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Managerial Accounting

Authored by Zhi Lim

Business

University

Used 3+ times

Managerial Accounting
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following describes process costing?

Low cost per unit & Consume different resources

Low cost per unit & Consume same resources

Hight cost per unit & Consume different resources

High cost per unit & Consume same resources

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of accounts are raw materials, work in process and finished goods?

Expense

Retained Earnings

Inventory

Account payable

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following describes absorption costing?

Prepared for internal decision making purposes

Prepared generally for external reporting purposes

Contributional format and classified according to behaviour

Only Direct materials, Direct labour and variable manufacturing overhead treated as product cost

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which best describes cash flows in service companies

Inventory for WIP

Inventory for finished goods

Inventory for both WIP and finished goods

No inventory for WIP or finished goods

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

At the beginning of the year, Ventra expected to produce 10,000 jewelry boxes and estimated overhead costs of $40,000. Actual overhead costs ended up being $45,000 and Ventra only produced 9,000 jewelry boxes. Based on the information given, what is the predetermined overhead rate?

$4.00

$4.50

$4.44

$5.00

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If more overhead has been applied than was actually incurred, the ending Manufacturing Overhead account balance represents the amount of [blank​ ] overhead.

Underapplied

Overapplied

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do you find direct materials

Beg raw materials + Purchases + End raw materials

Beg raw materials + Purchases - End raw materials

Beg raw materials - Purchases + End raw materials

Beg WIP + Total manufacturing cost for the period - End WIP

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