Scribd
Upload
31 views6 pages

Mas Pfe

Uploaded by

skyvy27
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
31 views6 pages

Mas Pfe

Uploaded by

skyvy27
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 6

PFE3-MA1 REVIEWER

Which activity is not normally performed by managerial accountants?


I. Assisting managers to interpret data in managerial accounting.
II. Designing systems to provide information for internal and external reports.
III. Deciding the best level of inventory to be maintained.

Which function is most directly related to management by exception?


Controlling

Which of the following statement is/are not false?


I. Managerial accounting is not needed in a non-profit or governmental organization.
II. The controller occupies a line position in an organization.
III. The form and content of reports cannot influence decisions made by managers.
None of these

Which of the functions of the management involves overseeing day-to-day activities?


Directing and motivating

Which of the following statement is/are true regarding management accountants?


I. They are found primarily at lower levels of the organizational heirarchy.
II. They often work on cross-functional teams
III. They are found through-out an organization.
II and III

Financial and managerial accounting differ in a number of ways. In contrast to financial accounting,
managerial accounting
a. focuses on providing data for external users
b. emphasizes relevance and flexibility rather than precision
c. is mandatory
d. is governed by Generally Accepted Accounting Principles

Which of the following statements represents a similarity between financial and managerial
accounting?
I. Both are useful in providing information for external users.
II. Both are governed by GAAP.
III. Both draw upon data from an organization's accounting system.

Which of the following is not an objective of management accounting?


I. Motivating managers toward the organization's goals
II. Assisting in directing and controlling operations
III. Maximization of profit and minimization of cost

Which of the following characteristics does not relate to management accounting?


I. Data maybe both historical and estimates.
II. Accounting reports may include non-monetary information.
III. It provides information needed by management in making decisions.
None of these

Which of the following is not a characteristic of a staff authority?


I. It gives support, advice and service to line managers.
II. It exercised laterally and upward.
III. It has authority to command action or give orders to subordinates.

Which of the following statement is/are correct?


I. Managerial accounting is as concerned with providing information to stockholders as it is with
providing information to managers.
II. Managerial accounting is not required by any external law or regulation.
III. Managerial accounting focuses more on the whole organization rather than on the segments of
the organization.
Which of the following statement is/are incorrect?
I. Although financial and managerial accounting differ in many ways, they are similar in that both rely
on the same underlying financial data.
II. Managerial accounting places greater emphasis on the future.
III. Financial accounting is primarily concerned with the past.
None of these

Which of the following statement is/are false concerning line and staff functions?
I. Persons occupying staff functions have authority over persons occupying line functions.
II. Both line and staff functions are depicted on the organization chart.
III. Line functions are not directly related to the basic objectives of an organization.
I and III

Which of the following employees at Philippine Airlines would not be considered as holding a line
position?
I. Pilot
II. Chief Financial Officer (CFO)
III. Ticket agent

Which of the following functions is best described as choosing among available alternatives?
Decision making

Field of accounting that provides financial information and non-financial information to an


organization's managers and other internal decision makers.
Managerial accounting

Which of the following describes management accounting information?


I. It is prepared for shareholders
II. It is reliable and verifiable
III. It provides reasonable and timely estimates

Which of the following involves the coordination of daily business functions within an organization?
Directing

Which of the following statement is/are not incorrect regarding managerial accounting?
I. It is regulated by Securities and Exchange Commission (SEC).
II. It is unregulated.
III. It generally focused on reporting information about the enterprise in its entirety rather than by
subunits.

Compared to financial accounting, managerial accounting places more emphasis on:


I. flexibility of information
II. Precision of information
III. Timeliness of information
I and III
*
Which of the following statement is/are incorrect regarding trends on management accounting?
I. Companies nowadays shift from being a customer-centric to product-centric.
II. Management accountants should not only report cost and profits but also do decision support and
planning.
I only

Which of the following is not an example of committed fixed costs?


I. Property taxes
II. Outlays for advertising programs.
II only
STATEMENT 1:
Fixed costs expressed on a per unit basis will increase with increases in activity.
STATEMENT 2:
Fixed costs expressed on a per unit basis are not affected by activity.
FALSE, FALSE

How much is the conversion costs during the month?


96000

How much is the prime costs during the month?


62000

88000

Total manufacturing costs


31000

Total non-manufacturing costs


44500

Total prime costs


11000

Total conversion costs


26000
*

If the least square method is to be used to segregate the variable and fixed cost
components of the total production costs, the equation(s) required to express the
relationship between fixed and variable costs are (take note: x2 is "x squared")
a. Σy = na + bΣx and Σxy = aΣx + bΣx2
b. Σxy = aΣx + bΣx2
c. Σy = na + bΣx
d. y = a + bΣx2 and Σy = na + bΣx

Using the least square method, the variable production cost per unit is approximately
4.47

Using the least square method, the monthly fixed production cost is approximately
3774.42

Using the high-low method, the variable production cost per unit is approximately
6.25

Using the high-low method, the monthly fixed production cost is approximately
375

Using the least square method, the total variable production cost if 650 units are
produced is approximately
2905.50
2905.5

Using the high-low method, the total production cost if 650 units are produced is
approximately
4437.50
4437.5
If high-low points method is used, variable cost per unit is higher or lower by (state only
the difference in amount)
1.78

If least square method is used, monthly fixed cost is higher or lower by (state only the
difference in amount)
3399.42

The cost function derived by the simple least square method


a. Is linear
b. Is curvilinear
c. Is parabolic
d. Must be tested for minimum and maximum points
*
1. the cost accounting system is part of an organization’s overall accounting system. true
2. The management information system is part of an organization’s accounting system. true
3. Management accounting accumulates cost information for both cost accounting and financial
accounting. true
4. Two primary hallmarks of cost and management accounting are standardization of procedures
and use of generally accepted accounting principle. true
5. Financial accounting reports are general-purpose and intended for external users. true
6. Managerial accounting reports are special purpose and issued as frequently as needed. true
7. Top managers must certify that a company maintains an adequate system of internal control.
true
8. Management accountants have a single role within an organization – collecting and reporting
costs to management. false
9. Which of the following is not an objective of management accounting?
- Maximization of profits and minimization of costs.
Objective of management accounting
- Measuring the performance of managers of subunits
- Providing information for planning and decision making
- Providing assistance in directing and controlling operations.
10. Management accountants
- Are found throughout an organization and work on cross-functional teams

You might also like