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Managerial Accounting Quiz 16 (30 MCQs)

Quiz Instructions

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1. Internal reports must be communicated
2. True or False:The direct cost is the cost that is matched against revenue in the time it is incurred.
3. Consider an ice cream manufacturing business. What would best be considered an factory overhead?
4. Which type of accounting deals with the total cost of owning an asset?
5. Which of the following management activities involves the process of deciding which option is the best?
6. Decision-making is an integral part of the planning, directing, and controlling functions.
7. Which of the following formulas is used to calculate the contribution margin ratio?
8. If conversion costs are $ 70, 000, manufacturing overhead costs are $ 22, 500, and direct materials costs are $ 39, 000, then the prime costs must be
9. BOBS Corporation has a beginning inventory of $ 240, 000 for raw materials. They have purchased $ 370, 000 of raw materials during the year. The total raw materials available for use is:
10. Accounting is broadly divided into how many branches?
11. The following is wrong about cost accounting and financial accounting.....
12. Alfred and kiera ran an auto detailing business. They made $ 50, 000 in revenues last month due to the number of Pensacola residents who came in to have them detail Corvettes. They paid $ 30, 000 in expenses to run their business that same month. Did they make a profit?
13. Coordinating various business activities is possible with
14. The primary focus of lean accounting is
15. Controlling is the process of determining whether planned goals are being met.
16. Transportation costs when purchasing materials are
17. A company's sales after subtracting returns, damaged and missing goods, and any sales discounts.
18. Product costs consist of
19. A diagram that represents the order decisions and actions that are made in a process.
20. Which one of the following is not a direct material?
21. Which of the following is the cost of goods sold for Stan's Floral if they began the month with $ 500 inventory, purchased $ 1, 000 of inventory during the month, and ended the month with $ 200 of inventory?
22. ..... accounting is restricted only by the value-addedprinciple
23. In a standard cost system, overhead is applied on the basis of the actual level of activity rather than the standard level of activity allowed for the output of a period.
24. The management function of organizing and directing is mainly concerned with setting goals and objectives for the entity.
25. Identify whether the following statement are true or false.Management accounting provides economic and financial information primarily to investors and other external users.
26. Is the following direct labor, direct materials, manufacturing overhead, or period costs?Property taxes on the production factory.
27. Allocate common fixed costs based on revenues from clients.
28. A company that wants to report both spending and efficiency variances for overhead must compute budget allowances for both the actual amount of activity that occurred and the standard level of activity allowed for the level of output achieved.
29. Direct material used = Beginning material inventory + net purchases ..... ?
30. A company that buys finished goods to be resold for a profit.
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