This is a ZAI Quiz based on ACCA MA1: Management Information with 10 multiple-choice questions. Each question has 4 answer options. Answers are provided at the end.
ZAI Quiz: ACCA MA1 – Management Information
1. What is the main purpose of management information?
A. To file tax returns
B. To ensure compliance with IFRS
C. To assist in planning, control, and decision-making
D. To audit financial statements
2. Which of the following is considered a variable cost?
A. Factory rent
B. Depreciation
C. Direct materials
D. Supervisor’s salary
3. A cost that has already been incurred and cannot be changed is known as a:
A. Fixed cost
B. Opportunity cost
C. Sunk cost
D. Marginal cost
4. What type of costing is most suitable for a company producing unique, custom-made items?
A. Absorption costing
B. Process costing
C. Job costing
D. Marginal costing
5. What is the primary purpose of budgeting?
A. To calculate profit
B. To attract investors
C. To forecast revenues and expenses
D. To report to tax authorities
6. Which document would be used to record the issue of raw materials from the stores to production?
A. Goods received note
B. Purchase requisition
C. Materials requisition note
D. Sales invoice
7. Which of the following is not part of the production overheads?
A. Indirect labour
B. Factory rent
C. Direct materials
D. Machine maintenance
8. If total fixed costs are $12,000, selling price per unit is $10, and variable cost per unit is $6, how many units must be sold to break even?
A. 2,000
B. 3,000
C. 4,000
D. 6,000
9. What is meant by “absorption costing”?
A. Only variable costs are included in the product cost
B. Only fixed costs are included in the product cost
C. Both fixed and variable production costs are included in the product cost
D. Only direct costs are included in the product cost
10. Which of the following is a qualitative factor in decision-making?
A. Material cost
B. Labour hours
C. Machine depreciation
D. Employee morale
Answers:
- C – To assist in planning, control, and decision-making
- C – Direct materials
- C – Sunk cost
- C – Job costing
- C – To forecast revenues and expenses
- C – Materials requisition note
- C – Direct materials
- C – 3,000 units (12,000 ÷ (10−6))
- C – Both fixed and variable production costs are included in the product cost
- D – Employee morale
