Accounting Information Systems
Final Exam Questions
Course Introduction
Accounting Information Systems explores the intersection of accounting and information technology, focusing on the design, implementation, and management of computerized systems that collect, process, and report financial data. Students learn how accounting information systems support business operations, decision-making, and internal controls, as well as strategies for ensuring data accuracy and security. The course covers topics such as transaction cycles, database management, system documentation, risk assessment, and emerging technologies, preparing students to effectively navigate and leverage digital tools in modern accounting environments.
Recommended Textbook Managerial Accounting The Cornerstone of Business Decision Making 7th Edition by Maryanne M.
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Page 2
Chapter 1: Introduction to Managerial Accounting
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Sample Questions
Q1) The standards of ethical conduct for managerial accountants include:
A) caring for others, intuition, and respect for others.
B) pursuit of excellence, credibility, and immediacy.
C) confidentiality, confidence, integrity, and observance.
D) competence, confidentiality, integrity, and credibility.
Answer: D
Q2) The belief that each member of a group bears no responsibility for the well-being of other members is a common principle underlying all ethical systems.
A)True
B)False
Answer: False
Q3) Managerial accounting strongly emphasizes providing information about _________________.
Answer: future events
Q4) The________________supervises all accounting functions and reports directly to the general manager and chief operating officer (COO).
Answer: controller
Q5) The ____________________ is responsible for the finance function.
Answer: treasurer
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Chapter 2: Basic Managerial Accounting Concepts
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Sample Questions
Q1) What was cost of goods sold for the year?
A) $58,800
B) $40,600
C) $100,000
D) None of these Answer: A
Q2) Video rental
A)Tangible
B)Intangible Answer: B
Q3) All product costs other than direct materials and indirect labor are called overhead.
A)True
B)False Answer: False
Q4) Factory supervisor's salary
A)Period
B)Product Answer: B
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Chapter 3: Cost Behavior, Cost Forecasting, and Segmented Income Statements
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Sample Questions
Q1) What is the cost of ending inventory for Sanders using the variable costing method?
A) $300,000
B) $280,000
C) $120,000
D) $260,000
Answer: D
Q2) indirect materials
A)variable
B)fixed
Answer: A
Q3) _______________________ are costs that have both a fixed and a variable component.
Answer: Mixed costs
Q4) Cost behavior analysis focuses on
A) how costs react to increases in activity levels only.
B) how costs will change in the future.
C) how costs react to changes in activity level.
D) None of these are correct.
Answer: C
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Chapter 4: Job-Order Costing and Normal Cost Overhead Application
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Sample Questions
Q1) Which of the following businesses uses a process costing system?
A) A printing business
B) A dental clinic
C) An interior designing firm
D) An automobile service center
E) A refinery
Q2) Which of the following is true?
A) The adjusted cost of goods sold is equal to normal cost of goods sold plus or minus the overhead variance.
B) If the overhead variance shows overapplied overhead, then that amount would be subtracted from normal cost of goods sold.
C) Variances in overhead are expected every month.
D) All of these.
E) None of these.
Q3) A(n) ___________________________ determines unit cost by adding actual direct materials, actual direct labor, and estimated overhead.
Q4) The ___________________________ is calculated at the beginning of the year by dividing the total estimated annual overhead by the total estimated level of cost driver.
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Chapter 5: Activity-Based Costing and Management
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Sample Questions
Q1) The time required to produce one unit of a product is the
A) efficiency.
B) velocity.
C) speed.
D) cycle time.
Q2) Discretionary activities are necessary to comply with legal mandates.
A)True
B)False
Q3) ____ can help a company become more competitive by providing more accurate cost data.
A) Unit-based costing
B) Volume-based costing
C) Kaizen costing
D) Production costing
E) Activity-based costing
Q4) Zero defects means that most products conform to specifications.
A)True
B)False
Q5) A focus on cost reduction instead of cost assignment and emphasizing the maximization of systemwide performance is known as
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Chapter 6: Process Costing
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Sample Questions
Q1) The _________________________ combines beginning inventory costs and work done with current-period costs and work done to calculate this period's unit cost.
Q2) Costing system used by an architectural firm.
A)Process Costing
B)Job Order Costing
Q3) Eclypso uses the weighted average method.Eclypso's total costs to account for would be:
A) $304,000.
B) $264,000.
C) $502,800.
D) $155,000.
Q4) _________________ works well whenever relatively homogeneous products pass through a series of processes and receive similar amounts of manufacturing costs.
Q5) The unit information section of the production report has two major subdivisions: (1) units to account for and (2) units accounted for.
A)True
B)False
Q6) The _____________________ provides an analysis of the physical flow of units.
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Chapter 7: Cost-Volume-Profit Analysis
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Q1) Product 1 has a contribution margin of $6.00 per unit, and Product 2 has a contribution margin of $7.50 per unit.Total fixed costs are $300,000.Sales mix and total volume varies from one period to another.Which of the following is true?
A) At a sales volume in excess of 25,000 units of 1 and 25,000 units of 2, operations will be profitable.
B) The ratio of net profit to total sales for 2 will be larger than the ratio of net profit to total sales for 1.
C) Variable costs are $1.50 more for 2 than for 1.
D) The ratio of contribution margin to total sales always will be larger for 1 than for 2.
Q2) What is the budgeted operating income?
A) $342,000
B) $174,000
C) $168,000
D) $90,000
E) $420,000
Q3) The _________________________________ can be measured for a given level of sales by taking the ratio of contribution margin to operating income.
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Chapter 8: Tactical Decision-Making and Relevant Costing
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Sample Questions
Q1) Which of the following works backward from the desired price to find the allowable cost?
