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Management Accounting MCQ Questions and Solutions with Explanations | Management

Management Accounting MCQ Questions and answers with easy and logical explanations. Management provides you all type of quantitative and competitive aptitude mcq questions with easy and logical explanations. Management MCQ is important for exams like MAT, CAT, CA, CS, CMA, CPA, CFA, UPSC, Banking and other Management department exam. Page-3 section-1

Each section contains 100 MCQs on Management Accounting .
21
Marketing, production and management of distribution comes under category of
Discuss
Answer & Solution
Answer: Option B
Solution:
Marketing, production and management of distribution comes under category of line management. Line management is the universal term which refers to the style of administrative management of a businesses employees.
22
Function of plant manager, in which he is responsible for new assets investment is termed as
Discuss
Answer & Solution
Answer: Option A
Solution:
Function of plant manager, in which he is responsible for new assets investment is termed as line function. Line function is the one which is directly involved in the core work of an organization. It involves the primary activities such as manufacturing, selling, purchasing etc which are required to meet the business objectives.
23
Process of analyzing and reviewing financial records to check integrity of company financial reports is a/an
Discuss
Answer & Solution
Answer: Option A
Solution:
Process of analyzing and reviewing financial records to check integrity of company financial reports is an internal audit. An internal audit offers risk management and evaluates the effectiveness of a company's internal controls, corporate governance, and accounting processes.
24
Type of accounting, which reports financial and non-financial data about cost of material and acquiring of resources is classified as
Discuss
Answer & Solution
Answer: Option B
Solution:
Type of accounting, which reports financial and non-financial data about cost of material and acquiring of resources is classified as cost accounting. Cost accounting is a form of managerial accounting that aims to capture a company's total cost of production by assessing the variable costs of each step of production as well as fixed costs, such as a lease expense.
25
An approach in which managers use resources to increase customer value is classified as
Discuss
Answer & Solution
Answer: Option B
Solution:
An approach in which managers use resources to increase customer value is classified as cost management. Cost management is the process of planning and controlling the budget of a business. Cost management is a form of management accounting that allows a business to predict impending expenditures to help reduce the chance of going over budget.
26
An engineering of products or detailed planning of products or services is called
Discuss
Answer & Solution
Answer: Option A
Solution:
An engineering of products or detailed planning of products or services is called product design. Product design is the process of creating a new product to be sold by a business to its customers. A very broad concept, it is essentially the efficient and effective generation and development of ideas through a process that leads to new products.
27
Type of accounting which measures, reports and analysis non-financial and financial information to help in decision making is called
Discuss
Answer & Solution
Answer: Option B
Solution:
Type of accounting which measures, reports and analysis non-financial and financial information to help in decision making is called management accounting. Management Accounting is the presentation of accounting information in order to formulate the policies to be adopted by the management and assist its day-to-day activities.
28
Type of accounting which reports to external parties of organization is known as
Discuss
Answer & Solution
Answer: Option C
Solution:
Type of accounting which reports to external parties of organization is known as financial accounting. Financial accounting is a specific branch of accounting involving a process of recording, summarizing, and reporting the myriad of transactions resulting from business operations over a period of time.
29
Human resource management, IT management and management accountants are categorized under
Discuss
Answer & Solution
Answer: Option C
Solution:
Human resource management, IT management and management accountants are categorized under staff management. STAFF MANAGEMENT is the function of managing all employees in the organization, including the development of staff skills through training and other forms of staff development as well as the identification, development and implementation of training needs and programs available for staff.
30
In cost benefit approach, type of costs include
Discuss
Answer & Solution
Answer: Option D
Solution:
In cost benefit approach, type of costs include cost of ongoing operations, investments in physical assets and training of managers. A cost-benefit analysis is a process businesses use to analyze decisions. The business or analyst sums the benefits of a situation or action and then subtracts the costs associated with taking that action.