Managerial Accounting Chapter 5 & 6

Approved & Edited by ProProfs Editorial Team

The editorial team at ProProfs Quizzes consists of a select group of subject experts, trivia writers, and quiz masters who have authored over 10,000 quizzes taken by more than 100 million users. This team includes our in-house seasoned quiz moderators and subject matter experts. Our editorial experts, spread across the world, are rigorously trained using our comprehensive guidelines to ensure that you receive the highest quality quizzes.

Learn about Our Editorial Process

| By Zach

Zach

Community Contributor

Quizzes Created: 2 | Total Attempts: 583

Questions: 20 | Attempts: 326 | Updated: Mar 21, 2023

Questions

Settings

Create your own Quiz

Managerial Accounting Chapter 5 & 6 - Quiz

Questions and Answers

Quiz Review Timeline +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

Current Version
Mar 21, 2023

Quiz Edited by
ProProfs Editorial Team
Jan 31, 2020

Quiz Created by
Zach

Managerial Accounting Chapter 5 & 6

If the actual overhead is $152,000 and the flexible budget overhead for actual production is $151,000, the controllable overhead variance is Select one:

The labor rate variance calculation involves actual direct labor hours used in production. Select one:

Price lists are acceptable source documents in developing materials price standards. Select one:

The standard for direct labor for product C is three hours at $25 per hour. If the direct labor efficiency variance is $1500 unfavorable, how many units were produced? Select one:

Standards may be viewed by labor as too loose. Select one:

The standard for direct materials for product A is 6 ft.² at $10 per square foot. If a firm produces 100 units of product A and uses 600 ft.² at $11 per square foot, the materials price variance is Select one:

To calculate the controllable overhead variance actual overhead costs are needed. Select one:

Activity-based costing gives more information with respect to Select one:

The standard for direct materials for product A is 6 ft.² at $10 per square foot. If a firm produces 100 units of product A and uses 600 ft.² at $11 per square foot, the materials quantity variance is

The overhead variance between the actual production and the anticipated production is Select one:

Acquisition costs include the cash payments that are required for ownership and any subsequent expenditures required to extend the life of the asset such as a major overhaul. Select one:

Qualitative considerations are as important as cash flow in investment decisions. Select one:

Variables common to all investments are: Select one:

John Guy is saving for a new boat. He needs $60,000. How much money should he put in a savings account that compounds at 8% to have $60,000? (Round to the nearest dollar).

If an investment’s net present value is zero, then it's IRR must also be zero. Select one:

Jeff Carter is saving for a new speedboat. The cost is $110,000. How much money must he put in a savings account that compounds at 4% annually to have $110,000 in 7 years? (Round to the nearest dollar).

Capital gains are tax consequences of the sale of an old asset if Select one:

If the hurdle rate used to discount a stream of cash flows is raised, the IRR of the cash stream will Select one:

Since a firm must outlay cash to acquire assets, their return should be evaluated with the same terms (cash). Select one:

Unless an addition to working capital is permanent, it should not be considered among the cash flows of a capital budget. Select one: