Management Accounting - Finance (MCQ) Questions and answers

1)   Financial control report comes under
- Published on 19 Oct 15

a. Dynamic financial reports
b. Static financial reports
c. Extensive Activity report
d. None of the above
Answer  Explanation  Related Ques

ANSWER: Dynamic financial reports

Explanation:
No explanation is available for this question!


2)   A balance sheet is a form of
- Published on 19 Oct 15

a. Dynamic financial reports
b. Static financial reports
c. Activity reports
d. None of the above
Answer  Explanation  Related Ques

ANSWER: Static financial reports

Explanation:
No explanation is available for this question!


3)   Analytical reports are based on the ______ comparison of results.
- Published on 19 Oct 15

a. Horizontal
b. Vertical
c. Symmetrical
d. None of the above
Answer  Explanation  Related Ques

ANSWER: Horizontal

Explanation:
No explanation is available for this question!


4)   ___________ are just income statements, wherein the results of one particular year are compared with the findings of past several years.
- Published on 19 Oct 15

a. Subsidiary trend reports
b. Analytical report
c. Activity reports
d. Master trend report
Answer  Explanation  Related Ques

ANSWER: Master trend report

Explanation:
No explanation is available for this question!


5)   Which of the following is a kind of information report?
- Published on 19 Oct 15

a. Trend reports
b. Analytical report
c. Activity reports
d. All of the above
Answer  Explanation  Related Ques

ANSWER: All of the above

Explanation:
No explanation is available for this question!


6)   There are three departments A, B and C in a company, The sales of A, B and C are Rs 3,52,000, Rs 2,88,000 and Rs 1,60,000, respectively. The variable costs of A, B and C are Rs 2,40,000, Rs 1,76,000 and Rs 1,44,000 respectively. The direct fixed costs of A, B and C are Rs 28,000, Rs 22,400 and Rs 12,800. Rank the different departments on basis of relative profitability.
- Published on 19 Oct 15

a. A- Rank 3, B- Rank 1 and C- Rank 2
b. A- Rank 2, B- Rank 1 and C- Rank 3
c. A- Rank 3, B- Rank 2 and C- Rank 1
d. Insufficient data
Answer  Explanation  Related Ques

ANSWER: A- Rank 2, B- Rank 1 and C- Rank 3

Explanation:
No explanation is available for this question!


7)   Volume variance arises when
- Published on 19 Oct 15

a. There is rise in overhead rate per hour
b. There is decline in overhead rate per hour
c. There is decrease or increase in actual output compared to the budgeted output
d. None of the above
Answer  Explanation  Related Ques

ANSWER: There is decrease or increase in actual output compared to the budgeted output

Explanation:
No explanation is available for this question!


8)   The type of standard that is best suited for cost control objective is
- Published on 19 Oct 15

a. Normal standard
b. Basic standard
c. Expected standard
d. Ideal standard
Answer  Explanation  Related Ques

ANSWER: Expected standard

Explanation:
No explanation is available for this question!


9)   The corrective actions after the analysis of variances has to be taken by
- Published on 19 Oct 15

a. Cost accountant
b. Management
c. Both a and b
d. None of the above
Answer  Explanation  Related Ques

ANSWER: Management

Explanation:
No explanation is available for this question!


10)   When actual price is higher or lower than the standard price, then it is
- Published on 19 Oct 15

a. Sales price variance
b. Sales volume variance
c. Sales mix variance
d. Sales quantity variance
Answer  Explanation  Related Ques

ANSWER: Sales price variance

Explanation:
No explanation is available for this question!


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