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WorksheetsREVISION 1 : TOPIC 1 & 2 [AA025]
Total questions: 20
Worksheet time: 20mins
Product costs are
Costs that assigned to the manufacture of products and recognized when sold.
Costs that cannot identified on the product.
Costs that mixed between sales and other expenses.
costs that involved directly in the manufacturing
Costs that complicated to identified through units or batches of units are known as a (n) _____________
Direct costs
Product costs
Indirect manufacturing costs
Indirect costs
These workers transform the direct materials into a finished product.
Direct labour
Indirect labour
Factory manager
Factory supervisor
These are all other costs of transforming the materials into a finished product.
Factory utilities expenses
Advertising expenses
Direct materials
Factory Supervisor Salary
The sum of Direct materials and direct labour is known as
(a)
The sum of direct labour and manufacturing overhead is known as
(a)
Which of the following does not represents the characteristics of Management Accounting?
Helps in finding out cost of products and control costs
Measures the operating efficiency of the enterprise
Helps in identifying the financial position of the business
Process of determining and accumulating the cost of products or activity
What is the roles of management accountant?
Provide accounting information and accounting reports
Responsible for carrying out the task of helping the management
Assist departments in achieving the organization goals and objectives.
All of above
Which of the following would be an example of a direct materials cost?
engine on an airplane
lubricant used to manufacture a lighting fixture
glue used to build cabinets
nails used to manufacture a table
Fixed costs, variable costs, mixed costs are a cost classification based on ____________
behaviour
functions
assignment
all of above
The branch of accounting that generates reports and information for the use of internal management only is known as:
Tax accounting
Managerial or management accounting
Auditing
Financial accounting
Which one of the following is not an external user of accounting information?
Investor
Creditor
Manager
Customer
What activities and responsibilities are not associated with management's functions?
Planning
Accountability
Controlling
Decision making
Planning is a function that involves
hiring the right people for a particular job.
coordinating the accounting information system.
setting goals and objectives for an entity.
analyzing financial statements.
The managerial function of controlling
is performed only by the controller of a company.
is only applicable when the company sustains a loss.
is concerned mainly with operating a manufacturing segment.
includes performance evaluation by management.
The management function that requires managers to look ahead and establish objectives is
controlling.
directing.
planning.
constraining.
Which of the following is not classified as direct labor?
Bottlers of mineral water
Copy machine operators at a copy shop
Wages of supervisors
Bakers in a bakery
Which of the following are period costs?
Raw materials
Direct materials and direct labor
Direct labor and manufacturing overhead
Selling expenses
Which one of the following is not an external user of accounting information?
Investor
Creditor
Manager
Customer
Decision making is about choosing among alternative courses of action
True
False
