This quiz works best with JavaScript enabled. Home > Accounting > Managerial Accounting > Managerial Accounting – Quiz 32 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Managerial Accounting Quiz 32 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The following is an incorrect statement regarding cost objects..... A) A cost object is the item whose cost is measured. B) Cost objects are activities that are usually accumulated. C) Processes cannot be cost objects. D) Strategic objectives can be cost objects. Show Answer Correct Answer: C) Processes cannot be cost objects. 2. The list of accounts with their balances is the: A) Journal. B) Trial Balance. C) Ledger. D) Balance Sheet. Show Answer Correct Answer: B) Trial Balance. 3. Calculate the cost of good manufactured whenmanufacturing overhead = RM1500prime cost =RM2300beginning work in process = RM330ending work in process = RM560 A) RM 1304. B) RM 2156. C) RM 3570. D) RM 4350. Show Answer Correct Answer: C) RM 3570. 4. Manager performs two broad functions which are planning and A) Budgeting. B) Calculating. C) Supporting. D) Controlling. Show Answer Correct Answer: D) Controlling. 5. Which is NOT a risk by not having a budget schedule? A) Late payments. B) Not enough inventory. C) Bankruptcy. D) People losing jobs because of poor numbers. Show Answer Correct Answer: D) People losing jobs because of poor numbers. 6. Fixed or Variable?Insurance A) Fixed. B) Variable. Show Answer Correct Answer: A) Fixed. 7. If an expense is increasing at a faster rate than the sales, what kind of trend is it? A) Unfavorable trend. B) Favorable Trend. C) Neutral Trend. D) Not enough information is given. Show Answer Correct Answer: A) Unfavorable trend. 8. The following statements regarding Management Accounting are true, except: A) Emphasizes thoroughness and objectivity. B) Future oriented. C) Provides information for management to make decisions. D) Does not have a standard format for reporting. Show Answer Correct Answer: A) Emphasizes thoroughness and objectivity. 9. Identify whether the following statement are true or false.Financial accounting reports pertain to subunits of the business and are very detailed. A) True. B) False. Show Answer Correct Answer: B) False. 10. Which one of the following would not be classified as manufacturing overhead? A) Indirect labor. B) Direct materials. C) Insurance on factory building. D) Indirect materials. Show Answer Correct Answer: B) Direct materials. 11. All of the significant materials that are an integral part of the finished product A) Direct Materials. B) Total materials. C) Indirect Materials. D) None of above. Show Answer Correct Answer: A) Direct Materials. 12. Cost of direct materials purchased is cost of direct material used ..... beginning inventory ..... ending inventory. A) Plus, minus. B) Less, more. C) More more. D) Less, less. Show Answer Correct Answer: B) Less, more. 13. What an entity owes A) Liability. B) Expense. C) Asset. D) Equity. Show Answer Correct Answer: A) Liability. 14. A projection of the revenues, expenses, and net income for a fiscal year. A) Budgeted Income Statement. B) Income Statement. Show Answer Correct Answer: A) Budgeted Income Statement. 15. Schultz Company expects to manufacture and sell 30, 000 baskets in 20X4 for $ 6 each. There are 3, 000 baskets in beginning finished goods inventory with target ending inventory of 4, 000 baskets. The company keeps no work-in-process inventory. What amount of sales revenue will be reported on the 20X4 budgeted income statement? A) $ 174, 000. B) $ 180, 000. C) &186, 000. D) $ 204, 000. Show Answer Correct Answer: B) $ 180, 000. 16. Identify whether the item being described by the statement is Competence, Confidentiality, Credibility or Integrity: "Communicate information fairly and objectively." A) Competence. B) Confidentiality,. C) Credibility. D) Integrity. Show Answer Correct Answer: C) Credibility. 17. Entertainment A) Fixed Expense. B) Variable Expense. Show Answer Correct Answer: B) Variable Expense. 18. What is Break Even Point? A) Total sales = total Cost. B) No Profit No loss. C) In units and value is Calculated. D) None. Show Answer Correct Answer: B) No Profit No loss. 19. A general term that is used to measure a company's debt in relation to its assets. A) Debt ratio. B) Liability ratio. C) Expense ratio. D) None of above. Show Answer Correct Answer: A) Debt ratio. 20. All of the following can be differential cost except A) Opportunity Costs. B) Variable Costs. C) Fixed Costs. D) Sunk Costs. Show Answer Correct Answer: D) Sunk 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