This quiz works best with JavaScript enabled. Home > Finance > Accounting > Managerial Accounting > Managerial Accounting – Quiz 10 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Managerial Accounting Quiz 10 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is a type of G/L Account A) Non-operating profit and expenses. B) Fixed assets, balance sheet accounts and material accounts. C) Activity types are organizational units within the controlling area, which classify the performance of const center. D) None of above. Show Answer Correct Answer: A) Non-operating profit and expenses. 2. What does GAAP mean? A) Generally Accepted Accounting Principal. B) Generally Accepted Accounting Principles. C) Generally Accepted Accounting Price. D) Generally Accounting Accepted Principles. Show Answer Correct Answer: B) Generally Accepted Accounting Principles. 3. The Orange Company plans to sell a new product. The selling price is expected to be P150 per unit. The company is able to produce 15, 000 units but the company's marketing manager feels that a more realistic level of sales would be 12, 000 units. Variable cost is estimated at P70 per unit. Total fixed costs will be P900, 000. The break-even point in units: A) 11, 250 units. B) 18, 000. C) 16, 000 units. D) 10, 000 units. Show Answer Correct Answer: A) 11, 250 units. 4. The management function that requires managers to look ahead and establish objectives is A) Controlling. B) Constraining. C) Planning. D) Directing. Show Answer Correct Answer: C) Planning. 5. What are the traceable fixed expenses for the Family segment? A) $ 390, 000. B) $ 780, 000. C) $ 280, 000. D) $ 180, 000. Show Answer Correct Answer: C) $ 280, 000. 6. Fahsai Tour Company organizes a One Day Trip activity in Krabi, priced at 300 baht per person (including transportation and lunch and snacks), with the cost of organizing the tour. Including the bus rental fee of 4, 000 baht, the guide and management fee of 2, 000 baht, the lunch fee of 100 baht per head. This tour has a total of 40 seats and currently 35 people have applied. Therefore, on the last day of application Fasai Tour Company So we decided to set up a fire promotion. To find 40 tour members, Fahsai Tour Company What is the acceptable price for the fire promotion? A) Not less than 50 baht. B) Not less than 100 baht. C) Not less than 150 baht. D) Not less than 250 baht. E) Not less than 200 baht. Show Answer Correct Answer: C) Not less than 150 baht. 7. Which accounting that reports to people within the business organizations? A) Managerial Accounting. B) Financial Accounting. Show Answer Correct Answer: A) Managerial Accounting. 8. What are the total product costs for Amelia's bakery if they sold 2, 000 cakes this year?A. Labor costs of constructing each cake is $ 15 per cake.B. Material costs (flour, eggs, frosting) is $ 12 per cake.C. Cost of delivering cakes to customers is $ 9 per cake.D. Depreciation on the factory building used to make cakes is $ 20, 000 a year.E. Salaries for the factory employees is $ 160, 000 a year.F. Advertising costs $ 75, 000 a year.H. Property taxes on the factory building is $ 8, 000 a year.I. Sales employees get a $ 5 commission for each cake sale they make. A) $ 260, 000. B) $ 242, 000. C) $ 268, 000. D) $ 234, 000. Show Answer Correct Answer: B) $ 242, 000. 9. Contribution margin is the amount remaining after: A) Variable expenses have been deducted from sales revenue. B) Fixed expenses have been deducted from variable expenses. C) Cost of goods sold has been deducted from sales revenues. D) Fixed expenses have been deducted from sales revenue. Show Answer Correct Answer: A) Variable expenses have been deducted from sales revenue. 10. In an effort to protect the public interest, Congress established the ..... and gave it authorityto regulate public financial reporting practices. A) Financial accounting standards board. B) Securities and exchange commission. C) Generally accepted accounting principles. D) None of above. Show Answer Correct Answer: B) Securities and exchange commission. 11. What is a written financial plan for a business over a specific period of time, usually a year. A) Budget. B) Statement of Income. C) Statement of Owner's Equity. D) Business plan. Show Answer Correct Answer: A) Budget. 12. The beginning cash balance was $ 3, 000. At the end of the period, the balance was $ 2, 000. If total cash paid out during the period was 27, 000, the number of cash receipts was: A) 22000. B) 28000. C) 32000. D) 26000. Show Answer Correct Answer: D) 26000. 13. Managerial accounting reports are special-purpose and issued as frequently as needed. TRUE OR FALSE? A) True. B) False. Show Answer Correct Answer: A) True. 14. Which one is NOT one of the five factors of Cost Volume Profit? A) Unit variable costs. B) Selling prices. C) Total fixed costs. D) Total variable costs. Show Answer Correct Answer: D) Total variable costs. 