Reference no: EM132565282

Question 1. Managerial accounting information:

A. Usually prepared for government agencies and shareholders.

B. Consists of data processing for the purposes of planning and forecasting, internally.

C. Requires the use of Malaysian Financial Reporting Standards (MFRS) as main references.

D. Need to be submitted to the authorities such as Securities Commissions and Bursa Malaysia.

Question 2. Which of the following refers to a period costs?

A. Bonus for the employees worked in the factory.

B. Raw material purchased.

C. Insurances expense for the factory.

D. Depreciation expense for the administration office.

Question 3. The goal of managerial accounting is to provide the information that managers need for all of the following EXCEPT:

A. Planning

B. Control

C. Decision making

D. Review fair value

Question 4. Which of the following gives the three types of inventory accounts for a manufacturing business.

A. Finished goods and Work in process

B. Raw materials & Product

C. Finished goods, Work in progress & Raw materials

D. Finished goods, Work in progress, Raw materials & Product.

Question 5. Which of the following items appears only in a manufacturing company's financial statements?

A. Cost of goods sold.

B. Cost of goods manufactured.

C. Goods available for sale.

D. Gross profit.

Question 6. Costs that are incurred as part of the manufacturing process but are not clearly associated with specific units of product or batches of production, including all manufacturing costs other than direct material and direct labor costs, are called:

A. Administrative expenses.

B. Nonmanufacturing costs.

C. Operating expenses.

D. Factory overhead.