Managerial Accounting Exam Bank
Course Introduction
Managerial Accounting focuses on the use of accounting information by managers within organizations to inform business decision-making, planning, and control. The course covers key concepts such as cost behavior, cost-volume-profit analysis, budgeting, performance evaluation, and the use of accounting data for strategic decision-making. Students will learn how to prepare and interpret managerial reports, analyze financial information for internal management needs, and apply various accounting techniques to support business objectives and enhance organizational performance. Emphasis is placed on the practical application of accounting tools to real-world business problems.
Recommended Textbook
Financial and Managerial Accounting 6th Edition by John
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2 Chapters
485 Verified Questions
485 Flashcards
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Page 2
Wild
Chapter 1: Accounting in Business
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254 Verified Questions
254 Flashcards
Source URL: https://quizplus.com/quiz/57259
Sample Questions
Q1) Technology:
A) Has replaced accounting.
B) Has not improved the clerical accuracy of accounting.
C) Reduces the time, effort and cost of recordkeeping.
D) In accounting has replaced the need for decision makers.
E) In accounting is only available to large corporations.
Answer: C
Q2) Return on assets is useful to decision makers for evaluating management, analyzing and forecasting profits, and in planning activities.
A)True
B)False
Answer: True
Q3) Return on assets is also known as return on investment.
A)True
B)False
Answer: True
Q4) Congress passed the ______________________ to help curb financial abuses at companies that issue their stock to the public.
Answer: Sarbanes-Oxley Act
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Chapter 2: Analyzing for Business Transactions
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217 Verified Questions
217 Flashcards
Source URL: https://quizplus.com/quiz/57258
Sample Questions
Q1) The same four basic financial statements are prepared by both U.S. GAAP and IFRS.
A)True
B)False
Answer: True
Q2) A $130 credit to Supplies was credited to Fees Earned by mistake. By what amounts are the accounts under- or overstated as a result of this error?
A) Supplies, understated $130; Fees Earned, overstated $130.
B) Supplies, understated $260; Fees Earned, overstated $130.
C) Supplies, overstated $130; Fees Earned, overstated $130.
D) Supplies, overstated $130; Fees Earned, understated $130.
E) Supplies, overstated $260; Fees Earned, understated $130.
Answer: C
Q3) Funky Music purchased $25,000 of equipment for cash. The Equipment asset account is _______________ for $25,000 and the cash account is _______________ for $25,000.
Answer: debited; credited
Explanation: answers need to appear in the order as shown above
Q4) ___________________ are promises of payment from customers to sellers.
Answer: Accounts receivable
To view all questions and flashcards with answers, click on the resource link above. Page 4