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Management Accounting Quiz 27 (25 MCQs)

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1. Chargeable expenses is another name for direct expenses
2. The P/V ratio of a product is 0.6 and profit is Rs. 9, 000. The margin of safety is
3. Basic objective of cost accounting is
4. Which of the following options is not characteristic of management accounting?
5. What is ABC system?
6. When material prices are fluctuating rapidly, this is the best method to use
7. Current assets divided by current liabilities is the
8. Quick assets are Current assets minus
9. Liability accounts increase with a
10. Which of the following is NOT an example of revenue Income
11. The transfering of work from a specific area of the company ( e.g. accounting, manufacturing) to an outside supplier, which can be done to a company that is located in the home country or anywhere else is called _____
12. This is concerned with 'the provision of information to assist management with planning, decision-making and control.'
13. If income is ₹ .16, 000 and 'deficit' debited to capital fund is ₹ .4, 300, then expenditure is _____
14. When machine-hours are used as an overhead cost-allocation base and annual leasing costs for equipment unexpectedly increase, the most likely result would be to report a(n):
15. How many people does your company _____ ?
16. What is the first level of pricing decision making?
17. Which of the following is never included in product cost?
18. Generally Accepted Accounting Principles (GAAP) require the use of which accounting method for external reporting?
19. Variable costing is
20. _____ requires the management to look a head and establish objectives. A key objective of management is to add value to the business.
21. Telephone costs for the office forms part of the factory overheads?
22. What is the second level of pricing decision making?
23. The total cost tend to change as to level of activity changes
24. Emigh Corporation's cost of goods manufactured for the just completed month was $146, 000 and its overhead was overapplied by $5, 000. The beginning finished goods inventory was $35, 000 and the ending finished goods inventory was $37, 000. The company closes out any underapplied or overapplied manufacturing overhead to cost of goods sold. How much was the adjusted cost of goods sold on the Schedule of Cost of Goods Sold?
25. _____ collects, analyses, and understands the financial, qualitative, and statistical information to help the management make effective decisions about the business.
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