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Multiple Choice Questions Please circle your answers CLEARLY Time: 15 minutes Total: 10 marks 1. Management accounting a. aids creditors to monitor and evaluate a firm's performance. b. is used to help management to make decisions. c. is valuable for internal and external users. d. requires third-party auditors to verify technical reports. e. is a synonym for cost accounting. 2. Financial accounting a. focuses on the future and includes activities such as preparing next year's capital expendtire budget. b. is prepared for the use of department heads and other employees. C. reports include detailed information on the various operating segments of the business such as product lines or departments. d. must comply with international or private accounting reporting standards like IFRS or ASPE e. is primarily concerned with profitability analysis. 3. In designing strategy, a company must match the opportunities and threats in the marketplace with a. those set by the CFO (Chief Executive Officer). its resources and capabilities. c. branding opportunities. d. capabilities of current suppliers. e. its rivals. b. 4. Which of the following is a cost object? a. indirect materials b. customers C. costs of conversion d. cost assignments e direct labour 5. Whether a company traces costs directly to an output unit or not depends upon the materiality of the contribution a cost makes to the total cost per output unit. the amount of similar costs in the cost assignment. the effect of cost tracing on overhead. the employment of cost management. a. b. C. d. e. 6. the amount of customer satisfaction. Which of the following is a fixed cost in a clothing store? a. store manager's salary b. product returns c. commissions from sales d. the products being sold e paper for invoices and billing 7. If each lawnmower required a steering wheel that costs $30 and 3,000 lawnmowers are produced for the month, the $90,000 total cost for steering wheels: a. is considered to be a direct fixed cost. b. is considered to be an indirect variable cost. c. is considered to be an indirect fixed cost. is considered to be a direct variable cost is considered to be variable or fixed, depending on the relevant range. d. e. Use the information below to answer questions 8 to 9: The following information pertains to Nike: Manufacturing costs $1,000,000 Shirts manufactured 100,000 Beginning inventory O pairs 99,500 shirts are sold during the year for $18. 8. What is the amount of Nike's ending finished goods inventory? a. $99,500 $8,000 $5,000 $500 SO b. c. d. e. 9. What is the amount of Nike's gross profit? a. $995,000 b. $1,000,000 C. $1,791,000 d. $796,000 e. $896,000 10. Which of the following statements would be correct in a manufacturing business? a. Goods that are completed are not normally included in finished goods inventory. b. Completed goods would be including in the work in process inventory. Work-in-process inventory does not include direct labour. Materials that have been put into production are classified as work-in-process inventory. C. d. e. There can be no beginning finished goods inventory