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Management Accounting Questions and Answers

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Question 1

Which of the following statements about accounting concepts and the characteristics of financial information is correct?

Options:

A.

The concept of substance over form means that the legal interpretation of a transaction must be reflected in financial statements, regardless of the economic substance.

B.

The historical cost concept means that only items capable of being measured in monetary terms can berecognizedin financial statements.

C.

It may sometimes be necessary to exclude information that is relevant and reliable from financial statements because it is too difficult for some users to understand.

D.

A specific disclosure requirement of an IAS does not need to be satisfied if the information is immaterial.

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Question 2

Devin Co sells a single product at a selling price of $85. Direct costs are $38 per unit and overheads are $24 per unit. 60% of overheads represent the recovery of fixed costs. Both sales and production are budgeted to be 50,000 units.

How many units are sold at the breakeven point (to the nearest unit)?

Options:

A.

14,724

B.

19,251

C.

25,532

D.

31,304

Question 3

The annual salary paid to a business's financial accountant would best be described as:

Options:

A.

A variable cost.

B.

A fixed production cost.

C.

Part of prime cost.

D.

A fixed administrative cost.

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