A) Step costing
B) Differential costing
C) Target costing
D) Mixed costing
E) Overall costing
Q2) Victor's Detailing customers would be willing to pay $57 per detail.The company requires an 80% markup on each job.The average job would cost $30. Victor's Detailing uses markup pricing to set the price on each job.What is the price Victor should quote a new customer?
A) $30
B) $24
C) $54
D) $84
E) $240
Q3) Typically in a special-order decision, a customer wants to pay more than the usual price.
A)True
B)False
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Chapter 9: Profit Planning and Flexible Budgets
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Sample Questions
Q1) In mid-October, Lambert expects to buy a new What are the total cash disbursements expected by Lambert during the month of October?
A) $167,600
B) $172,100
C) $161,600
D) $55,600
E) $60,100
Q2) The master budget is typically a comprehensive financial plan for the organization for the past fiscal year.
A)True
B)False
Q3) Budgeted operating income includes
A) budgeted interest expense.
B) budgeted income taxes.
C) budgeted cost of goods sold.
D) budgeted net income.
E) none of these.
Q4) The ________________ plots a direction for an organization's future activities and operations; it generally covers at least five years.
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Chapter 10: Standard Costing and Variance Analysis
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Sample Questions
Q1) The variable overhead variance is affected by input price changes only.
A)True
B)False
Q2) The ___________________ measures the difference between the labor hours that were actually used and the labor hours that should have been used.
Q3) This reflects the planned improvement that is set, which will help reduce nonvalue-added costs.
A)Quantity Standards
B)Ideal Standards
C)Price Standards
D)Standard Cost Sheet
E)Upper Control Limit
F)Currently Attainable Standards
G)Kaizen Standards
Q4) An unfavorable price variance occurs whenever the actual prices are greater than the standard prices.
A)True
B)False
Q5) _________________ are capacity costs acquired in advance of usage.
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Chapter 11: Performance Evaluation and Decentralization
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Sample Questions
Q1) Typically, investment centers are evaluated on the basis of __________________.
Q2) Using Economic Value Added (EVA) to calculate residual income, the cost of capital employed is
A) the standard percentage cost of capital multiplied by the average capital employed.
B) the actual percentage cost of capital multiplied by the average capital employed.
C) the standard percentage cost of capital multiplied by the total capital employed.
D) the actual percentage cost of capital multiplied by the total capital employed.
Q3) What are the average operating assets for Division C?
A) $95,000
B) $410,000
C) $82,000
D) $420,000
Q4) Decentralization is usually achieved by creating units called divisions. A)True B)False
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Chapter 12: Capital Investment Decisions
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Sample Questions
Q1) Less objective results are obtainable if an independent party performs the postaudit of a capital investment.
A)True
B)False
Q2) In general terms, a sound capital investment will earn
A) back its original capital outlay.
B) a return greater than existing capital investments.
C) back its original capital outlay and provide a reasonable return on the original investment.
D) back its original capital outlay by the midpoint of its useful life.
E) None of these.
Q3) Projects that if accepted preclude the acceptance of all other competing projects are called mutually exclusive projects.
A)True
B)False
Q4) When choosing among competing alternatives the ________________ model may choose an inferior project in terms of maximizing firm wealth.
Q5) The process of making capital investment decisions often is referred to as ________________.
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Chapter 13: Emerging Topics in Managerial Accounting:
Sustainability, Quality Cost, Lean Accounting, International
Issues, Enterprise Risk Management, the Managerial
Accountant in Forensicfraud Accounting
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Sample Questions
Q1) The lean control system replaces the traditional standard costing approach with a Box Scorecard that compares operational, capacity, and financial metrics with prior week performances and with a future desired state.
A)True
B)False
Q2) In lean manufacturing, cell structure of manufacturing is chosen over departmental structure of manufacturing because it:
A) increases materials inventory levels.
B) increases lead time.
C) decreases product cost.
D) decreases on-time delivery.
Q3) ?Costs incurred when products and services fail to conform to requirements or satisfy customer needs after being delivered to customers
A)?Risk response net benefit
B)?Sustainability assurance
C)?Internal failure costs
D)?Duration-based costing
E)?Transaction risk
F)?Fraud
Page 15
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Chapter 14: Statement of Cash Flows
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Q1) Total operating expenses on Opal Company's income statement for last year totaled $350,000.During the year, the accrued liabilities decreased by $15,000 and prepaid expenses increased by $10,000.Depreciation expense for the year was $20,000.Based on this information, operating expenses adjusted to a cash basis under the direct method on the statement of cash flows would be:
A) $195,000.
B) $145,000.
C) $230,000.
D) $355,000.
Q2) Land costing $78,000 was sold for $93,000 cash.The gain on the sale was reported on the income statement as other income.On the statement of cash flows, what amount should be reported as an investing activity from the sale of land?
A) $78,000
B) $108,000
C) $93,000
D) $15,000
Q3) When an investing or financing activity takes place without affecting cash it is referred to as
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17
Chapter 15: Financial Statement Analysis
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Sample Questions
Q1) The quick ratio should be larger than the current ratio.
A)True
B)False
Q2) For meaningful analysis, ratios are best compared with A) historical company averages.
B) industrial averages.
C) historical company averages and industrial averages.
D) no standard.
Q3) Dowling Company's net income last year was $40,000 and its interest expense was $8,000.Total assets at the beginning of the year were $260,000 and total assets at the end of the year were $315,000.The company's income tax rate was 35%.The company's return on total assets for the year was closest to A) 14.5%.
B) 15.7%.
C) 16.7%.
D) 7.9%.
Q4) Profitability ratios assess the ability of a company to meets its long- and short-term obligations.
A)True
B)False
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