Worksheets91408 - Management Accounting - What do I know?
Total questions: 15
Worksheet time: 8mins
Name
Class
Date
1.
Which of the following best describes a routine decision in a business?
a)
Long-term expansion into new markets
b)
Day-to-day decisions like re-ordering stock
c)
Changing the company structure
d)
Investing in a new factory
2.
Which is an example of a strategic decision?
a)
Choosing a supplier for pens this week
b)
Deciding staff roster for Saturday
c)
Expanding into Australia over 5 years
d)
Fixing a broken machine today
3.
Which statement about costs is correct?
a)
Variable costs stay the same
b)
Fixed costs change with output
c)
Semi-variable costs have both fixed and variable parts
d)
All costs are fixed
4.
If Selling Price = $50 and VC per unit = $30, what is the contribution margin per unit?
a)
$20
b)
$30
c)
$50
d)
$80
5.
Fixed Costs = $10,000, SP = $40, VC = $25. What is break-even output?
a)
250 units
b)
400 units
c)
667 units
d)
1,000 units
6.
Forecast Sales = 2,000 units. Break-even = 1,500 units. What is the margin of safety?
a)
200
b)
500
c)
1,000
d)
3,500
7.
Fixed Costs = $12,000, CM = $20. Target Profit = $8,000. What output is needed?
a)
400 units
b)
600 units
c)
1,000 units
d)
2,000 units
8.
The relevant range is:
a)
Range where fixed costs stay constant
b)
Max number of products sold
c)
Minimum sales for profit
d)
Sales revenue at break-even
9.
What is the main purpose of preparing budgets?
a)
To replace accounting records
b)
To plan, control, and compare performance
c)
To calculate depreciation
d)
To stop all cash spending
10.
Which correctly identifies Cash Receipts and Cash Payments?
a)
Receipts = Revenue, Payments = Expenses
b)
Receipts = Cash Sales + Acc Rec collected, Payments = Wages, Purchases
c)
Receipts = Only credit sales, Payments = Only fixed costs
d)
Receipts = Profit, Payments = Loss
11.
Opening AR = $8,000, Closing Acc Rec = $6,000, Credit Sales = $20,000. Cash collected?
a)
$18,000
b)
$20,000
c)
$22,000
d)
$26,000
12.
Which would be included in Cash Receipts?
a)
Depreciation
b)
Wages
c)
Cash Sales + Cash from Acc Rec
d)
Doubtful debts
13.
Which is an example of a Cash Payment?
a)
Paying suppliers for raw materials
b)
Receiving cash from customers
c)
Recording depreciation
d)
Adding to retained earnings
14.
Opening Bank Balance = $5,000, Cash Deficit = $2,000. Closing Balance?
a)
$2,000
b)
$3,000
c)
$5,000
d)
$7,000
15.
If electricity costs increase unexpectedly, what is the likely budget impact?
a)
Cash Receipts increase
b)
Cash Payments increase
c)
Bank Balance increases
d)
Surplus increases
100 %
