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Managerial Accounting Quiz 18 (30 MCQs)

Quiz Instructions

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1. Which industry buys finished goods to be resold for a profit?
2. Calculate the purchase price variance for the following scenario. Otto's Auto Repair purchased a car for $ 10 a part if they purchased 1, 000 parts during the year. Otto's only purchased 900 parts and they were charged $ 12 per part.
3. The total contribution margin divided by the number of units sold. It shows how much money per unit is left to pay a business's fixed costs and provide net income
4. 2 abroad functions will be performed by managers are
5. The two equity transactions include the issuance of common stock for cash and the declaration and payment of cash dividends.
6. Investors who will invest their funds in companies need information produced by.....
7. The written financial plan for a business, including estimated income and expenses for a given period of time, usually spanning a year.
8. Production requirements formula is:
9. The number of days it takes for a company to receive payment. It is calculated by dividing the number of days in a year (365) by the accounts receivable turnover ratio
10. A manufacturing inventory account that records products that are fully completed. It includes the direct materials, direct labor, and factory overhead specific to that product.
11. Managerial and Financial Accounting are the same
12. The labor costs associated with those employees who are a part of the company but are not necessarily working directly with the actual production of the product. Examples include a maintenance manager and janitorial staff.
13. Both direct labor and manufacturing overhead are called ..... because they are expenditures incurred in the process of converting the raw materials into finished
14. The production budget shows that expected unit sales are 48, 000. The total required units are 54, 000. What are the required production units?
15. Lourain Dee is an owner-operated company that details (thoroughly cleans-inside and out) automobiles, Lourain Dee's is which of the following?
16. The function of setting goals and objectives
17. What is the type of users of managerial accounting?
18. A percentage reduction from the list price of merchandise allowed to retailers by whole sellers is called:
19. Which of the following is a sunk cost?
20. If sales are $ 100, 000, fixed expenses are $ 34, 500, and the contribution margin is $ 40, 000, then the net operating income must be:
21. For next year, Galliart, Inc., has budgeted sales of 60, 000 units, target ending finished goods inventory of 3, 000 units, and beginning finished goods inventory of 1, 800 units. All other inventories are zero. How many units should be produced next year?
22. The form used in job-order costing to record and calculate direct materials costs, direct labor costs, and factory overhead costs in order to determine per unit cost.
23. What is prime cost?
24. An income statement that shows sales, costs, and expenses for two consecutive years
25. Economic events are the raw data for both financial and managerial accounting.
26. Which of the following statements about management accounting are true?i. It is a part of an organisation's management information system.ii. It is relied upon by managers to plan and control an organisation's operations.iii. It is relied upon by external users to make investment decisions.
27. The following are not users of cost accounting information.....
28. Managerial accounting information includes such items as budgets, performance evaluations, and cost reports.
29. For which scenario does the difference between the Beginning Inventory under Full Costing and the Beginning Inventory under Variable Costing account for the differences in Net Incomes under these methods?
30. Manufacturing costs include
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