This quiz works best with JavaScript enabled. Home > Finance > Accounting > Managerial Accounting > Managerial Accounting – Quiz 4 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Managerial Accounting Quiz 4 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is the main purpose of preparing Manufacturing Statement? A) To determine Cost of goods manufactured. B) To determine prime cost. C) To determine cost of inventory. D) To determine manufacturing overhead. Show Answer Correct Answer: A) To determine Cost of goods manufactured. 2. Cash outflows are ..... A) Income. B) Expenses. Show Answer Correct Answer: B) Expenses. 3. The rent expense for the shop building is A) Factory Overhead (FOH). B) Selling/ Administrative Expense. C) Direct Material (DM). D) Direct Labor (DL). Show Answer Correct Answer: B) Selling/ Administrative Expense. 4. MASB is a body / organisation in Malaysia who are responsible to develop local accounting standards. What is MASB stand for? A) Malaysia Accounting Sdn Bhd. B) Malaysia Accounting Setting Board. C) Malaysia Accounting Standard Berhad. D) Malaysia Accounting Standard Board. Show Answer Correct Answer: D) Malaysia Accounting Standard Board. 5. The process of reviewing the break-even point and the relationship between costs, volume, and profit to determine how many units must be sold to make a net income. A) Break-Even Analysis. B) Break-Even Point. C) Cost Benefit Analysis. D) None of above. Show Answer Correct Answer: A) Break-Even Analysis. 6. What is Management Accounting? A) Planning. B) Controlling. C) Directing. D) All the above. Show Answer Correct Answer: D) All the above. 7. The cost of products that have been completed and are waiting to be sold to customers is called A) Finished goods. B) Raw materials. C) Cost of goods sold. D) Work in process. Show Answer Correct Answer: A) Finished goods. 8. What are variable costs? A) Is an expense that rises and falls with the volume of productio. B) Is a bribe. C) Direct materials are the materials that are used to make products. D) A direct cost is an expense that rises and falls with the volume of production. Show Answer Correct Answer: A) Is an expense that rises and falls with the volume of productio. 9. What is the essential aspect of project accounting? A) Tracking invoices. B) Identifying all resources involved. C) Documenting facility management costs. D) Limiting the project duration. Show Answer Correct Answer: B) Identifying all resources involved. 10. Salary Expenses for Financial Managers are A) Factory Overhead (FOH). B) Direct Material (DM). C) Selling/ Administrative Expense. D) Direct Labor (DL). Show Answer Correct Answer: C) Selling/ Administrative Expense. 11. What does the profit margin on sales ratio show? A) Relationship between income from operations and net sales. B) Relationship between net income after taxes and and net sales. Show Answer Correct Answer: A) Relationship between income from operations and net sales. 12. These activities include transactions and events that come from the purchase and sale of long-term assets. A) Managerial Activities. B) Investing Activities. C) Financing Activities. D) Operating Activities. Show Answer Correct Answer: B) Investing Activities. 13. The activity base for a flexible budget should usually be expressed in units of activity rather than in dollars. A) False. B) True. Show Answer Correct Answer: B) True. 14. Identify the correct characteristics of management accounting information that suitable to explain these statement:"Accounting Information is ready at the time it is needed" A) Timeliness. B) Relevant. C) Flexible. D) Accuracy. Show Answer Correct Answer: A) Timeliness. 15. As total volume decreases, total fixed cost A) Decreases. B) Increases. C) Stays the same. D) None of above. Show Answer Correct Answer: C) Stays the same. 16. One of the relationships between cost accounting and financial accounting is in terms of..... A) Determination of net profit. B) Determining product selling prices. C) Determination of inventory value. D) Determination of production costs. Show Answer Correct Answer: B) Determining product selling prices. 17. How many inventory account that reported in financial position for managerial accounting A) 3. B) 1. C) 2. D) 4. Show Answer Correct Answer: A) 3. 18. A branch of accounting that provides accounting information to managers within organizations, which allows them to make informed business decisions and develop overall business strategies A) Cost accounting. B) Financial accounting. C) Managerial accounting. D) Economic accounting. Show Answer Correct Answer: C) Managerial accounting. 19. Inventories, cash and equivalents, and accounts receivables are listed as A) Liabilities on the Balance Sheet. B) Payments on Income Statement. C) Assets on the Balance Sheet. D) Earnings on Income Statement. Show Answer Correct Answer: C) Assets on the Balance Sheet. 20. ..... in the process of keeping the activities on track. Management determines whether goals are being met and what changes are necessary when there are deviation. A) Planning. B) Controlling. C) Decision Making. D) None of above. Show Answer Correct Answer: B) Controlling. 21. Which is not a characteristic of management accounting? A) External focus. B) Useful information for internal management. C) Emphasis on the future. D) There are no binding rules. Show Answer Correct Answer: A) External focus. 22. Which reports to people inside AND outside of the business? A) Managerial Accounting. B) Financial Accounting. Show Answer Correct Answer: B) Financial Accounting. 23. In the production of shirts, salaries of quality control officers are classified as ..... A) Non-manufacturing cost. B) Manufacturing overhead. C) Direct materials. D) Direct labor. Show Answer Correct Answer: B) Manufacturing overhead. 24. DeArmond Corporation has budgeted sales of 18, 000 units, target ending finished goods inventory of 3, 000 units, and beginning finished goods inventory of 900 units. How many units should be produced next year? A) 20, 100 units. B) 18, 000 units. C) 15, 900 units. D) 21, 900 units. Show Answer Correct Answer: A) 20, 100 units. 25. Which ratio shows the relationship between net income after taxes and net sales? A) Return on total assess. B) Return on sales. C) Return on equity. D) Profit margin on sales. Show Answer Correct Answer: B) Return on sales. 26. Statement of profit and loss for a retailer is same except? A) Revenue. B) Inventory. C) Purchases. D) Sales. Show Answer Correct Answer: C) Purchases. 27. What is the problem with segmenting managerial accounting operations into. technical and conceptual activities? A) It leads to a disconnect in decision-making between data and assumptions.aste in the project process. B) It promotes disputes over responsibilities between the two areas. C) It leads to inefficiencies in data keeping and data modeling. D) It leads to inefficiencies in data collection and decision-making. Show Answer Correct Answer: A) It leads to a disconnect in decision-making between data and assumptions.aste in the project process. 28. The costs that go into creating the products that a company sells. Only costs directly related to the production of the products are included. A) Cost of Merchandise Sold. B) Total Costs. C) Direct Costs. D) None of above. Show Answer Correct Answer: A) Cost of Merchandise Sold. 29. Low production volume; Little standardization:One of a kind products A) Assembly. B) Job Shop. C) Batch. D) Continuous Flow. Show Answer Correct Answer: B) Job Shop. 30. Which of the following is calculated by subtracting the actual amount from the budgeted amount? A) Linear regression. B) Variance analysis. C) Cost. D) Cost-profit value. Show Answer Correct Answer: B) Variance analysis. ← PreviousNext →Related QuizzesAccounting QuizzesFinance QuizzesManagerial Accounting Quiz 1Managerial Accounting Quiz 2Managerial Accounting Quiz 3Managerial Accounting Quiz 5Managerial Accounting Quiz 6Managerial Accounting Quiz 7Managerial Accounting Quiz 8Managerial Accounting Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books