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Managerial Accounting Quiz 6 (30 MCQs)

Quiz Instructions

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1. Which is considered a variable cost (hint does not stay the same)
2. Are the consumption of assets for the purpose of generating revenue.
3. The theory and system of setting up, maintaining, and auditing the financial books of a firm; art of analyzing the financial position and operating results of a business house from a study of its sales, purchases, overhead, and so forth.
4. The Avengers Company is trying to do cost-volume-profit analysis with the following information for the month of August:Sales-P1, 100, 000; Total Fixed costs-P280, 000; Total Variable costs-P660, 000; Unit price-P40.00. The operating income of the Avengers Company is:
5. What activities and responsibilities are not associated with management's functions?
6. Budgeting can help the company in the following areas?
7. A company that buys raw materials and converts them into a finished product to be sold either to a merchandiser, an end user, or another manufacturer for use in another product.
8. Controlling is a process where the managers need to ..... and ..... to ensure that the organizational goal is achieved.
9. A business selling sago palm seeds is considering using the sago palm seeds to produce sweets in order to get a higher selling price. Normally, if you sell sago palm seeds, you will get a price of 100 baht/kilogram. If you use them to produce desserts, you will sell them for 300 baht/kilogram. But there must be additional costs in producing desserts, equal to 160 baht. Ask students to help think about how this business should decide.
10. The goal of management accounting is to provide the information that managers need for all of the following EXCEPT:
11. Which of the following does NOT describe management accounting?
12. Cost accounting is concerned with
13. Payments on account come how many days after the transaction?
14. Long-term plans are called ..... plans.
15. What is Cash Budget?
16. Prime cost is referred to as
17. The cost accounting method that charges direct materials, direct labor, and factory overhead costs to a specific job. Most appropriate for manufactured products that are not identical or are custom made
18. Calculation of the cost function by taking into account the highest activity costs and the lowest activity costs is called
19. A decrease in the margin of safety would be caused by:
20. The commission for sales employees is
21. Which of the following is NOT a goal of managerial accounting
22. Which document is considered the foundation of budgeting?
23. Cost of goods manufactured equals:
24. As the proportion of manufacturing overhead increases due to the rapid development of manufacturing technology, what is the cost accounting method created in an attempt to accurately calculate costs?
25. Direct materials costs combined with direct labor costs are called (prime, conversion) costs.
26. 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 scheduled to take 1.5 hours/piece, paying 300 baht per hour for labor. Other production expenses are set to be 100 baht/direct labor hour. Last May, the shop produced 500 shirts, using all the fabric. 1, 050 yards has a total cost of purchasing fabric of 154, 350 baht. I would like to know what the difference in the amount of raw materials is.
27. Both direct materials and indirect materials are
28. Identify whether the item being described by the statement is Competence, Confidentiality, Credibility or Integrity: "Provide decision support information and recommendations that are accurate, clear, concise and timely ..... "
29. Managerial accounting:
30. The following is a classification of costs based on Behavior
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