Financial Accounting Basic Quiz!

10 Questions | Total Attempts: 11

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Financial Accounting Basic Quiz!

Questions and Answers
  • 1. 
    What is the process of providing financial information to internal users to help them in decision-making?
    • A. 

      Managerial Accounting

    • B. 

      Financial Accounting

    • C. 

      Cost Accounting

    • D. 

      Taxation

  • 2. 
    Below are the roles of managerial accounting information, except:
    • A. 

      Decision making

    • B. 

      Investing

    • C. 

      Controlling

    • D. 

      Budgeting

  • 3. 
    The process to ensure that the strategy is on the right track and correction action is made if necessary is known as:
    • A. 

      Planning

    • B. 

      Budgeting

    • C. 

      Decision making

    • D. 

      Controlling

  • 4. 
    Overtime payment is being classified as:
    • A. 

      Direct labour

    • B. 

      Direct material

    • C. 

      Manufacturing overhead

    • D. 

      Selling expenses

  • 5. 
    Below are the importance of CVP analysis, except
    • A. 

      Making a decision regarding pricing policies

    • B. 

      Making a decision regarding fixed cost and marketing strategies

    • C. 

      Determine sales required to achieve a target profit 

    • D. 

      To help in the calculation of predetermined overhead rate (POR)

  • 6. 
    Select all the correct CVP assumptions. 
    • A. 

      Unit of sales equal to units of production

    • B. 

      Selling price per unit remain unchanged

    • C. 

      Constant fixed cost

    • D. 

      Fixed and variable costs can be determined 

  • 7. 
    Below are the activity basis that can be used to calculate the predetermined overhead rate (POR), except 
    • A. 

      Direct labour hours

    • B. 

      Selling expenses

    • C. 

      Machine-hours 

    • D. 

      Direct material costs

  • 8. 
    The classification of normal costing systems are:
    • A. 

      Standard direct material cost, standard direct labor cost, standard overhead cost

    • B. 

      Actual direct materials cost applied direct labor cost and applied overhead cost

    • C. 

      Actual direct material cost, actual direct labor cost, standard overhead rate

    • D. 

      Actual direct materials cost, actual direct labor cost, and applied overhead cost

  • 9. 
    Ways to calculate the predetermined overhead rate is:
    • A. 

      Budgeted manufacturing overhead over-budgeted activity basis 

    • B. 

      Actual manufacturing overhead over actual activity basis 

    • C. 

      Actual manufacturing overhead over-budgeted activity basis

    • D. 

      Budgeted manufacturing overhead over applied activity basis

  • 10. 
    CVP analysis is a __________ method of examining the relationship between changes in _________ and changes in total sales revenue, expenses and net profit for planning and  ________ purposes. 
    • A. 

      Classic; level; controlling

    • B. 

      Systematic; volume; decision making

    • C. 

      Systematic; volume; budgeting

    • D. 

      Standard; volume; controlling

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