Accounting Mcqs Practice Test

Question 1

The financial statements and the budget plans of some companies are also called ___________?

Accepted Answer

B. preformed statement

Question 2

The budget, which predicts the effect of given level of operations on a cash position is classified as __________?

Accepted Answer

D. cash budget

Question 3

If the budget sales units are 5000, the ending inventory is 4000 units and the beginning inventory is 1000, then the budget production will be __________?

Accepted Answer

C. 8000 units

Question 4

The focus on budget cost of all the activities necessary to sell and produce market offerings is known as _________?

Accepted Answer

B. activity based budgeting

Question 5

The type of budget, which is always available for the specified period of future is called __________?

Accepted Answer

D. continuous budget

Question 6

In master budgeting, the cost drivers for manufacturing overhead costs are ___________?

Accepted Answer

D. both a and b

Question 7

The cost influences by the responsibility center manager who is considered as ___________?

Accepted Answer

D. controllable cost

Question 8

The degree to which the freedom is given to lower level managers for decision making is classified as ___________?

Accepted Answer

C. autonomy

Question 9

The dysfunctional decision making is also known as ___________?

Accepted Answer

D. both a and c

Question 10

The minimum freedom for managers and maximum constraints are the main features of ____________?

Accepted Answer

B. total centralization

Question 11

An organizational practice, according to which the decision making freedom is available to lower level managers is known as _____________?

Accepted Answer

A. decentralization

Question 12

The products or services that are transferred between different subunits of a company are classified as _____________?

Accepted Answer

C. intermediate product

Question 13

The decision making methods, used for subunits of company are highly interdependent on each other is called _____________?

Accepted Answer

A. incongruent decision making

Question 14

An exertion for achieving a set goal is known as ____________?

Accepted Answer

C. effort

Question 15

If the opportunity cost per barrel is $45 per unit, incremental cost per barrel is $65, then minimum transfer price will be __________?

Accepted Answer

B. $110

Question 16

A situation when groups and individuals work together for achieving a particular goal can be classified as _________?

Accepted Answer

B. goal congruence

Question 17

Some of the methods used for determining transfer prices are ___________?

Accepted Answer

D. all of above

Question 18

The per unit opportunity cost to the selling subunit of company, is added into per unit incremental cost is incurred at point of transfer to calculate ____________?

Accepted Answer

D. minimum transfer price

Question 19

The maximum freedom for managers and minimum constraints are the main features of ___________?

Accepted Answer

C. total decentralization

Question 20

The price charged by one subunit to supply products or services to another unit is called _____________?

Accepted Answer

B. transfer price