This quiz works best with JavaScript enabled. Home > Accounting > Managerial Accounting > Managerial Accounting – Quiz 6 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Managerial Accounting Quiz 6 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is the essential aspect of project accounting? A) Tracking invoices. B) Identifying all resources involved. C) Documenting facility management costs. D) Limiting the project duration. Show Answer Correct Answer: B) Identifying all resources involved. 2. Salary Expenses for Financial Managers are A) Direct Material (DM). B) Direct Labor (DL). C) Factory Overhead (FOH). D) Selling/ Administrative Expense. Show Answer Correct Answer: D) Selling/ Administrative Expense. 3. What does the profit margin on sales ratio show? A) Relationship between income from operations and net sales. B) Relationship between net income after taxes and and net sales. Show Answer Correct Answer: A) Relationship between income from operations and net sales. 4. These activities include transactions and events that come from the purchase and sale of long-term assets. A) Operating Activities. B) Managerial Activities. C) Investing Activities. D) Financing Activities. Show Answer Correct Answer: C) Investing Activities. 5. The activity base for a flexible budget should usually be expressed in units of activity rather than in dollars. A) True. B) False. Show Answer Correct Answer: A) True. 6. Identify the correct characteristics of management accounting information that suitable to explain these statement:"Accounting Information is ready at the time it is needed" A) Accuracy. B) Flexible. C) Relevant. D) Timeliness. Show Answer Correct Answer: D) Timeliness. 7. As total volume decreases, total fixed cost A) Decreases. B) Increases. C) Stays the same. D) None of above. Show Answer Correct Answer: C) Stays the same. 8. One of the relationships between cost accounting and financial accounting is in terms of..... A) Determining product selling prices. B) Determination of inventory value. C) Determination of production costs. D) Determination of net profit. Show Answer Correct Answer: A) Determining product selling prices. 9. How many inventory account that reported in financial position for managerial accounting A) 1. B) 2. C) 3. D) 4. Show Answer Correct Answer: C) 3. 10. Assigning costs A) Involves the way that a cost is linked to some cost object. B) Tells the company why the money was spent. C) To a cost object using a reasonable and convenient method is allocation. D) All of these. Show Answer Correct Answer: D) All of these. 11. A branch of accounting that provides accounting information to managers within organizations, which allows them to make informed business decisions and develop overall business strategies A) Managerial accounting. B) Financial accounting. C) Economic accounting. D) Cost accounting. Show Answer Correct Answer: A) Managerial accounting. 12. Inventories, cash and equivalents, and accounts receivables are listed as A) Earnings on Income Statement. B) Payments on Income Statement. C) Assets on the Balance Sheet. D) Liabilities on the Balance Sheet. Show Answer Correct Answer: C) Assets on the Balance Sheet. 13. ..... in the process of keeping the activities on track. Management determines whether goals are being met and what changes are necessary when there are deviation. A) Planning. B) Controlling. C) Decision Making. D) None of above. Show Answer Correct Answer: B) Controlling. 14. Which is not a characteristic of management accounting? A) External focus. B) Emphasis on the future. C) There are no binding rules. D) Useful information for internal management. Show Answer Correct Answer: A) External focus. 15. Which reports to people inside AND outside of the business? A) Managerial Accounting. B) Financial Accounting. Show Answer Correct Answer: B) Financial Accounting. 16. In the production of shirts, salaries of quality control officers are classified as ..... A) Direct materials. B) Direct labor. C) Manufacturing overhead. D) Non-manufacturing cost. Show Answer Correct Answer: C) Manufacturing overhead. 17. DeArmond Corporation has budgeted sales of 18, 000 units, target ending finished goods inventory of 3, 000 units, and beginning finished goods inventory of 900 units. How many units should be produced next year? A) 21, 900 units. B) 20, 100 units. C) 15, 900 units. D) 18, 000 units. Show Answer Correct Answer: B) 20, 100 units. 18. Which ratio shows the relationship between net income after taxes and net sales? A) Return on sales. B) Profit margin on sales. C) Return on total assess. D) Return on equity. Show Answer Correct Answer: A) Return on sales. 19. Statement of profit and loss for a retailer is same except? A) Sales. B) Purchases. C) Inventory. D) Revenue. Show Answer Correct Answer: B) Purchases. 20. What is the problem with segmenting managerial accounting operations into. technical and conceptual activities? A) It leads to a disconnect in decision-making between data and assumptions.aste in the project process. B) It promotes disputes over responsibilities between the two areas. C) It leads to inefficiencies in data keeping and data modeling. D) It leads to inefficiencies in data collection and decision-making. Show Answer Correct Answer: A) It leads to a disconnect in decision-making between data and assumptions.aste in the project process. ← PreviousNext →Related QuizzesAccounting QuizzesManagerial Accounting Quiz 1Managerial Accounting Quiz 2Managerial Accounting Quiz 3Managerial Accounting Quiz 4Managerial Accounting Quiz 5Managerial Accounting Quiz 7Managerial Accounting Quiz 8Managerial Accounting Quiz 9Managerial Accounting Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books