This quiz works best with JavaScript enabled. Home > Accounting > Managerial Accounting > Managerial Accounting – Quiz 23 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Managerial Accounting Quiz 23 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Also known as Non-Manufacturing Cost A) Product Cost. B) Period Cost. C) Inventoriable Cost. D) Manufacturing Cost. Show Answer Correct Answer: B) Period Cost. 2. Compute the break-even point in dollar sales for the Family Law Segment. A) $ 333, 333. B) $ 278, 300. C) N/A. D) 373, 333. Show Answer Correct Answer: B) $ 278, 300. 3. An opportunity cost is the foregone benefit (or lost opportunity) of the path not taken. Anytime you choose to do one thing instead of another because of a limit on your time or money, you incur an opportunity cost. A) True. B) False. Show Answer Correct Answer: A) True. 4. Managerial Accounting best reports to WHOM? A) Financial investor. B) Managers. C) Creditors. D) The IRS. Show Answer Correct Answer: B) Managers. 5. The static budget should be used primarily to determine whether cost control is being maintained. A) True. B) False. Show Answer Correct Answer: B) False. 6. What does a favorable fixed overhead budget variance indicate? A) Actual fixed overhead is lower than budgeted fixed overhead. B) Actual fixed overhead is higher than budgeted fixed overhead. C) Actual hours allowed is lower than standard hours allowed. D) Actual hours allowed is higher than standard hours allowed. Show Answer Correct Answer: A) Actual fixed overhead is lower than budgeted fixed overhead. 7. A statement that lists the assets, liabilities, and stockholders' equity. It displays a company's collateral, liquidity, and net worth. A) Balance Sheet. B) Income Statement. C) Statement of Company Earnings. D) None of above. Show Answer Correct Answer: A) Balance Sheet. 8. The contents of the report produced by cost accounting are..... A) Covers the company as a whole. B) Covers certain parts of the company. C) In the form of historical information (past). D) According to the standards set by the Indonesian Institute of Accountants. Show Answer Correct Answer: B) Covers certain parts of the company. 9. Decision Making is part of ..... accounting. A) Management. B) Manager. C) Financial. D) Business. Show Answer Correct Answer: A) Management. 10. Primary costs types are used to establish links between FI and CO and enable the exchange of information between financial accounting and controlling A) False. B) True. Show Answer Correct Answer: B) True. 11. Budgeting is crucial to your financial success. A) True. B) False. Show Answer Correct Answer: A) True. 12. A company's break-even point would be increased by the following statements, except: A) An increase in fixed costs. B) A decrease in contribution margin ratio. C) A decrease in selling price. D) A decrease in variable cost per unit. Show Answer Correct Answer: D) A decrease in variable cost per unit. 13. Building a financial model is about A) Historical data. B) Strategy. C) Planning. D) Bringing everything together. Show Answer Correct Answer: D) Bringing everything together. 14. The tatue of management accountant depends on A) Scope of his work. B) Responsibilities. C) Both scope of his work snd reponsibilities. D) None. Show Answer Correct Answer: C) Both scope of his work snd reponsibilities. 15. A noncash account records cash receipts and cash payments. A) True. B) False. Show Answer Correct Answer: B) False. 16. Internal reports must be communicated A) Daily. B) Monthly. C) Annually. D) As needed. Show Answer Correct Answer: D) As needed. 17. Utilities A) Fixed Expenses. B) Variable Expenses. Show Answer Correct Answer: B) Variable Expenses. 18. True or False:The direct cost is the cost that is matched against revenue in the time it is incurred. A) True. B) False. Show Answer Correct Answer: B) False. 19. Consider an ice cream manufacturing business. What would best be considered an factory overhead? A) Milk. B) Sugar. C) Electricity. D) Ice cream assemblers. Show Answer Correct Answer: C) Electricity. 20. Which type of accounting deals with the total cost of owning an asset? A) Project accounting. B) Lifecycle costing. C) Activity-based costing. D) Lean accounting. Show Answer Correct Answer: B) Lifecycle costing. ← 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