Management Accounting Quiz Questions And Answers
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Here is an interesting 'Management accounting quiz' that is designed to test your knowledge about the concepts of accounting management. So, if you think you have a good understanding of accounting management subject, then you must prove your knowledge with this quiz. All you have to do is choose the correct option for all the multiple-choice questions. Are you ready to take the test? Let's start then. Wishing you all the best!
- 1.The term management accountancy was first used in___________
- A.
A. 1950
- B.
B. 1939
- C.
C. 1910
- D.
D. 1947
- 2.Management accounting is also known as____________
- A.
A. price level accounting
- B.
B. historical cost accounting.
- C.
C. financial accounting.
- D.
D. decision accounting.
- 3.The prime function of management accounting is to _______.
- A.
A. assist tax authorities
- B.
B. assist the management in performing its functions effectively
- C.
C. interpret the financial data
- D.
D. record business transactions
- 4.Management accounting provides valuable services to management in performing ____.
- A.
A. coordinating functions.
- B.
B. controlling functions.
- C.
C. planning functions
- D.
D. all managerial functions
- 5.Management accounting is an offshoot of _____.
- A.
A. financial accounting
- B.
B. cost accounting
- C.
C. cost accounting and financial accounting
- D.
D. cost accounting and inflation accounting.
- 6.Management accounting analyses accounting data with the help of ______.
- A.
A. auditors
- B.
B. statutory forms
- C.
C. tools and techniques
- D.
D. formula
- 7.Management accounting use _____________.
- A.
A. quantitative data only
- B.
B. qualitative data only
- C.
C. descriptive data only
- D.
D. both qualitative and qualitative data
- 8.Management accounting is suitable for _______.
- A.
A. large industries and trading concerns
- B.
B. co-operative societies
- C.
C. small businesses
- D.
D. non-profit organizations
- 9.In making managerial decisions, relevant information is ______.
- A.
A. future cost that differ between alternatives
- B.
B. future costs that do not differ between alternatives
- C.
C. past costs that differ between alternatives
- D.
D. past costs that do not differ between alternatives
- 10.The role of historical data from the accounting system in making managerial decisions is ________.
- A.
A. to assist in making productions that inputs to a decision model
- B.
B. to serve directly as inputs in decision models
- C.
C. to assist in making predictions about other information needed for making decisions
- D.
D. to assist in making productions that inputs to a management
- 11.Managerial accounting information is generally prepared for _____________________.
- A.
A. Shareholders
- B.
B. Creditors
- C.
C. Managers
- D.
D. Regulatory agencies
- 12.Which of the following is not an internal user of management information?
- A.
A. Creditor
- B.
B. Department manager
- C.
C. Controller
- D.
D. Treasurer
- 13.Managerial accounting does not encompass _____________
- A.
A. Calculating product cost
- B.
B. Calculating earnings per share
- C.
C. Determining cost behavior
- D.
D. Profit planning
- 14.Management accounting is applicable to ___________
- A.
A. Service entities
- B.
B. Manufacturing entities
- C.
C. Not-for-profit entities
- D.
D. All of these
- 15.Management accounting reports can be described as ___________________
- A.
A. General-purpose
- B.
B. Macro-reports
- C.
C. Special-purpose
- D.
D. Classified financial statements
- 16.The reporting standard for external financial reports is ____________________
- A.
A. Industry-specific
- B.
B. Company-specific
- C.
C. Generally accepted accounting principles
- D.
D. Department-specific
- 17.Working capital = _________________
- A.
A. Current assets minus Current liability
- B.
B. Current assets minus Past liability.
- C.
C. Current assets minus Current payments.
- D.
D. Current assets minus Current assets.
- 18.The term funds refer to_________________.
- A.
A. cost.
- B.
B. liability.
- C.
C. working capital.
- D.
D. none of the above
- 19.There is how many steps involved in fund flow statement ___________.
- A.
A. 2
- B.
B. 3
- C.
C. 4
- D.
D. 5
- 20.Which among the following is true?
- A.
A. increase in current asset decrease in working capital.
- B.
B. decrease in current asset decrease in working capital
- C.
C. increase in current asset increase in working capital.
- D.
D. decrease in current asset decrease in working capital.
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