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Managerial Accounting Quiz 19 (30 MCQs)

Quiz Instructions

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1. The following information pertains to Ellery Company:Budgeted sales-P1, 000, 000; Break-even Sales-P700, 000; Budgeted Contribution Margin-P600, 000. The margin of safety for Ellery Company is:
2. Ratios that measure a company's efficiency in managing its assets
3. Identify whether the following statement are true or false.Managerial accounting reports are prepared only quarterly and annually.
4. The kind of debts which are needed to be repaid in a short term is known as?
5. What is the advantage of performing activity-based costing over other methods?
6. The materials that are used in the production of the product but are not as important as the direct materials. Glue, stain, and varnish are examples of indirect materials
7. Identify the correct characteristics of management accounting information that suitable to explain these statement:"Any accounting information given must give EFFECT to the decision made"
8. How does lifecycle costing differ from activity-based costing?
9. The dollar amount of net income a company earns beyond the break-even point.
10. Street Company's fixed expenses total P150, 000, its variable expense ratio is 60% and its variable expenses are P4.50 per unit. Based on this information, the break-even point in units is:
11. A manager that is establishing objectives is performing which management function?
12. A debt ratio that measures a company's financial leverage. This ratio can be calculated by dividing total liabilities by total stockholders' equity.
13. Cost accounting includes
14. True or False:The cost pool is an account in which a variety of similar costs are accumulated.
15. Which of these statement is correct?
16. Activity types are organizational units within the controlling area, which classify the performance of const center
17. What is the basic difference between a master budget and a flexible budget is that a master budget is:
18. James Company has a margin of safety percentage of 20%. The break-even point is P200, 000 and the variable expenses are 45% of sales. Given this information, the net operating income is:
19. The following maybe sources of information except
20. What are the four elements of the road map to preparing a financial model?
21. A distinguishing feature of managerial accounting is
22. True or False:Selling and administrative costs are considered manufacturing cost?
23. If the cost of goods sold is $ 95, 700, beginning merchandise inventory is $ 10, 500, and merchandise purchases are $ 110, 000, then the ending merchandise inventory must be
24. Fixed costs stay the same, in total, as activity level changes.
25. Identify whether the item being described by the statement is Competence, Confidentiality, Credibility or Integrity: "Maintain an appropriate level of professional expertise by continually developing knowledge and skills."
26. Period costs are not inventoriable costs.
27. In the key business processes of processing raw materials to the cost of goods sold, what will be recorded in the "purchase of raw materials" transaction:
28. Russ Maddux Company reports the following data for its first year of operation. Cost of goods manufactured$ 455, 800Work in process inventory, beginning0Work in process inventory, ending140, 400Direct materials used 110, 900Direct Labor137, 000Manufacturing overhead 185, 300Finished goods inventory, beginning0Finished goods inventory, ending90, 700 What is the cost of goods sold?
29. Which is required by GAAP or regulatory agencies?
30. Samson Company reported total manufacturing costs of $ 320, 000, manufacturing overhead totaling $ 52, 000, and direct materials totaling $ 64, 000. How much is direct labor cost?
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