ACCA F2: Management Accounting Test! Trivia Quiz

15 Questions | By Natashanelesh | Updated: Mar 22, 2022 | Attempts: 2882

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ACCA F2: Management Accounting Test! Trivia Quiz - Quiz

Enter your name and email address to take the Free MCQ Test on ACCA F2 / FIA FMA. Number of Questions: 15 questions Time Available: 36 mins Your score will be available instantly along with the correct answers to all questions.

Questions and Answers

1.
Which of the following statements are true?
1. The main users of financial accouting information are external to the organisation.
2. Cost accounting is that part of financial accounting which records the cash received and payments made by an organisation.
- A.
  
  Statements 1 and 2
- B.
  
  Only statement 1
- C.
  
  Only statement 2
2.

Data is information that has been processed in such a way as to be meaningful to its recipients.
- A.
  
  True
- B.
  
  False
3.

The cost of producing information should be greater than the value of the benefits of that information to management.
- A.
  
  True
- B.
  
  False
4.
Which of the following are examples of secondary data?
1. A count of number of invoices that we are issuing each week
2. The average wage of the population taken form government census results
3. The average paid to our employees
4. The sales for the month as reported on a website
- A.
  
  1 and 2
- B.
  
  3 and 4
- C.
  
  1 and 3
- D.
  
  2 and 4
5.

A sample of people is taken with the same proportion of individuals in separate age bands as in the population as a whole. This is an example of which type of sampling?
- A.
  
  Random Sampling
- B.
  
  Systematic Sampling
- C.
  
  Stratified Sampling
- D.
  
  Cluster Sampling
6.

It was decided to take a sample by selecting the 12th item and thereafter every 20th item. This is an example of which type of sampling?
- A.
  
  Random Sampling
- B.
  
  Systematic Sampling
- C.
  
  Stratified Sampling
- D.
  
  Cluster Sampling
7.

Which of the following statements about stratified sampling is true?
- A.
  
  The sample will not be representative
- B.
  
  The structure of the sample will not reflect that of the population
- C.
  
  Knowledge is needed of each item in the population
- D.
  
  The sample is chosen entirely at random
8.

An organisation has the following total costs at two activity levels. Activity Level (units) 16,000 22,000 Total Costs ($) 135,000 170,000 Variable cost per unit is constant within this range of activity but there is a step up of $5,000 in the total fixed costs when the activity exceeds 17,500 units. What is the total cost at an activity of 2,000 units?
- A.
  
  $155,000
- B.
  
  $158,000
- C.
  
  $160,000
- D.
  
  $163,000
9.

Which one of the following should be classified as indirect labour?
- A.
  
  Assembly workers on a car production line
- B.
  
  Brick layers in a house building company
- C.
  
  Machinists in a factory producing clothes
- D.
  
  Forklift truck drivers in the stores of an engineering company
10.
A manufacturing organisation incurs costs relating to the following:
1. Commision payable to salespersons.
2. Inspecting all products.
3. Packing the products at the end of the manufacturing process prior to moving them to the warehouse.
Which of these costs are classified as production costs?
- A.
  
  1 and 2 only
- B.
  
  1 and 3 only
- C.
  
  2 and 3 only
- D.
  
  1, 2 and 3
11.

What would be the most appropriate cost unit for a cake manufacturer? Cost per:
- A.
  
  Cake
- B.
  
  Batch
- C.
  
  Kg
- D.
  
  Production Run
12.

In an organisation manufacturing a number of different products in one large factory, the rent of that factory is an example of a direct expense when costing a product.
- A.
  
  True
- B.
  
  False
13.

An prganisation operates a peicework system of remuneration, but also guarantees its employees 80% of a time-based rate of pay which is based on $20 per hour for an eight hour working day. Three minutes is the standard time allowed per unit of output. Piecework is paid at the rate of $18 per standard hour. If an employee produces 200 units in eight hours on a particular day, what is the employee's gross pay for that day?
- A.
  
  $128
- B.
  
  $144
- C.
  
  $160
- D.
  
  $180
14.

A semi-variable cost is one that, in the short term, remains the same over a given range of activity but beyond that it increases and then remains constant at a higher level of activity
- A.
  
  True
- B.
  
  False
15.
Which of the following are indirect costs?
1. The depreciation of maintenance equipment
2. The overtime premium incurred at the specific request of a customer
3. The hire of a tool for a specific job
- A.
  
  1 only
- B.
  
  1 and 2 only
- C.
  
  2 and 3 only
- D.
  
  All of them