This quiz works best with JavaScript enabled. Home > Accounting > Managerial Accounting > Managerial Accounting – Quiz 29 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Managerial Accounting Quiz 29 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. True or False:The cost pool is an account in which a variety of similar costs are accumulated. A) True. B) False. Show Answer Correct Answer: A) True. 2. Which of these statement is correct? A) The salary of a factory maintenance personnel is would be classified as as direct labour. B) The cost of collecting debts from customers is classified as part of factory overhead. C) Power used to operate the machinery is classified as factory overhead. D) Items such as glue, nails and screws become part of the finished product but are usually classified as direct costs. Show Answer Correct Answer: C) Power used to operate the machinery is classified as factory overhead. 3. Activity types are organizational units within the controlling area, which classify the performance of const center A) True. B) False. Show Answer Correct Answer: A) True. 4. What is the basic difference between a master budget and a flexible budget is that a master budget is: A) Only used before and during the budget period and the flexible budget is only used after the budget period. B) For an entire production facility whereas a flexible budget is applicable to single departments only. C) Based on a fixed standard, whereas a flexible budget allows management latitude in meeting goals. D) Based on one specific level of production and a flexible budget can be prepared for any production level within the relevant range. Show Answer Correct Answer: D) Based on one specific level of production and a flexible budget can be prepared for any production level within the relevant range. 5. James Company has a margin of safety percentage of 20%. The break-even point is P200, 000 and the variable expenses are 45% of sales. Given this information, the net operating income is: A) Pah, 500. B) P18, 000. C) B.500. D) B, 000. Show Answer Correct Answer: A) Pah, 500. 6. The following maybe sources of information except A) Economists. B) Marketer. C) Skeptics. D) Banker. Show Answer Correct Answer: C) Skeptics. 7. My name A) Effendi. B) Rohman. C) Rochman. D) Rochman Effendi. Show Answer Correct Answer: D) Rochman Effendi. 8. What are the four elements of the road map to preparing a financial model? A) Goals, staffing. taxes, and accounting. B) Data. regulations. oversight, and accounting. C) Interest rates, taxes, debts, and assets. D) Goals, outputs. information, and business rules. Show Answer Correct Answer: D) Goals, outputs. information, and business rules. 9. A distinguishing feature of managerial accounting is A) External users. B) General-purpose reports. C) Very detailed reports. D) Quarterly and annual reports. Show Answer Correct Answer: C) Very detailed reports. 10. True or False:Selling and administrative costs are considered manufacturing cost? A) True. B) False. Show Answer Correct Answer: B) False. 11. If the cost of goods sold is $ 95, 700, beginning merchandise inventory is $ 10, 500, and merchandise purchases are $ 110, 000, then the ending merchandise inventory must be A) $ 24, 800. B) $ 3, 800. C) $ 85, 200. D) $ 10, 500. Show Answer Correct Answer: A) $ 24, 800. 12. Fixed costs stay the same, in total, as activity level changes. A) T. B) F. Show Answer Correct Answer: A) T. 13. Identify whether the item being described by the statement is Competence, Confidentiality, Credibility or Integrity: "Maintain an appropriate level of professional expertise by continually developing knowledge and skills." A) Competence. B) Confidentiality,. C) Credibility. D) Integrity. Show Answer Correct Answer: A) Competence. 14. Period costs are not inventoriable costs. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 15. In the key business processes of processing raw materials to the cost of goods sold, what will be recorded in the "purchase of raw materials" transaction: A) Dr:Inventory Raw Materials. Cr:Account Payable / Cash. B) Dr:Work in Progress. Cr:Inventory Raw Materials. C) Dr:Inventory Finished Goods. Cr:Work ini Progress. D) Dr:Cost of Goods Sold. Cr:Inventory Finished Goods. Show Answer Correct Answer: A) Dr:Inventory Raw Materials. Cr:Account Payable / Cash. 16. Russ Maddux Company reports the following data for its first year of operation. Cost of goods manufactured$ 455, 800Work in process inventory, beginning0Work in process inventory, ending140, 400Direct materials used 110, 900Direct Labor137, 000Manufacturing overhead 185, 300Finished goods inventory, beginning0Finished goods inventory, ending90, 700 What is the cost of goods sold? A) $ 365, 100. B) $ 455, 800. C) $ 752, 000. D) $ 520, 900. Show Answer Correct Answer: A) $ 365, 100. 17. Which is required by GAAP or regulatory agencies? A) Managerial Accounting. B) Financial Accounting. Show Answer Correct Answer: B) Financial Accounting. 18. Samson Company reported total manufacturing costs of $ 320, 000, manufacturing overhead totaling $ 52, 000, and direct materials totaling $ 64, 000. How much is direct labor cost? A) Cannot be determined from the information provided. B) $ 268, 000. C) $ 256, 000. D) $ 204, 000. Show Answer Correct Answer: D) $ 204, 000. 19. Which items are classified as outputs in a financial model? A) Costs, cash flows, and return on investment. B) Current resources and overhead costs. C) Transition costs and the lifecycle term. D) Financial return and corporate strategy. Show Answer Correct Answer: A) Costs, cash flows, and return on investment. 20. Direct material are: A) Product costs and Manufacturing overhead. B) Product costs. C) Product costs, Manufacturing overhead and period costs. D) None of above. Show Answer Correct Answer: B) Product 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