Scribd Logo
Upload

Welcome to Scribd!

  • 24 views

    Which Is Primarily Concerned With The Past

    Uploaded by

    mohammed
    This document contains a test for a Cost and Management Accounting course with two parts. Part I contains 6 true/false questions about concepts like managerial accounting being more future-oriented than financial accounting and variable costs changing with activity levels. Part II has 7 multiple choice questions testing understanding of topics such as how managerial accounting focuses on internal users and includes indirect costs in manufacturing overhead. Students are asked to provide their answers in the test.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Which Is Primarily Concerned With The Past

    Uploaded by

    mohammed
    24 views3 pages
    This document contains a test for a Cost and Management Accounting course with two parts. Part I contains 6 true/false questions about concepts like managerial accounting being more future-oriented than financial accounting and variable costs changing with activity levels. Part II has 7 multiple choice questions testing understanding of topics such as how managerial accounting focuses on internal users and includes indirect costs in manufacturing overhead. Students are asked to provide their answers in the test.

    Original Title

    COST TEST ONE

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document contains a test for a Cost and Management Accounting course with two parts. Part I contains 6 true/false questions about concepts like managerial accounting being more future-oriented than financial accounting and variable costs changing with activity levels. Part II has 7 multiple choice questions testing understanding of topics such as how managerial accounting focuses on internal users and includes indirect costs in manufacturing overhead. Students are asked to provide their answers in the test.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    24 views3 pages

    Which Is Primarily Concerned With The Past

    Uploaded by

    mohammed
    This document contains a test for a Cost and Management Accounting course with two parts. Part I contains 6 true/false questions about concepts like managerial accounting being more future-oriented than financial accounting and variable costs changing with activity levels. Part II has 7 multiple choice questions testing understanding of topics such as how managerial accounting focuses on internal users and includes indirect costs in manufacturing overhead. Students are asked to provide their answers in the test.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    RIFT-VALLEY UNIVERSITY

    COLLEGE OF BUSINESS AND ECONOMICS


    DEPARTMENT OF BUSINESS MANAGEMENT
    COST AND MANAGEMENT ACCOUNTING I (ACFN2141) TEST I (15%)

    NAME: ___________________________ ID NO: ____________ SECTION: ______

    PART I TRUE/FALSE QUESTIONS (6 %)


    INSTRUCTION: SAY TRUE IF THE STATEMENT IS CORRECT AND FALSE IF THE STATEMENT IS
    INCORRECT AND PROVIDE YOUR ANSWER.

    1. Managerial accounting places greater emphasis on the future than financial accounting,
    which is primarily concerned with the past.
    2. Although financial and managerial accounting differs in many ways, they are similar in that
    both rely on the same underlying financial data.
    3. Manufacturing overhead is an indirect cost with respect to units of product.
    4. Managerial accounting is not needed in a non-profit or governmental organization.
    5. Variable costs per unit are affected by changes in activity.
    6. Period costs are found only in manufacturing companies, not in merchandising companies.

    PART II MULTIPLE CHOICE QUESTIONS (14 %)


    INSTRUCTION: CHOOSE THE BEST ANSWER FROM THE GIVEN ALTERNATIVES AND PROVIDE THE
    LETTER OF YOUR CHOICE USING CAPITAL LETTER.

    1. Management accounting focuses primarily on providing data for:


    A. Internal uses by managers.
    B. External uses by Ethiopian Revenue and Customs Authority
    C. External uses by stockholders and creditors.
    D. External uses by employees and their labor union.

    2. Managerial accounting:
    A. is more concerned with precision than timeliness.
    B. is primarily concerned with providing information to external users.
    C. tends to summarize information more than financial accounting
    D. is more future oriented than financial accounting.
    .
    3. Manufacturing overhead includes:
    A. Indirect material, but not indirect labor.
    B. Indirect labor, but not indirect materials.
    C. All manufacturing costs, except direct materials and direct labor.
    D. All manufacturing costs, except indirect material and indirect labor.

    1
    4. The term prime cost refers to:
    A. Manufacturing costs incurred to produce units of output.
    B. The sum of direct labor costs and all factory overhead costs.
    C. All costs associated with manufacturing other than direct labor costs and raw material
    costs.
    D. The sum of direct material costs and direct labor costs.
    5. All of the following would be classified as product costs, except:
    A. Salaries of the advertising staff.
    B. Wages of machine operators.
    C. Property taxes on production equipment.
    D. Insurance on factory machinery.

    6. Prime cost and conversion cost share what common element of total cost?
    A. Direct labor.
    B. Direct materials.
    C. Fixed overhead.
    D. Variable overhead.
    7. Selling and administrative costs are treated as:
    A. Inventoriable costs
    B. Product costs
    C. Period costs
    D. None

    You might also like