This quiz works best with JavaScript enabled. Home > Accounting > Managerial Accounting > Managerial Accounting – Quiz 31 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Managerial Accounting Quiz 31 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Managerial Accounting and Financial Accounting differ in the following way: A) Financial Accounting emphasizes forecasts of future performance. B) Financial Accounting summarizes information for the company as a whole. C) Financial Accounting is private information for company managers. D) Financial Accounting emphasizes timeliness over precision. Show Answer Correct Answer: B) Financial Accounting summarizes information for the company as a whole. 2. Multiple products; Low volume A) Assembly. B) Batch. C) Continous Flow. D) Job Shop. Show Answer Correct Answer: B) Batch. 3. What is the contribution margin for the Companywide? A) $ 300, 000. B) $ 480, 000. C) $ 780, 000. D) $ 1, 000, 000. Show Answer Correct Answer: C) $ 780, 000. 4. Total Contribution is calculated as A) Sales revenue-fixed costs. B) Total variable costs / units. C) Sales revenue-total variable costs. D) None of above. Show Answer Correct Answer: C) Sales revenue-total variable costs. 5. Recurring payments occasional payments and cash payments are what? A) Inflow. B) Outflow. Show Answer Correct Answer: B) Outflow. 6. Business enterprise is separate from its owner according to ..... concept. A) Money measurement concept. B) Matching concept. C) Entity concept. D) Dual aspectconcept. Show Answer Correct Answer: C) Entity concept. 7. The reason of the managerial accounting is prepared for looking-forward information is because A) The main reason is to assist the external users. B) Give opportunity for the creditors to well evaluate the business. C) The management accountant do not consider the past financial information. D) The futuristic nature of making decision. Show Answer Correct Answer: D) The futuristic nature of making decision. 8. Which branch of accounting only issues reports when needed but not necessarily required to do so? A) Managerial Accounting. B) Financial Accounting. Show Answer Correct Answer: A) Managerial Accounting. 9. In the production of shirts, buttons are classified as ..... A) Direct materials. B) Direct labor. C) Manufacturing overhead. D) Non-manufacturing cost. Show Answer Correct Answer: C) Manufacturing overhead. 10. Which of the following is the process of choosing whether to make a product in-house or purchase it from an external source? A) Linear regression. B) Variance Analysis. C) Cost-profit decision. D) Make or buy decision. Show Answer Correct Answer: D) Make or buy decision. 11. Yes or No:If current assets is twice the current liabilities the current ratio is 1:2 A) Yes. B) No. Show Answer Correct Answer: B) No. 12. Identify whether the following statement are true or false.Managerial accounting applies only to merchandising and manufacturing companies. A) True. B) False. Show Answer Correct Answer: B) False. 13. What is the definition of a budget? A) A budget is a written financial plan for a business over a specific period of time, usually a year. B) A budget shows the net income of a company as well its inflows and outflows. C) A budget shows the important financial ratios that are being used. D) A budget is a written financial plan for a business over its lifetime. Show Answer Correct Answer: A) A budget is a written financial plan for a business over a specific period of time, usually a year. 14. The managerial function of controlling A) Is performed only by the controller of a company. B) Is only applicable when the company sustains a loss. C) Is concerned mainly with operating a manufacturing segment. D) Includes performance evaluation by management. Show Answer Correct Answer: D) Includes performance evaluation by management. 15. Identify whether the following statement are true or false.Financial accounting report are generally-purpose reports. A) True. B) False. Show Answer Correct Answer: A) True. 16. True or False:The manufacturing cost is composed of overhead, materials and labor A) Yes. B) No. Show Answer Correct Answer: B) No. 17. The following is information about investing in the Trang sea tour boat project:initial investment of 12, 000, 000 baht, project life of 12 years, net annual cash receipts of 3, 000, 000 baht, depreciation (straight line) of 1, 000, 000 baht, assuming a capital cost of 10. % Calculate the net present value (NPV). A) 8, 442, 000 baht. B) 4, 950, 000 baht. C) 1, 628, 000 baht. D) -700, 000 baht. E) -11, 043, 000 baht. Show Answer Correct Answer: A) 8, 442, 000 baht. 18. Which best describes cash flows in service companies A) Inventory for WIP. B) Inventory for finished goods. C) Inventory for both WIP and finished goods. D) No inventory for WIP or finished goods. Show Answer Correct Answer: D) No inventory for WIP or finished goods. 19. Reports prepared in financial accounting are general-purpose reports, whereas reports prepared in managerial accounting are usually special-purpose reports. A) True. B) False. Show Answer Correct Answer: A) True. 20. Cash Receipts, Cash Sales, Customers on account, interest revenue are what? A) Inflow. B) Outflow. Show Answer Correct Answer: A) Inflow. ← 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