Acct1003 : Quiz On Cost And Management Accounting! Trivia Quiz

5 Questions | Total Attempts: 209

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Acct1003 : Quiz On Cost And Management Accounting! Trivia Quiz

Below is an ACCT 1003 quiz on cost and management accounting. The cost and management perspective are comparative in the provision of data and analyses reports that can be used by managers to make decisions that will lead to long term profits and growth in an entity. Test your knowledge in Cost And Management Accounting by taking this quiz and prepping for the exam.


Questions and Answers
  • 1. 
    When a continuous record is kept of the quantities and cost of merchandise on hand, the inventory system is referred to as periodic.
    • A. 

      True

    • B. 

      False

  • 2. 
    Operating expenses and product costs are expensed when the product is sold.
    • A. 

      True

    • B. 

      False

  • 3. 
    In the Cost of Goods Sold section, ‘Purchases’ are used on the merchandiser’s income statement while ‘Cost of Goods Manufactured’ is used on the manufacturer’s income statement.
    • A. 

      True

    • B. 

      False

  • 4. 
    Financial accounting differs from management accounting in that management accounting provides information on demand since management requires information to be furnished quickly.
    • A. 

      True

    • B. 

      False

  • 5. 
    Labour costs that are directly traceable to the product are part of manufacturing overhead.
    • A. 

      True

    • B. 

      False