Managerial Accounting Removal

10 Questions | Total Attempts: 43

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Accounting Quizzes & Trivia

This is a special exam for managerial accounting.


Questions and Answers
  • 1. 
    • A. 

      Fixed Cost

    • B. 

      Direct Cost

    • C. 

      Variable Cost

    • D. 

      Prime Cost

  • 2. 
    The cost of inspecting finished goods is what type of quality cost?
    • A. 

      External Failure Cost

    • B. 

      Appraisal Cost

    • C. 

      Internal Failure Cost

    • D. 

      Prevention Cost

  • 3. 
    • A. 

      Job Order Costing

    • B. 

      Process Costing

  • 4. 
    What would be a more appropriate costing system for a business consultant?
    • A. 

      Process Costing

    • B. 

      Job Order Costing

  • 5. 
    • A. 

      Process Costing

    • B. 

      Job Order Costing

  • 6. 
    If total manufacturing cost is $80,000, beginning inventory is $40,000 and ending inventory is $30,000 - what is the total cost of goods available for sale?
    • A. 

      $90,000

    • B. 

      $120,000

    • C. 

      $150,000

    • D. 

      $70,000

  • 7. 
    A company records the following costs for year 2010: Direct labor cost = 40,000 Applied Factory Overhead = 60,000 Direct Materials = 80,000 Actual Indirect Material Cost = 35,000 Actual Indirect Labor Cost = 40,000 Other Overhead Cost (Actual) = 100,000 What is the prime cost?
    • A. 

      75,000

    • B. 

      100,000

    • C. 

      120,000

    • D. 

      140,000

  • 8. 
    If selling price is 100 per unit, variable cost is 60 per unit and fixed cost is 16,000 - what is the required number of units to break-even?
    • A. 

      400

    • B. 

      160

    • C. 

      100

    • D. 

      60

  • 9. 
    Which of the following is not true?
    • A. 

      Financial accounting reports to those outside the organization while managerial accounting reports to those internal to the organization.

    • B. 

      Both financial accounting and managerial accounting MUST follow GAAP.

    • C. 

      Managerial accounting is not mandatory for external reports.

    • D. 

      A cost object is anything for which cost data are desired.

  • 10. 
    • A. 

      Investing money in real estate that may be a site for a future store

    • B. 

      The rental cost paid by a clinic renting a space in a building

    • C. 

      The purchase cost of a special purpose machine that was used to make a product that is now obsolete

    • D. 

      The salary of the company's chief executive officer