15. The cost which is changed in proportion to level the total volume is A) Total Cost. B) Variable Cost. C) Fixed Cost. D) Infeasible cost. Show Answer Correct Answer: B) Variable Cost. 16. Identify whether the item being described by the statement is Competence, Confidentiality, Credibility or Integrity: "Refrain from engaging in any conduct that would prejudice carrying out duties ethically." A) Competence. B) Credibility. C) Confidentiality,. D) Integrity. Show Answer Correct Answer: D) Integrity. 17. Fixed costs should not be included in a flexible budget since such costs are not likely to be controllable by managers. A) False. B) True. Show Answer Correct Answer: A) False. 18. What is the formula for net income A) Revenues-Expenses = Net Income. B) Revenue + Expenses = Net Income. C) Assets = Liabilities + Owner's Equity. D) None of above. Show Answer Correct Answer: A) Revenues-Expenses = Net Income. 19. Purser, Inc. sells lawn furniture. Selected financial information for the most recent year follows. Beginning merchandise inventory on January 1 was $ 33, 700.Ending merchandise inventory on December 31 was $ 35, 700.Purchases during the year were $ 92, 900.Selling and administrative expenses were $ 75, 500.Sales for year were $ 262, 200. What was cost of goods sold? A) $ 94, 900. B) $ 90, 900. C) $ 162, 300. D) $ 93, 800. Show Answer Correct Answer: B) $ 90, 900. 20. The following is not a planning activity..... A) Formulate company goals and objectives. B) Create a budget for the procurement of additional facilities. C) Compare actual production costs and standard production costs. D) Create a schedule for procurement of materials for production activities. Show Answer Correct Answer: C) Compare actual production costs and standard production costs. 21. A debt ratio that shows how much of a company's assets have been financed through debt. It can be calculated by dividing the total liabilities by total assets. A) Total Assets to debt ratio. B) Debt to total assets ratio. Show Answer Correct Answer: B) Debt to total assets ratio. 22. The measure of how sensitive operating income is to a given percentage change in sales is called A) Operating leverage. B) Risk leverage. C) Financial leverage. D) None of above. Show Answer Correct Answer: A) Operating leverage. 23. The Avengers Company is trying to do cost-volume-profit analysis with the following information for the month of August:Sales-P1, 100, 000; Total Fixed costs-P280, 000; Total Variable costs-P660, 000; Unit price-P40.00. The margin of safety is: A) P300, 000. B) P100, 000. C) P200, 000. D) P400, 000. Show Answer Correct Answer: D) P400, 000. 24. Which of the following processes takes place at the beginning of a recruitment process A) Create position. B) Positions are filled by. C) Position is vacant if it is occupies. D) None of above. Show Answer Correct Answer: A) Create position. 25. Which of the following items is not used when calculating the cost of goods manufactured? A) Direct labor. B) Direct materials used. C) Salesperson salaries. D) Manufacturing overhead. Show Answer Correct Answer: C) Salesperson salaries. 26. Which of the following is not a management function? A) Constraining. B) Controlling. C) Planning. D) Directing. Show Answer Correct Answer: A) Constraining. 27. Reports that follow GAAP and provide a financial summary of an organization's activities. A) Tax Accounting. B) Cost Accounting. C) Managerial Accounting. D) Financial Accounting. Show Answer Correct Answer: D) Financial Accounting. 28. Variable Costing does not include the following A) Direct Labour. B) Direct materials. C) Fixed manufacturing overhead. D) Variable manufacturing overhead. Show Answer Correct Answer: C) Fixed manufacturing overhead. 29. A detailed financial statement of one segment of a business over a period of time. A) Budget Schedule. B) Budget Income Statement. C) Budget Variance Report. D) None of above. Show Answer Correct Answer: A) Budget Schedule. 30. These activities include transactions and events that affect long-term liabilities and equity. A) Operating Activities. B) Investing Activities. C) Financing Activities. D) Managerial Activities. Show Answer Correct Answer: C) Financing Activities. ← PreviousNext →Related QuizzesAccounting QuizzesFinance QuizzesManagerial Accounting Quiz 1Managerial Accounting Quiz 2Managerial Accounting Quiz 3Managerial Accounting Quiz 4Managerial Accounting Quiz 5Managerial Accounting Quiz 6Managerial Accounting Quiz 7Managerial Accounting Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books