Home » MCQs » Managerial Accounting Multiple Choice Questions#11



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1 Which of following is an example of functional budeget?
Flexible budeget
Master budeget
Production budget
2 Which of the following costs are inclued in a ‘work in process inventory account’ of a manufacturing company?
Period costs
Direct labour and direct material costs
Product costs and selling costs
Direct material, direct labour and factory overhead
3 Which of the following is an appropriate costing system for industries like oil refineries and food processing?
Job order costing system
Process costing system
none of the above
4 For which of the following is a profit center manager responsible?
Incomes or revenues only
Costs only
Both revenues and costs
None of the above
5 Raw material opening stock + Purchases of raw material = ?
Ending raw material Stock
Raw material consumed/used during an accounting period
Raw material available for use
6 Which of the following is the inventory of a service business
Raw material and supplies
Finished goods inventory
Work in process inventory
7 Which of the following methods of inventory costing gives highest net income when there is a trend of constant inflation?
FIFO
LIFO
Weighted Average
Moving average method
8 Which of the following costs are included in the conversion cost?
Direct labor and factory overhead
Direct material and indirect material
Direct material and factory overhead
Factory overhead and cost of goods manufactured
9 Which of the following is a characteristic of JIT systems?
Quality of products and services
Lower turnover of worker
Greater specialization
Use of ABC techniques
10 The amount by which the actual sales volume surpasses the break even sales volume is known as:
Budged sales
Margin of safety
Margin of sales
Contribution margin


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