stays the same; ..... costs changes A) Fixed; Variable. B) Recurring; Infrequent. C) Variable; Fixed. D) Infrequent; Recurring. Show Answer Correct Answer: A) Fixed; Variable. 16. Total Liabilities $\div$ A) Debt to total assets ratio. B) Debt to Equity Ratio. Show Answer Correct Answer: B) Debt to Equity Ratio. 17. The percentage of costs other than direct material and direct labor costs allocated to production of an item. It is determined by dividing the estimated factory overhead costs by the direct labor costs. A) Factory Overhead Rate. B) Debt ratio. C) Merchandise Inventory Ratio. D) None of above. Show Answer Correct Answer: A) Factory Overhead Rate. 18. If more overhead has been applied than was actually incurred, the ending Manufacturing Overhead account balance represents the amount of [blank ] overhead. A) Underapplied. B) Overapplied. Show Answer Correct Answer: B) Overapplied. 19. The following is information about investing in the Trang sea tour boat project. Initial investment 12, 000, 000 baht, project life 12 years, net annual cash receipts 3, 000, 000 baht, depreciation (straight line) 1, 000, 000 baht. Calculate the accounting rate of return. (ARR) A) 12.5%. B) 20%. C) 16.67%. D) 13.33%. E) 12%. Show Answer Correct Answer: C) 16.67%. 20. Which of the following are considered as prime costs? A) Raw materials costs + Direct labour costs. B) Direct labour costs + Indirect labour costs. C) Manufacturing overhead + Administrative costs. D) Selling and distribution costs + Administrative costs. Show Answer Correct Answer: A) Raw materials costs + Direct labour costs. ← 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