1. Managerial accountants have the responsibility to: а. accept gifts or hospitality that may allow benefit themselves and the organisation as a whole b. use and disseminate confidential information whenever the need arises C. communicate unfavourable information and professional judgments of opinions d. refrain from informing subordinates on levels and extent of confidential information obtained 2. Moultrie company plans to make 5,500 units of a product for the next month. Each unit will require 1.5 hours of labour. If the labour rate is $2.00 per hour for the first 5,000 hours and $2.50 for any hours spent over 5,000 hours. What will be the budgeted labour costs for the next month? a. $20,625 b. $18,125 C. $12,500 C d. $16, 875 3. Which of the following is NOT normally considered a relevant cost for decision- making purposes? а. Direct materials C b. Unavoidable fixed cost Direct labour d. Avoidable fixed cost
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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