Chapter 1: Introduction to Managerial Accounting
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Sample Questions
Q1) The managerial activity of monitoring a plan's implementation and taking corrective action as needed is referred to as controlling.
A)True
B)False
Answer: True
Q2) Explain the term professional behaviour.
Answer: Professional Behaviour - Members conduct themselves at all times in a manner which will maintain the good reputation of the profession and its ability to serve the public interest.
Q3) A cost accountant would normally occupy a line position within an organization.
A)True
B)False
Answer: False
Q4) Virtually all managerial accounting practices were developed to assist managers in maximizing profits.
A)True
B)False
Answer: True
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Chapter 4: Cost-Volume-Profit Analysis: a Managerial Planning Tool
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Q1) Refer to Books and Things. What is the break-even point?
A) $13,700
B) $22,833
C) $548,000
D) $913,333
Q2) Refer to Date Company. What is the variable cost ratio?
A) 36%
B) 40%
C) 46%
D) 50%
Q3) Refer to Desjardin Tools. What is the variable cost ratio?
A) 19%
B) 42%
C) 50%
D) 54%
Q4) Even when you hold the sales mix constant, it is impossible to calculate the break-even point for individual products in a multiple product firm because many of the fixed costs are common to a number of products.
A)True
B)False
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Chapter 5: Job-Order Costing
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Q1) What are the three steps of overhead application?
Q2) Refer to Xtra Corporation. What is the total amount debited to Finished Goods Inventory in the current year?
A) $470,000
B) $490,000
C) $510,000
D) $550,000
Q3) What schedule is used to ensure accuracy in computing product costs?
A) the schedule of Raw Materials used
B) the schedule of the Cost of Goods Sold
C) the schedule of the Manufacturing Overhead
D) the schedule of the Cost of Goods Manufactured
Q4) Which item may be listed on a materials requisition form to maintain proper control over a firm's inventory of direct materials?
A) cost of supplies
B) the date and a signature
C) the date and the cost of the form
D) cost of lubricants for production machinery
Q5) Discuss overapplied and underapplied overhead.
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Chapter 10: Standard Costing: a Managerial Control Tool
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Q1) Which formula is used to calculate the labour efficiency variance?
A) (standard hours × actual hours) - (actual hours × standard rate)
B) (actual rate × actual hours) - (standard rate × actual hours)
C) (actual hours × standard rate) - (standard hours × standard rate)
D) (standard hours × actual rate) - (actual hours × actual rate)
Q2) Refer to Allan Company. What is the entry to record the purchase of materials?
A) Materials 1,170,000
Materials Price Variance 30,000
Accounts Payable 1,200,000
B) Materials 1,200,000
Materials Price Variance 30,000
Accounts Payable 1,170,000
C) Materials 1,218,750
Materials Price Variance 31,250
Accounts Payable 1,250,000
D) Materials 1,250,000
Materials Price Variance 31,250
Accounts Payable 1,218,750
Q3) Explain the kaizen approach to costing.
Q4) How are standards developed?
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