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Managerial Accounting Quiz 11 (30 MCQs)

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1. At a sales volume of 39, 500 units, Choice Corporation's sales commissions (a cost that is variable with respect to sales volume) total $ 505, 600. To the nearest whole cent, what should be the average sales commission per unit at a sales volume of 41, 900 units? (Assume that this sales volume is within the relevant range.)
2. The role of cost accounting in controlling costs and activities can be found in the following efforts.....
3. In planning, managers use past production cost information to.....
4. The term that describes whether costs change as output changes, is the meaning of?
5. Costs that are directly and physically related to a cost object, such as raw material costs, auxiliary material costs and direct labor costs, will use the cost assignment method.....
6. Consider a S'mores manufacturing business. Which would be an example of a direct material?
7. Financial Accounting does not follow GAAP
8. In hierarchy, management accountant is placed at
9. Part of your job as a managerial accountant is to "sell" stakeholders on your findings and recommendations. Which skills must you develop to do this effectively?
10. Common users of managerial accounting reports include the following:
11. Which of the following is a G/L account type?
12. A widely accepted set of rules, conventions, standards, and procedures for reporting financial information, established by the Financial Accounting Standards Board.
13. The following comparison of both accounting information systems refers to imposing restrictions?
14. Direct material and direct labour are classified as
15. The work of factory employees that can be physically and directly associated with converting raw materials into finished goods is
16. Which of the following is any cost which cannot be capitalized into a prepaid expense, inventory, or fixed asset?
17. Net Sales (on account) $\div$
18. Part of the planning process involves
19. Budgeted manufacturing overhead costs include all types of factory expenses EXCEPT:
20. A shop that tailors batik shirts to sell as souvenirs to tourists. Determine the standard cost of producing 1 shirt as follows:cost of batik fabric, 2 yards, 150 baht each, labor cost of sewing workers. It is set to take 1.5 hours/piece, paying labor costs of 300 baht per hour. Other production expenses are set to be 100 baht/direct labor hour. From the above information What is the standard direct material cost?
21. Financial accounting information is generally used exclusively by internal parties such as managers.
22. If the gross profit margin is used to show profitability trends and calculated by dividing the gross profit by the total sales. Calculate the GPM if gross profit is 34, 000 and total sales is 50, 000. Please note on the exam, it may be calculated as a percentage.
23. Contribution Margin is calculated sales minus variable costs
24. A financial statement that provides data about all sources of cash inflows as well as what a company spends its money on
25. Cost-10, 000Sales-10, 000This is an example of .....
26. Which one of the following represents a period cost?
27. Managerial Accounting can use financial and nonfinancial data?
28. Depicts the relationship between each item on a financial statement to one major item. The calculation process is referred to as vertical analysis.
29. The formula for direct materials quantity is:
30. 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. If the company desires a profit of P80, 000, how many units must be sold?
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