Managerial Accounting 10 MCQ

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QUESTION 1

  1. Managerial accounting applies to each of the following types of businesses except

      

    service firms.

      

    merchandising firms.

      

    manufacturing firms.

      

    managerial accounting applies to all types of firms.

     

10 points   

QUESTION 2

  1. Managerial accounting does not encompass

      

    calculating product cost.

      

    calculating earnings per share.

      

    determining cost behavior.

      

    profit planning.

     

10 points   

QUESTION 3

  1. What activities and responsibilities are not associated with management's functions?

      

    Planning

      

    Accountability

      

    Controlling

      

    Directing

     

10 points   

QUESTION 4

  1. A materials requisition slip showed that direct materials requested were $66,000 and indirect materials requested were $9,000. The entry to record the transfer of materials from the storeroom is

      

    Work In Process Inventory66,000

    Raw Materials Inventory66,000





      

    Direct Materials66,000

    Indirect Materials9,000

    Work in Process Inventory75,000

      

    Manufacturing Overhead75,000

    Raw Materials Inventory75,000

      

    Work In Process Inventory66,000

    Manufacturing Overhead  9,000

    Raw Materials Inventory 75,000

     

10 points   

QUESTION 5

  1. Which one of the following is a source document that impacts the job cost sheet?

      

    Raw materials receiving slips.

      

    Materials purchase orders.

      

    Labor time tickets.

      

    Finished goods shipping documents.

     

10 points   

QUESTION 6

  1. Equivalent units are calculated by

      

    multiplying the percentage of work done by the equivalent units of output.

      

    dividing physical units by the percentage of work done.

      

    multiplying the percentage of work done by the physical units.

      

    dividing equivalent units by the percentage of work done.

     

10 points   

QUESTION 7

  1. In a process cost system, product costs are summarized:

      

    on job cost sheets.

      

    on production cost reports.

      

    after each unit is produced.

      

    when the products are sold.

     

10 points   

QUESTION 8

  1. In traditional costing systems, overhead is generally applied based on

      

    direct labor.

      

    machine hours.

      

    direct material dollars.

      

    units of production.

     

10 points   

QUESTION 9

  1. Fixed costs normally will not include

      

    property taxes.

      

    direct labor.

      

    supervisory salaries.

      

    depreciation on buildings and equipment.

     

10 points   

QUESTION 10

  1. Companies recognize fixed manufacturing overhead costs as period costs (expenses) when incurred when using

      

    full costing.

      

    absorption costing.

      

    product costing.

      

    variable costing.

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