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Management Accounting Quiz 8 (30 MCQs)

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1. Available Machine Hours are 2000 hours. Product A, B and C gives contribution of Rs.2, 6 and 4 per MH respectively. Rank them in preference of production.
2. This method of budgeting can ignore previous budgets and it looks at the main aims of the businesses and focuses on those. This is
3. Plant utilization budget and Manufacturing overhead budgets are types of
4. Which of the following is not the tool of Management accounting?
5. Management accounting is mostly applied in which of the following organizations:
6. The company purchases equipment with its cash
7. Identify the following characteristics of management in business which isNOT TRUE.
8. The primary objective of just-in-time processing is to
9. Revenue DECREASES owners equity.
10. Which of the following is not included in the operating budget?
11. 1) Which one of the following is a withdrawal account?
12. When the Marriott decided to improve the quality of service it offered its customers, it asked special corporate guests to comment on the good and bad issues of their stay and also to advise what the competition is doing better than the Marriott. The Marriott used:
13. Which of the following relates to management advisory services by CPAs?
14. A flexible budget is
15. 1 Which of the following does not represents the characteristics of Management Accounting?
16. Which method of budgeting uses the previous period's budget as a base for the current budget?
17. Data about Anabelle Company's production and inventories for the month of June are as follows:Purchases-direct materials P143, 440Freight in P5, 000Purchase returns and allowances P2, 440Direct Labor P175, 000Actual Factory Overhead P120, 000InvetoriesJune 1:Finished Goods P68, 000Work in Process P110, 000Direct Materials P52, 000June 30:Finished goods P56, 000Work in Process P135, 000Direct Materials P44, 000Annabelle Company applied factory overhead to production at 80% of direct labor cost. Over-or underapplied overhead is closed to cost of goods sold at year-end. The company's accounting period is on the calendar year basis.The cost of goods sold for the month of June should be increased or decreased by the amount of over/under applied factory overhead of
18. Audit fees paid to auditors is part of
19. Owner's capital and sales decrease with a
20. A series of fixed budget set for different levels
21. Oerther Corporation reports that at an activity level of 5, 000 units, its total variable cost is $ 131, 750 and its total fixed cost is $ 31, 200. What would be the average fixed cost per unit at an activity level of 5, 200 units? Assume that this level of activity is within the relevant range.
22. Which of these is not an objective of Cost Accounting?
23. Choose the most appropriate answer for the question.Why management of a company need to know the cost of a product?
24. Formula for Gross profit ratio
25. Costs are subdivided into what two major functional categories?
26. Which would appear in a Statement of Financial Position?
27. Crich Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct labor-hours were 21, 800 hours and the total estimated manufacturing overhead was $ 497, 040. At the end of the year, actual direct labor-hours for the year were 21, 500 hours and the actual manufacturing overhead for the year was $ 492, 040. Overhead at the end of the year was:(Round your intermediate calculations to 2 decimal places.)
28. What is the meaning of objectivity based on IMA code of ethics?
29. The control process begins when managers set goals.
30. Profit on sale of machinery is .....
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