From the options below, select THREE statements that relate to management accounting
MATS Lesson 1 - Plenary

Quiz
•
Professional Development
•
Professional Development
•
Easy
Alex Meredith
Used 4+ times
FREE Resource
8 questions
Show all answers
1.
MULTIPLE SELECT QUESTION
1 min • 5 pts
Provides estimates for costs and future income
For external users (e.g. HMRC)
For internal users (e.g. Line managers)
Financial statements follow a set format
Reports assist in decision making, planning and control
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
An area of the business which costs are charged to and revenue can be identified is known as a:
Cost centre
Profit centre
Business centre
Garden centre
3.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
In a business, costs can often be classified as cost by element.
From the examples below, which one is classification of cost by element
Labour
Fixed
Selling and distribution
Direct
4.
MULTIPLE SELECT QUESTION
45 sec • 5 pts
For a business that manufacturers soup, what would be the direct costs - select all that apply:
Ingredients to make the soup
Empty soup tins for packaging
Premises rent
Government funding for using recycled materials
5.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
A cost has the following information:
At 500 units the total cost is £2,500 and at 1,000 units the total cost is £5,000
From the options below, identify the type of cost behaviour
Fixed
Variable
Semi-variable
6.
DRAW QUESTION
1 min • 5 pts
Using the image attached, what symbol would need to be used to format specific cells to currency (£)
7.
DRAW QUESTION
3 mins • 5 pts
If you wanted to add a border around the cells, highlight the icon that you would need to click on
8.
OPEN ENDED QUESTION
2 mins • 5 pts
Explain the difference between a semi-variable cost and a stepped-fixed cost. Use an example for each to illustrate
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