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Explore Management Accounting

A visually engaging illustration of management accounting concepts featuring graphs, charts, and financial calculations in a business office setting.

Explore Management Accounting

Test your knowledge in management accounting with our comprehensive quiz designed for both beginners and seasoned professionals. This quiz covers essential concepts, terminology, and practical applications in management accounting.

Whether you want to reinforce your understanding or gauge your proficiency, this quiz offers:

Multiple-choice questions
Instant feedback on your answers
A fun way to learn!

13 Questions3 MinutesCreated by CalculatingFox482

Management accounting differs from financial accounting in that financial accounting is

A. More oriented toward the future.

B. Primarily concerned with external financial reporting.

C. Primarily concerned with nonquantitative information.

D. Heavily involved with decision analysis and implementation of decisions.

Management accounting differs from financial accounting in that Management accounting is

A. More oriented toward the future.

B. Primarily concerned with external financial reporting.

C. Primarily concerned with nonquantitative information.

D. A and C.

Which one of the following best describes direct labor?

A. A prime cost.

B. A period cost.

C. A product cost.

D. Both a product cost and a prime cost.

Which one of the following best describes direct Material?

A. Both a product cost and a prime cost.

B. A period cost.

C. A product cost.

D. A prime cost.

Inventoriable costs

A. Include only the prime costs of manufacturing a product.

B. Include only the conversion costs of manufacturing a product.

C. Are expensed when products become part of finished goods inventory.

D. Are regarded as assets before the products are sold.

In cost terminology, conversion costs consist of

A. Direct and indirect labor.

B. Direct labor and direct materials.

C. Direct labor and factory overhead.

D. Indirect labor and variable factory overhead.

Using absorption costing, variable manufacturing overhead costs are best described as

A. Direct period costs.

B. Indirect period costs.

C. Direct product costs.

D. Indirect product costs.

Using variable costing, fixed manufacturing overhead costs are best described as

A. Direct period costs.

B. Indirect period costs.

C. Direct product costs.

D. Indirect product costs.

A company incurred $200,000 of manufacturing cost during the month, with a beginning finished goods inventory of $20,000 and an ending finished goods inventory of $15,000. Assuming no work-in-process inventories, the company's cost of goods sold was

$220,000.

$205,000.

$200,000

$105,000

Rachel Inc. Reported the following information: beginning work in process inventory, $160,000; cost of goods manufactured, $1,500,000; beginning finished good inventory, $100,000; ending work in process inventory, $80,000; and ending finished goods inventory, $80,000. What is Rachel's cost of goods sold for the year?

$1,520,000

$1,580,000

$1,600,000

$1,480,000

Royalty Manufacturing has accumulated the following cost information related to the production and sale of 6,000 units of product #35BR:

Direct labor hours	4,500
Average labor rate	$9 per hour
Direct materials	$25,000
Unit selling price	$28.50
Variable manufacturing overhead	110% of direct materials
Variable selling and administrative expenses	$3 per unit
Fixed selling and administrative expenses	$32,000
Fixed manufacturing overhead	$27,000

Calculate Royalty's gross margin related to product #35BR.

$51,000

$78,000

$1,000

$60,000

The following cost information is for a sales volume of 6,300 units.

Direct materials per unit	$8
Total direct labor	$54,000
Fixed manufacturing overhead	$30,000
Variable manufacturing overhead	120% of direct labor
Fixed selling and administrative costs	$50,000
Variable selling and administrative costs	$5 per unit

Calculate cost of goods sold using absorption (full) costing.

$169,200

$280,700

$200,700

$199,200

Butteco has the following cost components for 100,000 units of product for the year:
Direct materials
$200,000
Direct labor
100,000
Manufacturing overhead
200,000
Selling and administrative expense
150,000
All costs are variable except for $100,000 of manufacturing overhead and $100,000 of selling and administrative expenses. The total costs to produce and sell 110,000 units for the year are

$650,000

$715,000

$695,000

$540,000

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