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Managerial Accounting Quiz 2 (30 MCQs)

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1. A type of asset management ratio that measures the number of times during a year that a company replaces its inventory. It can be calculated by dividing the cost of merchandise sold by the average value of merchandise inventory.
2. From the Following which one of them relates to tools and techniques of cost accounting
3. Identify whether the following statement are true or false.Managerial accounting reports must follow the accounting standards and are independently audited.
4. A plan that is created using budgeted revenue and costs but is based on the actual units of output is known as as:
5. Are cost that associated with goods for sale until the time period during which the products are sold, at which time the cost become expenses.
6. Management accounting differs from financial accounting in that.....
7. Which of the following three graphics describes a cost center accounting process?
8. Yes or No:If sales become equal to net income, the company is at breakeven
9. Which is an example of fixed costs?
10. The following are the characteristics of managerial accounting EXCEPT ONE.
11. Which of the following is not a characteristic of management accounting?
12. What section makes SOFP for a manufacturing business difference with merchandiser?
13. The acronym for the primary benefits of budgeting is:
14. There are no specific rules and procedures to be followed in this type of accounting?
15. An asset management ratio that shows the number of times a company's accounts receivable is collected annually. This ratio can be calculated by dividing net sales on account by the accounts receivable amount
16. What type of accounts are raw materials, work in process and finished goods?
17. Costs of raw materials purchase will be recorded in the
18. If the contribution margin per unit is the total contribution margin divided by the number of units sold and shows how much money per unit is left to pay a business's fixed costs and provide net income. Calculate the contribution margin per unit if Contribution margin is 14, 380 and the unit sold were 1240
19. A financial document that shows a company's revenues, expenses, and net income over a specific period of time. Also referred to as a profit and loss statement, P&L, or statement of earnings. It represents whether a business is earning money (net income) or losing money (net loss) from its operations.
20. Which reports to people within the business. Typically managers
21. Is the following direct labor, direct materials, manufacturing overhead, or period costs?Direct materials used to manufacture a product
22. What are direct costs?
23. Differentiation of cost centers occur only spatially
24. Lacey Fontaine Company reports the following data for its first year of operation. Work in process inventory, beginning0Work in process inventory, ending140, 000Direct materials used 110, 400Direct Labor134, 000Manufacturing overhead 185, 800Finished goods inventory, beginning0Finished goods inventory, ending90, 500 What are the total manufacturing costs to account for?
25. A shop that tailors batik shirts to sell as souvenirs to tourists. Determine the standard cost of producing 1 shirt as follows:the cost of 2 yards of batik fabric, 150 baht each, the labor cost of the tailor. It is set to take 1.5 hours/each, paying labor costs of 300 baht per hour. Other production expenses are set at 100 baht/direct labor hour from the above information. What is the standard direct labor cost?
26. Used to compute changes in noncash accounts from the beginning to the end of the period.
27. Which is NOT a step in the budgeting process?
28. Which of the following is a disadvantage of participative budgeting?
29. The types of reports prepared in managerial accounting are often ..... purpose reports prepared for a specific decision.
30. Financial accounting information is reported for the company as a whole.
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