Managerial Accounting MCQs

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Management accounting focuses primarily on providing data for:






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Managerial accounting:






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Compared to financial accounting, managerial accounting places more emphasis on:






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The function of management that compares planned results to actual results is known as:






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Which of the functions of management involves overseeing day-to-day activities?






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Which of the following is not one of the three basic activities of a manager?






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Which of the following statements are false concerning line and staff functions? I. Persons occupying staff functions have authority over persons occ...






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Which of following would normally be found on a manufacturing company’s organization chart?






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For a hospital, what type of position (line or staff) is each of the following? Emergency Room Manager; Human Resource (Personnel) Manager






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A detailed financial plan for the future is known as a:






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A performance report is:






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A clustering of two or more machines at a single workstation is referred to as:






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A focused factory is:






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Large work in process inventories:






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Ideally, how many units should be produced in a just-in-time manufacturing system?






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Process Reengineering includes all of the following steps except:






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According to the Theory of Constraints, improvement efforts should usually be focused on:






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Which of the following is true regarding the theory of constraints?






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Pizza World makes forty-three kinds of pizza for takeout and delivery. Which of the following could be the constraint at Pizza World?






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The Standards of Ethical Conduct for Management Accountants developed by the Institute of Management Accountants contain a policy regarding confidenti...






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Wide-spread adherence to ethical standards in an advanced market economy tends to result in all of the following except:






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The Institute of Management Accountants (IMA) has developed ethical standards for management accountants. What four categories has the IMA classified ...






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Samantha Galloway is a managerial accountant in the accounting department of Mustang Industries, Inc. Samantha has just discovered evidence that some ...






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Managerial accounting:






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The three basic elements of manufacturing cost are direct materials, direct labor, and:






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Prime cost consists of direct materials combined with:






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The cost of fire insurance for a manufacturing plant is generally considered to be a:






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An example of a period cost is:






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Within the relevant range, the difference between variable costs and fixed costs is:






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A lawnmower manufacturer computed a cost per unit of $53 by adding together last month’s direct labor, direct materials, and manufacturing overhead ...






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An opportunity cost is:






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Buford Company rents out a small unused portion of its factory to another company for $1,000 per month. The rental agreement will expire next month, a...






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The following costs were incurred in August: Direct materials: $37,000 Direct labor: $14,000 Manufacturing overhead: $38,000 Selling expenses: $10...






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The following costs were incurred in August: Direct materials: $20,000 Direct labor: $18,000 Manufacturing overhead: $21,000 Selling expenses: $16...






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During the month of August, direct labor cost totaled $13,000 and direct labor cost was 20% of prime cost. If total manufacturing costs during August ...






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In August direct labor was 60% of conversion cost. If the manufacturing overhead for the month was $54,000 and the direct materials cost was $34,000, ...






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Green Company’s costs for the month of August were as follows: Direct materials: $27,000 Direct labor: $34,000 Selling: $14,000 Administrative: ...






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Consider the following costs incurred in a recent period: Direct materials: $33,000 Depreciation on factory equipment: $12,000 Factory janitor’s ...






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The Lyons Company’s cost of goods manufactured was $120,000 when its sales were $360,000 and its gross margin was $220,000. If the ending inventory ...






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Haan Inc. is a merchandising company. Last month the company’s cost of goods sold was $66,000. The company’s beginning merchandise inventory was $...






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Last month a manufacturing company had the following operating results: Beginning finished goods inventory: $90,000 Ending finished goods inventory:...






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Walton Manufacturing Company gathered the following data for the month. Cost of goods sold: $35,000 Sales: $89,000 Selling expenses: $16,000 Admin...






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Direct materials used in production totaled $330,000. Direct labor was $415,000 and manufacturing overhead was $220,000. What were the total manufactu...






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Expense A is a fixed cost; expense B is a variable cost. During the current year the activity level has increased, but is still within the relevant ra...






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How much opportunity cost is represented in the following information concerning a machine? Annual operating cost: $80,000 Fixed operating costs oth...






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Which of the following terms could be used to correctly describe the wages paid to the workers that cut up the cloth into the jean pattern shapes?






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Which of the following terms could be used to correctly describe the wages paid to the data entry clerk who enters customer order information into the...






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Which costs will change with a decrease in activity within the relevant range?






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Data for Cost A and Cost B appear below: .tg {border-collapse:collapse;border-spacing:0;} .tg td{border-color:black;border-style:solid;border-wid...






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An example of a discretionary fixed cost would be:






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Which of the following costs, if expressed on a per unit basis, would be expected to decrease as the level of production and sales increases?






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In describing the cost equation, Y = a + bX, "a" is:






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Contribution margin means:






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A sunk cost is:






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Abbott Company’s manufacturing overhead is 20% of its total conversion costs. If direct labor is $38,000 and if direct materials are $23,000, the ma...






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A manufacturing company prepays its insurance coverage for a three-year period. The premium for the three years is $2,400 and is paid at the beginning...






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At a volume of 8,000 units, Pwerson Company incurred $32,000 in factory overhead costs, including $12,000 in fixed costs. If volume increases to 9,000...






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At an activity level of 4,000 machine-hours in a month, Curt Corporation’s total variable production engineering cost is $154,200 and its total fixe...






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Eddy Corporation has provided the following production and total cost data for two levels of monthly production volume. The company produces a single ...






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Werner Brothers, Inc., used the high-low method to derive its cost formula for electrical power cost. According to the cost formula, the variable cost...






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Anderson Corporation has provided the following production and average cost data for two levels of monthly production volume. The company produces a s...






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A partial listing of costs incurred during December at Rooks Corporation appears below: Factory supplies: $7,000 Administrative wages and salaries: ...






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A partial listing of costs incurred at Gilhooly Corporation during September appears below: Direct materials: $183,000 Utilities, factory: $9,000 A...






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Products might consume overhead in different proportions due to differences in






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Which of the following is NOT a limitation of a plantwide overhead rate? a. b. c. d.