This quiz works best with JavaScript enabled. Home > Accounting > Managerial Accounting > Managerial Accounting – Quiz 7 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Managerial Accounting Quiz 7 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The costs that go into creating the products that a company sells. Only costs directly related to the production of the products are included. A) Cost of Merchandise Sold. B) Total Costs. C) Direct Costs. D) None of above. Show Answer Correct Answer: A) Cost of Merchandise Sold. 2. Low production volume; Little standardization:One of a kind products A) Assembly. B) Job Shop. C) Batch. D) Continuous Flow. Show Answer Correct Answer: B) Job Shop. 3. Which of the following is calculated by subtracting the actual amount from the budgeted amount? A) Linear regression. B) Cost-profit value. C) Variance analysis. D) Cost. Show Answer Correct Answer: C) Variance analysis. 4. Northern Pacific Furniture Company sells a single product for P28 per unit. If variable expenses are 65% of sales and fixed expenses total P9, 800, the break-even point will be: A) P15, 077. B) P18, 200. C) Look, 800. D) P28, 000. Show Answer Correct Answer: D) P28, 000. 5. Company A assigns manufacturing overhead to WIP inventory using direct labor cost. Actual labor cost:200 000Estimated labor cost:180 000Estimated overhead:75 000Actual overhead:72 000Whats is the predetermined overhead rate? A) 0.375. B) 0.417. C) 0.4. D) 0.36. Show Answer Correct Answer: B) 0.417. 6. Costs that vary according to production volume are called: A) Variable costs. B) Fixed cost. C) Production cost. D) Semi variable costs. Show Answer Correct Answer: A) Variable costs. 7. Managerial accounting applies to each of the following types of businesses except A) Service firms. B) Merchandising firms. C) Manufacturing firms. D) Managerial accounting applies to all types of firms. Show Answer Correct Answer: D) Managerial accounting applies to all types of firms. 8. Direct labor and overhead costs are called costs? A) Still. B) Variable. C) Production. D) Conversion. Show Answer Correct Answer: D) Conversion. 9. Managerial accounting reports are done after an audit every month A) False. B) True. Show Answer Correct Answer: A) False. 10. If the Market value of closing Inventory is less than its cost price, inventory willhe shown at ..... A) Marketable value. B) Fair Market value. C) Both. D) None. Show Answer Correct Answer: A) Marketable value. 11. Accounts that continuing existing even after the end of the accounting year are known as: A) Nominal accounts. B) Real accounts. C) Permanent accounts. D) Revenue accounts. Show Answer Correct Answer: B) Real accounts. 12. Who is the mayor of GCS A) WHOLESALE. B) Lorelie. C) Constantino. D) Acharon. Show Answer Correct Answer: A) WHOLESALE. 13. What is MSRP A) Manufacturer's suggested retail price. B) Manufacturer's supposed retail price. Show Answer Correct Answer: A) Manufacturer's suggested retail price. 14. Fixed or Variable?Salaries A) Fixed. B) Variable. Show Answer Correct Answer: A) Fixed. 15. BOBS Corporation began operations on January 1st. During the year, it started and completed 2, 700 units of product. The company incurred the following costs:Raw materials purchased and used-$ 5, 600Wages of production workers-$ 6, 890.Salaries of administrative and sales personnel-$ 2, 450.Depreciation on manufacturing equipment-$ 4, 280.Depreciation on administrative equipment-$ 7, 010.BOBS corporation sold 2, 100 units of product.Determine cost of ending inventory A) $ 3, 726. B) $ 4, 794. C) $ 2, 484. D) $ 3, 196. Show Answer Correct Answer: A) $ 3, 726. 16. Which of the following would likely NOT be included in manufacturing overhead A) The factory utilities of the department in which production takes place. B) The workman's compensation insurance of the supervisor who oversees production. C) The amount paid to the individual who stains chairs. D) The cost of the glue in the chair. Show Answer Correct Answer: C) The amount paid to the individual who stains chairs. 17. All of the costs required to manufacture a finished product that are not related to the direct materials or direct labor costs. Examples include maintenance of the factory and utilities. A) Factory Overhead. B) Indirect Materials. C) Indirect Costs. D) None of above. Show Answer Correct Answer: A) Factory Overhead. 18. Designed to collect transactional data that provides a foundation for preparing internal exports that support decision making within the enterprise A) Reconciliation Account. B) Managerial Accounting (Controlling). Show Answer Correct Answer: B) Managerial Accounting (Controlling). 19. Planning is what oriented? A) Past oriented. B) Future oriented. C) Present oriented. D) None of above. Show Answer Correct Answer: B) Future oriented. 20. The primary objective of management accounting is A) To provide shareholders and potential investors with useful information for decisionmaking. B) To provide banks and other creditors with information useful in making credit decisions. C) To provide management with information useful for planning and control of operations. D) To provide the relevant taxation authorities with information about taxable income. Show Answer Correct Answer: C) To provide management with information useful for planning and control of operations. ← PreviousNext →Related QuizzesAccounting QuizzesManagerial Accounting Quiz 1Managerial Accounting Quiz 2Managerial Accounting Quiz 3Managerial Accounting Quiz 4Managerial Accounting Quiz 5Managerial Accounting Quiz 6Managerial Accounting Quiz 8Managerial Accounting Quiz 9Managerial Accounting Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books