ACCA F2: Management Accounting Test! Trivia Quiz
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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.
- 1.Which of the following statements are true?
- The main users of financial accouting information are external to the organisation.
- 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?
- A count of number of invoices that we are issuing each week
- The average wage of the population taken form government census results
- The average paid to our employees
- 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.
- 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:
- Commision payable to salespersons.
- Inspecting all products.
- Packing the products at the end of the manufacturing process prior to moving them to the warehouse.
- 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?
- The depreciation of maintenance equipment
- The overtime premium incurred at the specific request of a customer
- 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
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