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Management Accounting Quiz 35 (30 MCQs)

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1. To reduce the excessive focus of subunit managers on their own subunits, many companies compensate subunit managers on the basis of:
2. This will depend upon factors like cost of current and fixed assets, promotional expenses and long-range planning.
3. For reaching final decision, management has to apply its Except:
4. Management deals with
5. Will the company be able to pay its short-term debts?
6. Marketing department
7. The direct materials efficiency variance is computed as
8. Tenzin Ltd. Which is Finance Based Ecommerce Company has a current ratio of 3.5:1 and quick ratio of 2:1. If excess of current assets over quick assets represented by inventories is Rs. 24, 000, What will be the value of current assets?
9. Which of the following is accurate formula for Conversion Cost?
10. The following is the objective of cost accounting except .....
11. Asset accounts decrease with a
12. A manager can be blamed for ..... adverse variance.
13. Calculate cost of sales from the following:Net Works cost:Rs. 2, 00, 000 Office & Administration Overheads:Rs. 1, 00, 000 Opening stock of WIP:Rs. 10, 000 Closing Stock of WIP:Rs. 20, 000 Closing stock of finished goods:Rs. 30, 000 There was no opening stock of finished goods. Selling overheads:Rs. 10, 000
14. Financial Accounting is based on Company's Acts and standards issued by the accounting profession, meanwhile Management Accounting is not based on governed by legislation or standards. Is the difference between Financial Accounting and Management Accounting in terms of?
15. What is the classification of the owner's drawing account?
16. Which one of the following tangible fixed assets would not normally be depreciated?
17. A company has sales of $ 73, 000 and Average accounts receivables of $ 11, 000. What is its debtors turnover ratio?
18. JIT manufacturing emphasizes
19. There is a prescribed format for preparation of Management Accounting which is known as GAAP
20. Short term investment is
21. Planning is a function that involves
22. If cost of sales ₹ .15, 440 and Average Stock ₹ .4, 500, calculate Stock Turnover ratio?
23. Which is NOT an example of an expense:
24. Process costing is normally used for the products that are .....
25. On the last date of his food truck business, A food truck owner sold snacks worth $ 2 500 and sold his truck for $ 20, 000. How should these receipts be treated in his business books?
26. Manufacturing overhead is the cost of manufacturing activities other than direct materials and direct labor (all indirect costs).
27. Organizing is the delegating of responsibility for the use of the organization's resources, whether human, financial, or physical.
28. Contribution is also known as
29. Thach 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 $ 665, 000, variable manufacturing overhead of $ 3.00 per machine-hour, and 70, 000 machine-hours. Recently, Job T321 was completed with the following characteristics:Number of units in the job:30Total machine-hours:90Direct material:$ 630Direct labor cost:$ 2, 880The unit product cost for Job T321 is closest to:
30. The debtor turnover ratio and creditors turnover ratio are measures of:
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