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18 Questions

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Costs of Micro-Mac Burger Production

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Questions and Answers

What is the primary purpose of identifying costs in a Micro-Mac burger production?

To observe cost behaviours with a larger production level

To calculate the depreciation of equipment

To determine the profit margin of the company

To assign costs to a cost object for decision making (correct)

Which of the following costs is classified as a direct cost?

Special sauce (correct)

Utilities

Dish Washing

Salary of part-time workers

What is the primary purpose of classifying costs?

To assign costs to a cost object for decision making (correct)

To determine the profit margin of the company

To identify the costs of producing a Micro-Mac burger

To observe cost behaviours with a larger production level

What is the cost of the special sauce classified as?

Direct cost Signup and view all the answers

What is the purpose of identifying the costs of producing a Micro-Mac burger?

To inform decision-making in management accounting Signup and view all the answers

What is the salary of the Micro-Mac burger Chef classified as?

Direct cost Signup and view all the answers

What is the primary purpose of management accounting?

To help in internal decision making Signup and view all the answers

What is the output of management accounting?

Management reports Signup and view all the answers

What is the main role of cost information in management accounting?

To make decisions and control costs Signup and view all the answers

What is the primary objective of cost accounting?

To measure the cost of production Signup and view all the answers

What is the relationship between management accounting and decision making?

Management accounting helps in internal decision making Signup and view all the answers

What is the role of cost information in decision making?

To make decisions Signup and view all the answers

What is the primary purpose of categorizing costs in management accounting?

To estimate the impact of costs on managerial decisions Signup and view all the answers

What type of costs are associated with the salary of a Micro-Mac burger chef?

Direct Labour Cost Signup and view all the answers

What is the main difference between management accounting and financial accounting?

Focus on external users versus internal users Signup and view all the answers

What is the PRODUCT COST of Micro-Mac burgers composed of?

Direct Material Cost + Direct Labour Cost + Manufacturing Overhead Costs Signup and view all the answers

What is the main objective of cost classification in management accounting?