WorksheetsManAcc - Prelims Special Quiz 2-3
Total questions: 13
Worksheet time: 26mins
Statement 1: Planning involves setting of long range goals for the organization.
Statement 2: Controlling involves checking the performance of activities against the plan or standards set.
Statement 1 and Statement 2 are false.
Statement 1 is true and Statement 2 is false.
Statement 1 and Statement 2 are true.
Statement 1 is false and Statement 2 is true.
Planning involves the following, except:
Setting of Objectives
Deciding corrective actions
Forecasting the future
Making choices among alternatives
The following are functions of management accounting, except:
Provides data
Use of qualitative information
Facilitates control
Risk management
Statement 1: In performing managerial functions, a manager does rely solely on accounting information.
Statement 2: The American Institute of Certified Public Accountant states that management accounting extends in two areas.
Both statements are correct
Both statements are wrong
Only statement 1 is correct
Only statement 1 is wrong
The following are considered as controllership, except:
Planning and control
Insurance
Government Reporting
Protection of Asset
May be defined as the function of business management combined with the responsibility of accounting, reporting, etc.
Treasureship
Controllership
Manager
Management Accountant
In ONE SHORT SENTENCE, what do you think is the major difference of managerial accounting to financial accounting? (3 points)
Relevant range is
Range of activity that matters within the organization
Range of activity that reflects the organization's goals
Range of activity that reflects the organization's operating range
Range of activity that are value-adding
ABC produces bottled milk-tea for her online business.
The cost of bottled milk-tea is considered as:
Cost Driver
Cost Object
Cost Pool
None of the above
Total Manufacturing Cost includes the following, except:
Cost of Direct Labor
Cost of Indirect Manufacturing Overhead
Cost of Raw Materials Purchased
Cost of Direct Manufacturing Overhead
Below are the methods of separating of mixed costs, except:
High-Low Method
Regression Analysis
Scattergraph Method
Square Method
Statement 1: Variable cost per cost driver is always constant.
Statement 2: Fixed cost per cost driver varies directly with cost driver.
Statement 1 and Statement 2 are false
Statement 1 and Statement 2 are true
Statement 1 is true and Statement 2 is false
Statement 1 is false and Statement 2 is true
IRIS Co paid P 9,600.00 per month for the overhead and P300 per direct labor of its product, umbrella with fan. If the company produces 150 units for the month of March 2021, and it requires P 5.00 per unit for its raw materials and spent 30 mins in producing 1 unit. How much is the cost per unit for the month of March 2021?
P 187
P 369
P 219
P 9,905
