This quiz works best with JavaScript enabled. Home > Finance > Accounting > Managerial Accounting > Managerial Accounting – Quiz 15 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Managerial Accounting Quiz 15 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The theory and system of setting up, maintaining, and auditing the financial books of a firm A) Economics. B) Managerial Accounting. C) Accounting. D) Financial Accounting. Show Answer Correct Answer: C) Accounting. 2. Parham Bridges Recreation's operating activities for the year are listed below. Purchases$ 174, 000Operating expenses62, 200Beginning inventory 27, 900Ending inventory 38, 000Sales revenue 333, 400 What is the cost of goods sold for the year? A) $ 97, 200. B) $ 163, 900. C) $ 174, 000. D) $ 201, 900. Show Answer Correct Answer: B) $ 163, 900. 3. When Sales is S, Variable Cost is 70% of Sales, and Fixed Cost is FC, what is the target Sales to achieve the target net profit set at 20% of Sales? A) FC/0.7. B) 0.2/FC. C) FC/0.2. D) FC/0.1. Show Answer Correct Answer: D) FC/0.1. 4. The following is not the role of cost accounting information for management..... A) Evaluate the performance of the company's director managers by shareholders. B) Evaluate purchasing manager performance. C) Control operations. D) Evaluate the performance of production managers. Show Answer Correct Answer: A) Evaluate the performance of the company's director managers by shareholders. 5. Expenses and losses with no cash outflows are added back to net income. A) False. B) True. Show Answer Correct Answer: B) True. 6. The difference between the cost of the products sold and the net sales. A) Gross Profit. B) Net Profit. C) Cost of Goods Sold. D) None of above. Show Answer Correct Answer: A) Gross Profit. 7. Is the measure of resources given up to achieve a particular purpose. A) Cost. B) Cost of good sold. C) Financial Accounting. D) Job Shop. Show Answer Correct Answer: A) Cost. 8. Based on cost classification based on volume, sales commissions are classified as ..... A) Mixed cost. B) Variable cost. C) Fixed cost. D) Relevant range. Show Answer Correct Answer: B) Variable cost. 9. Financial accounting reports are general-purpose and intended for external users. TRUE OR FALSE? A) True. B) False. Show Answer Correct Answer: A) True. 10. Opening inventory + purchases-closing inventory is the formula for A) Cost of goods sold. B) Inventory turnover. Show Answer Correct Answer: A) Cost of goods sold. 11. Managerial accounting reports can be described as A) General-purpose. B) Special-purpose. C) Macro-reports. D) Classified financial statements. Show Answer Correct Answer: B) Special-purpose. 12. Fixed assets are held by business for ..... A) Converting into cash. B) Generating revenue. C) Resale. D) None of the above. Show Answer Correct Answer: B) Generating revenue. 13. True or False:Within the relevant range, the price behavior is valid A) False. B) True. Show Answer Correct Answer: A) False. 14. Any object for which costs or measures are assigned A) Cost object. B) Period object. C) Product object. D) Standard cost. Show Answer Correct Answer: A) Cost object. 15. What is the meaning of management accounting? A) Measuring, describing, or providing certainty regarding information that will help managers, investors, tax authorities and other decision makers make resource allocation decisions within companies, non-profit organizations, and government agencies. B) An accounting system that is related to the use of accounting information by the managerial level of an organization. C) A procedure for recording and reporting measurement results of the costs of producing goods or services. Its main function is to accumulate costs for inventory valuation and revenue determination. D) An art or principle related to organizing, such as planning, building an organization and its organization, movement, and control or supervision. Show Answer Correct Answer: B) An accounting system that is related to the use of accounting information by the managerial level of an organization. 16. Also known as Non-Manufacturing Cost A) Inventoriable Cost. B) Manufacturing Cost. C) Product Cost. D) Period Cost. Show Answer Correct Answer: D) Period Cost. 17. Compute the break-even point in dollar sales for the Family Law Segment. A) 373, 333. B) N/A. C) $ 278, 300. D) $ 333, 333. Show Answer Correct Answer: C) $ 278, 300. 18. An opportunity cost is the foregone benefit (or lost opportunity) of the path not taken. Anytime you choose to do one thing instead of another because of a limit on your time or money, you incur an opportunity cost. A) False. B) True. Show Answer Correct Answer: B) True. 19. Managerial Accounting best reports to WHOM? A) The IRS. B) Creditors. C) Managers. D) Financial investor. Show Answer Correct Answer: C) Managers. 20. The static budget should be used primarily to determine whether cost control is being maintained. A) False. B) True. Show Answer Correct Answer: A) False. 21. What does a favorable fixed overhead budget variance indicate? A) Actual fixed overhead is lower than budgeted fixed overhead. B) Actual fixed overhead is higher than budgeted fixed overhead. C) Actual hours allowed is lower than standard hours allowed. D) Actual hours allowed is higher than standard hours allowed. Show Answer Correct Answer: A) Actual fixed overhead is lower than budgeted fixed overhead. 22. A statement that lists the assets, liabilities, and stockholders' equity. It displays a company's collateral, liquidity, and net worth. A) Balance Sheet. B) Income Statement. C) Statement of Company Earnings. D) None of above. Show Answer Correct Answer: A) Balance Sheet. 23. The contents of the report produced by cost accounting are..... A) Covers the company as a whole. B) Covers certain parts of the company. C) In the form of historical information (past). D) According to the standards set by the Indonesian Institute of Accountants. Show Answer Correct Answer: B) Covers certain parts of the company. 24. Decision Making is part of ..... accounting. A) Manager. B) Financial. C) Management. D) Business. Show Answer Correct Answer: C) Management. 25. Primary costs types are used to establish links between FI and CO and enable the exchange of information between financial accounting and controlling A) True. B) False. Show Answer Correct Answer: A) True. 26. Budgeting is crucial to your financial success. A) False. B) True. Show Answer Correct Answer: B) True. 27. A company's break-even point would be increased by the following statements, except: A) A decrease in contribution margin ratio. B) A decrease in variable cost per unit. C) A decrease in selling price. D) An increase in fixed costs. Show Answer Correct Answer: B) A decrease in variable cost per unit. 28. Building a financial model is about A) Strategy. B) Planning. C) Bringing everything together. D) Historical data. Show Answer Correct Answer: C) Bringing everything together. 29. The tatue of management accountant depends on A) Scope of his work. B) Responsibilities. C) Both scope of his work snd reponsibilities. D) None. Show Answer Correct Answer: C) Both scope of his work snd reponsibilities. 30. A noncash account records cash receipts and cash payments. A) False. B) True. Show Answer Correct Answer: A) False. ← 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