Practice Management Accounting: Tools and Techniques - 14.5 | 14. Introduction to Financial and Management Accounting | Management 1 (Organizational Behaviour/Finance & Accounting)
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14.5 - Management Accounting: Tools and Techniques

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Learning

Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What is budgeting?

💡 Hint: Think about the financial plan for a future period.

Question 2

Easy

Name an example of a key performance indicator (KPI).

💡 Hint: KPIs measure how well an organization achieves its objectives.

Practice 4 more questions and get performance evaluation

Interactive Quizzes

Engage in quick quizzes to reinforce what you've learned and check your comprehension.

Question 1

What is the primary focus of management accounting?

  • Reporting to external stakeholders
  • Future-oriented decision making
  • Compliance with laws

💡 Hint: Think about who uses the information and for what purpose.

Question 2

True or False: Management accounting is required by law for all businesses.

  • True
  • False

💡 Hint: Consider the flexibility involved in management reporting.

Solve 1 more question and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

A company projects that their sales will be $200,000 and the variable costs are projected at 60%. What is their break-even point in sales when fixed costs are $50,000?

💡 Hint: Consider how fixed and variable costs influence the break-even calculation.

Question 2

A firm has actual sales of $300,000 compared to a budgeted amount of $280,000. If the variable costs are 50% of sales, calculate the variance in profit based on expected values.

💡 Hint: Calculate based on budgeted versus actual performance to find variances.

Challenge and get performance evaluation