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- Management Accounting Test Questions - Set 15
MCQs 1: Given fixed costs is Rs 1,00,000 selling price per unit is Rs 10 and variable cost per unit is Rs 6. If variable cost increase by 10% , B.E.P will
MCQs 2: Given fixed costs is Rs 1,00,000 selling price per unit is Rs 10 and variable cost per unit is Rs 6. If variable cost increase by 10% and fixed cost decrease by 10%s , B.E.P will
MCQs 3: What will be the impact on B.E.P if fixed cost is increased?
MCQs 4: What will be the impact on B.E.P if variable costs are reduced?
MCQs 5: Setting of standards are classified on the basis of only price.
MCQs 6: While determining material quantity standards, a proper consideration should be assigned to
MCQs 7: ______ is responsible for setting up of materials price standard.
MCQs 8: Given Production at 60% activity, 600 units, Material Rs 50 per unit, Labour Rs 20 per unit, Direct expenses Rs 5 per unit, Factory overheads Rs 20,000 ( 60% variable) and Administration expenses Rs 15,000 ( 60% fixed). What will be the total cost per unit for production at 80% capacity?
MCQs 9: Match the columns
A) Activity Ratio -------------------- i) (Actual hours worked / Budgeted hours) * 100
B) Capacity Ratio ------------------ ii) (Standard hours of actual production / Actual hours worked) * 100
C) Efficiency Ratio ----------------- iii) (Standard hours for actual output / Budgeted hours) * 100
MCQs 10: A factory produces two types of articles Y and Z. Article Y takes 8 hours to make and Z takes 16 hours. In a month ( 25 days * 8 hours) 600 units of X and 400 units of Z are produced. Given budgeted hours 8000 per month and men employed are 50. Determine Activity ratio, Capacity ratio and efficiency ratio.
MCQs 11: Given estimated sales in February, March, April, May and June are Rs 90,000, Rs 96,000, Rs 54,000, Rs 87,000 and Rs 63,000. In case 50% of sales are realized in the next month and balance in the next of next month, determine cash collection from sales in April and May.
MCQs 12: In a firm, the forecast of wages for month of December, January, February and March are Rs 4,800, Rs 6,000, Rs 6,400 and Rs 6,800. The time-lag in payment of wages is 1/8 month. Determine the amount of wages payable in each month January to March.
Rs 6,750, Rs 6,350 and Rs 5,850
Rs 5,850, Rs 6,350 and Rs 6,750
Rs 5,850, Rs 6,750 and Rs 6,350
None of the above
MCQs 13: To get to labour efficiency variance, the formula to be applied is
Total standard labour cost of actual output - Total actual cost of actual output
(Standard rate per hour - Actual rate per hour) * Actual Hours
(Standard time - Actual time) * Standard rate per hour
Abnormal idle hours * Standard hourly rate
MCQs 14: Which of the following statements are true about labour idle time?
Labour idle time variance is not caused by non-availability of raw material
Labour idle time variance is measured as : Abnormal idle hours * Actual hourly rate
Labour idle time variance is always unfavorable or adverse
All of the above
MCQs 15: Given standard time per unit is 80 hours, standard time per hour @ Rs 1 per hour, actual time per unit is 90 hours and actual rate per hour @ Rs 1.10 per hour. Determine labour cost variance, labour rate variance and labour efficiency variance.
Rs 11, Rs 22 and Rs 10 all unfavorable
Rs 19, Rs 9 and Rs 10 all favorable
Rs 19, Rs 9 and Rs 10 all unfavorable
Rs 11, Rs 22 and Rs 10 all favorable
MCQs 16: Responsibility accounting is not useful in following the principle of management by exception.
MCQs 17: _________ indicates the variances and the reasons behind such variances.
MCQs 18: Management accounting deals with
MCQs 19: Which of the following is true about financial statements?
A) Financial statement gives a summary of accounts.
B) Financial statements can be stated as recorded facts.
MCQs 20: The statement of financial position and the balance sheet are synonyms.
MCQs 21: Schedules attached with the balance sheet forms a part of the financial statements.
MCQs 22: A bond is said to be issued at premium when
Coupon rate > Required returns
Coupon rate = Required returns
Coupon rate < Required returns
None of the above
MCQs 23: Value of a bond just depends on the interest payment it offers.
MCQs 24: Debtors Turnover ratio is also known as
A) Receivables turnover ratio
B) Debtors velocity
C) Stock velocity
D) Payable turnover ratio
MCQs 25: Determine Debtors turnover ratio if, closing debtors is Rs 40,000, Cash sales is 25% of credit sales and excess of closing debtors over opening debtors is Rs 20,000.
MCQs 26: Working capital turnover ratio can be determined by:
(Gross Profit / Working capital)
(Cost of goods sold / Net sales)
(Cost of goods sold / Working capital)
None of the above
MCQs 27: Determine Working capital turnover ratio if, Current assets is Rs 1,50,000, current liabilities is Rs 1,00,000 and Cost of goods sold is Rs 3,00,000.
MCQs 28: The Balance sheet of Ram at end of 2013 and 2014 disclose investments in shares of Rs 2000 and Rs 3000, respectively. Rs 100 as pre-acquisition dividend has been credited to investments account. Determine purchase of investments.
MCQs 29: The balance of fixed assets of Y Ltd. at cost at the end of 2013 and 2014 were Rs 5,70,800 and Rs 6,15,300. During the year 2014 a machinery costing Rs 60,000 was sold. Determine the purchase of fixed assets.
MCQs 30: As per AS-3, Cash Flow Statement is mandatory for
A) All enterprises
B) Companies listed on a stock exchange
C) Companies with a turnover of more than Rs 50 crores
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