This quiz works best with JavaScript enabled. Home > Accounting > Managerial Accounting > Managerial Accounting – Quiz 9 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Managerial Accounting Quiz 9 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A company that buys raw materials and converts them into a finished product to be sold either to a merchandiser, an end user, or another manufacturer for use in another product. A) Manufacturing business. B) Merchandising business. C) Service Business. D) None of above. Show Answer Correct Answer: A) Manufacturing business. 2. Controlling is a process where the managers need to ..... and ..... to ensure that the organizational goal is achieved. A) Motivate employees, influence their behaviour. B) Evaluate the execution of the plan, make adjustment. C) Perform tasks, manage deadlines. D) Establish organizational goals, create a course of action. Show Answer Correct Answer: B) Evaluate the execution of the plan, make adjustment. 3. A business selling sago palm seeds is considering using the sago palm seeds to produce sweets in order to get a higher selling price. Normally, if you sell sago palm seeds, you will get a price of 100 baht/kilogram. If you use them to produce desserts, you will sell them for 300 baht/kilogram. But there must be additional costs in producing desserts, equal to 160 baht. Ask students to help think about how this business should decide. A) Sold as sweets Because it will increase profits by 40 baht/kg. B) Sold as sweets Because it will increase profits by 200 baht/kg. C) Sold as sweets Because it will increase profits by 140 baht/kg. D) Sold as sago pellets as usual. Because there will be a profit of more than 40 baht/kg. E) Sold as sago pellets as usual. Because there will be a profit of more than 140 baht/kg. Show Answer Correct Answer: A) Sold as sweets Because it will increase profits by 40 baht/kg. 4. The goal of management accounting is to provide the information that managers need for all of the following EXCEPT: A) Planning. B) Control. C) Decision Making. D) Review. Show Answer Correct Answer: D) Review. 5. Which of the following does NOT describe management accounting? A) Evaluation of segments or products within the firm. B) Emphasis on the future. C) Externally focused. D) Detailed information. Show Answer Correct Answer: C) Externally focused. 6. Cost accounting is concerned with A) Ascertainment of cost. B) Reduction of cost. C) Control of cost. D) All of the above. Show Answer Correct Answer: D) All of the above. 7. Payments on account come how many days after the transaction? A) 30 days. B) 60 days. C) 90 days. D) All of these are correct. Show Answer Correct Answer: D) All of these are correct. 8. Long-term plans are called ..... plans. A) Strategic. B) Operational. C) Mission. D) Corporate. Show Answer Correct Answer: A) Strategic. 9. What is Cash Budget? A) Fore cast. B) Cash in flow. C) Cash out flow. D) Estimate receipts and payments. Show Answer Correct Answer: D) Estimate receipts and payments. 10. Prime cost is referred to as A) Manufacturing overhead. B) Direct materials. C) Total of direct material and direct labour costs. D) Direct labour. Show Answer Correct Answer: C) Total of direct material and direct labour costs. 11. The cost accounting method that charges direct materials, direct labor, and factory overhead costs to a specific job. Most appropriate for manufactured products that are not identical or are custom made A) Job-Order Costing. B) Process Costing. C) Batch Costing. D) Individual Costing. Show Answer Correct Answer: A) Job-Order Costing. 12. Calculation of the cost function by taking into account the highest activity costs and the lowest activity costs is called A) High-Low analysis. B) Engineering analysis. C) Account analysis. D) Simple least-squares regression. Show Answer Correct Answer: A) High-Low analysis. 13. A decrease in the margin of safety would be caused by: A) An increase in total fixed cost. B) An increase in total actual sales. C) A decrease in variable cost per unit. D) A decrease in the selling price per unit. Show Answer Correct Answer: D) A decrease in the selling price per unit. 14. The commission for sales employees is A) Direct Material (DM). B) Direct Labor (DL). C) Factory Overhead (FOH). D) Selling/ Administrative Expense. Show Answer Correct Answer: D) Selling/ Administrative Expense. 15. Which of the following is NOT a goal of managerial accounting A) Provide information needed for decision making. B) Provide information needed for creditors. C) Provide information needed for planning. D) Provide information needed for control. Show Answer Correct Answer: B) Provide information needed for creditors. 16. Which document is considered the foundation of budgeting? A) Income Statement. B) Statement of changes in owner's equity. C) Balance Sheet. D) Dividend Statement. Show Answer Correct Answer: A) Income Statement. 17. Cost of goods manufactured equals: A) Total cost of WIP plus Total manufacturing costs less the cost of the ending WIP inventory. B) Total cost of WIP less the cost of the ending WIP inventory. C) Total cost of WIP plus Total manufacturing costs. D) None of the above. Show Answer Correct Answer: B) Total cost of WIP less the cost of the ending WIP inventory. 18. As the proportion of manufacturing overhead increases due to the rapid development of manufacturing technology, what is the cost accounting method created in an attempt to accurately calculate costs? A) Absorption costing. B) All cost calculation. C) Activity-based costing. D) JIT costing. Show Answer Correct Answer: C) Activity-based costing. 19. Direct materials costs combined with direct labor costs are called (prime, conversion) costs. A) Conversion costs. B) Prime costs. C) Direct material costs. D) Expenses. Show Answer Correct Answer: B) Prime costs. 20. A shop that tailors batik shirts to sell as souvenirs to tourists. Determine the standard cost of producing 1 shirt as follows:the cost of 2 yards of batik fabric, 150 baht each, the labor cost of the tailor. It is scheduled to take 1.5 hours/piece, paying 300 baht per hour for labor. Other production expenses are set to be 100 baht/direct labor hour. Last May, the shop produced 500 shirts, using all the fabric. 1, 050 yards has a total cost of purchasing fabric of 154, 350 baht. I would like to know what the difference in the amount of raw materials is. A) 7, 500 baht (U). B) 7, 500 baht (F). C) 7, 350 baht (U). D) 7, 350 baht (F). E) 4, 350 baht (U). Show Answer Correct Answer: A) 7, 500 baht (U). ← 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 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books