Q. Sales commissions are classified as
✅ Correct Answer: (B)
period costs
Accounting for Management MCQs and Notes
Q. Which of the following is not an internal user of management information?
✅ Correct Answer: (A)
creditor
Q. Managerial accounting information is generally prepared for
✅ Correct Answer: (C)
managers
Q. Which of the following is a period cost?
✅ Correct Answer: (D)
administrative expenses
Q. A 'product' cost is a cost that is classified by:
✅ Correct Answer: (B)
function
Q. A 'direct' cost is a cost that is classified by:
✅ Correct Answer: (B)
traceability
Q. A cost which changes in proportion to changes in volume of activity is called
✅ Correct Answer: (C)
variable cost
Q. The three basic elements of the cost of a manufactured product are:
✅ Correct Answer: (D)
direct materials, direct labour, and manufacturing overhead
Q. Which of the following are basic inventories for a manufacturer?
✅ Correct Answer: (C)
raw materials, goods in process, and finished goods
Q. Which of the following is not true?
✅ Correct Answer: (C)
there are specific standards of acceptability for managerial accounting