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WorksheetsCMA I - Intro & Cost Classification
Total questions: 12
Worksheet time: 9mins
Accounting reports are prepared for the use of external users. The statement above best describes:
Management Accounting
Cost Accounting
Financial Accounting
All of the above
Which of the following phrases describes Management Accounting?
Under legal obligation
For external users
Any presentation formats
By-product of financial accounting
The cost increases in direct proportion to increases in number of units produced. Sketch the graph:
Which ONE of the following costs would NOT be classified as a production overhead cost in a food processing company?
The cost of renting the factory building.
The salary of the factory manager.
The depreciation of equipment located in the materials store.
The cost of ingredients.
Constant in total when production volume changes. Classify the cost:
(a)
The audit fee paid by a manufacturing company would be classified as:
A production overhead cost
A selling and distribution cost
A research and development cost
An administration cost
Financial accounts are prepared for external stakeholders.
Management accounts are prepared for (a) stakeholders.
The direct material cost is RM20,000 and the prime cost is RM55,000, then the direct labour cost would be:
RM70,000
RM55,000
RM20,000
RM35,000
The direct labour cost is RM30,000 and the direct material cost is RM65,000, then the prime cost would be:
RM35,000
RM95,000
RM30,000
RM65,000
The direct labour cost is added into factory overhead cost to calculate
merchandise cost
conversion cost
transactional cost
resale cost
As an alternative, the firm can pay the operators a flat salary. It would then use one machine when volume is low, two when it expands, and three during peak periods.
This means that the total operator cost would now be a:
Direct cost
Semi-fixed cost
Variable cost
Fixed cost
Telephone rental plus metered call is considered as:
Step cost
Semi-fixed cost
Variable cost
Semi-variable cost
