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Management and Cost Accounting
Management and Cost Accounting MCQs
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Which statement regarding management accounting is true?
Management accounts are prepared for parties external to the organization.
Management accounts are used by shareholders to compare one company with another.
The content of management accounts is strictly controlled by Accounting Standards and Financial Legislation.
Management Accounts are used by managers within the organization.
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If actual units produced are lower than the budgeted level of production which of the following actual costs would you expect to be lower than the bud...
Variable costs per unit
Fixed costs per unit
Total variable costs
Total fixed costs
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The following data relates to Lizard Ltd for last year :- Highest Lowest Monthly production cost £45,000 £31,000 Monthly machine hours 14,000...
£0.36
£0.50
£2.80
£3.21
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The following relates to two levels of output :- 10,000 units 15,000 units Total cost £22,000 £27,000 The actual value of fixed costs assumin...
£12,000
£16,000
£25,000
Cannot be ascertained from the information given.
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Which of the following best describes a fixed cost?
Represents a fixed proportion of total costs
Remains at the same level up to a particular level of output
Has a direct relationship with output
Its average remains at the same level as output increases
?
An example of a production overhead would be:-
Raw materials used in production
Delivery costs
Office rent
Costs of templates and moulds used in production
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A semi variable cost would :-
Curve upwards from the origin as output increased.
Be more than zero if no products were made and would then increase in direct proportion to output.
Be a fixed amount when output was zero and would step up as output increased.
Be zero if output were zero and would change erratically as output increased
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A company uses 9,000 units of a component per annum. The component has a purchase price of £40 per unit and the cost of placing an order is £160...
530
671
949
1,342
?
The purchase price of a stock item is £25 per unit. In each three month period the usage of the item is 20,000 units. The annual holding costs ass...
730
1,894
1,461
1,633
?
A company determines its order quantity for a component using the Economic Order Quantity (EOQ) model. What would be the effects on the EOQ and the t...
Lower Higher
Higher Lower
Lower No effect
Higher No effect
?
Which of the following would not be classed as an overhead:
an indirect production cost
a direct production cost
the rent of a manufacturing facility
the rent of a service provision facility
?
A company has two production departments and two service departments with the following fixed overheads: Production Service Department W X Y Z Ove...
£720
£800
£1,000
£1,200
?
The following details are available for a business: Machining Assembly Maintenance Administration area sq/m 5,000 6,000 2,000 1,200 no. of employee...
£3,803
£4,875
£3,169
£2,250
?
Which of the following statements is not true:
Overhead absorption rates should be based on estimates of future costs.
Overhead absorption rates should be based on estimates of output.
Overhead absorption rates should be calculated at the start of the relevant period.
Overhead absorption rates should be calculated at the end of the relevant period
?
Overheads
can include both direct costs and indirect costs
can include both fixed costs and variable costs
can include both sunk costs and opportunity costs
can include either all or none of the above
?
Absorption costing will be applied to which of the following cost elements:
direct labour
prime cost
fixed production overhead
total cost
?
A company has the following details: Machining Assembly Total cost centre overhead £120,000 £180,000 Machine hours 15,000 9,000 Labour hours...
£60 per direct labour hour
£8 per direct machine hour
£20 per direct machine hour
£22.50 per direct labour hour
?
A business has an overhead absorption rate of £1.50 per labour hour. Actual hours incurred were 2,150. At the end of the period actual overheads am...
there was an over-recovery of overhead of £275;
there was an under-recovery of overhead of £275;
actual money spent on paying overheads was £3,225;
actual money spent on paying overheads was £3,775
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Each unit of product P requires: 1.5 kgs of material @£8 per kg 3 hours of machining @£10 2 hours of labour for assembly and inspection @£...
£106
£96
£92
£70
?
A manufacturing company uses a machine hour rate to absorb production overheads, which were budgeted to be £130,500 for 9,000 machine hours. Actual...
£880
£2,900
£900
£2,020
