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Management Accounting Quiz 33 (30 MCQs)

Quiz Instructions

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1. Solvency ratio indicate .....
2. Management accountancy is a structure for
3. What is the main focus of Financial Accounting?
4. Contribution margin ratio can be calculated in all of the following ways except
5. Cost of goods sold can be derived from manufacturing cost as follow:Cost of goods sold = Opening inventory of finished goods + Manufacturing cost-Closing inventory of finished goods
6. Under-absorption is:Debited to Profit and Loss AccountsCredited to Overhead Control Accounts
7. The balance sheet is at the heart of which type of bookkeeping?
8. Working capital increases if current liabilities increase.
9. Carradine Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $ 105, 000, variable manufacturing overhead of $ 3.00 per machine-hour, and 70, 000 machine-hours. The company recently completed Job P233 which required 60 machine-hours. The amount of overhead applied to Job P233 is closest to:(Round your intermediate calculations to 2 decimal places.)
10. The company purchases supplies on credit
11. Financial accounting only provides information about what may happen in the future
12. Management accounting is an activity or process that produces information in financial form for management to make economic decisions in carrying out management functions, is the Definition of Management Accounting according to?
13. Describe the cost unit applicable to the Bicycle industry
14. If Current Assets are Rs. 5, 00, 000 and Current Liabilities are Rs. 2, 00, 000 ; Working capital is .....
15. Sales for desired profit is measured as
16. Which of the following is a method used in analyzing financial statements-
17. Which of the following is NOT one of the questions management accountants might attempt to help answer in the formulation of strategy?
18. Objectives will vary depending on whether the organization is profit-seeking, like general motors, or non-profit and service-oriented, like the city government.
19. If you have $ 30.00 in your checking account, and you spend money from your account to buy some food (it cost $ 6.32), would you credit or debit the amount in your transaction log? For how much?
20. If Direct Material Consumed is Rs20000, Chargeable Expenses is Rs3000, Direct Labour is Rs 2000 and Indirect Labour is Rs 6000, Then Prime cost will be .....
21. Cash flow statement is based on accrual basis of accounting
22. Formula for Fixed assets turnover ratio?
23. If sales is Rs 10, 00, 000, sales returns is Rs 50, 000, Profit Before Tax is Rs 2, 00, 000, Income tax is 40%, Net profit ratio is
24. Below is the characteristics of management accounting, EXCEPT .....
25. Accounts Payable is also known as .....
26. One of the reasons why we need to be careful in determining the selling price, except:
27. Managerial accounting is the branch of accounting concerned with reporting to internal parties for decision making purposes.
28. A manager that deals with the part of the business where profit is compared with the amount of money invested in the department .....
29. Costing includes management accounting; bookkeeping includes financial accounting
30. A segment could be which of the following?
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