Managerial Accounting Exam Materials
Course Introduction
Managerial Accounting focuses on the use of accounting information by managers within organizations to inform decision-making, planning, and control processes. The course covers fundamental concepts such as cost behavior, budgeting, performance evaluation, and variance analysis. Students learn how to interpret financial and non-financial data to support operational and strategic decisions, utilize various costing systems, and apply management accounting tools to enhance organizational efficiency and effectiveness. Emphasis is placed on real-world applications, ethical considerations, and the role of managerial accounting in achieving business objectives.
Recommended Textbook
Horngren's Accounting Volume 2 10th Canadian Edition by Tracie L. Miller Nobles
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7 Chapters
1392 Verified Questions
1392 Flashcards
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Page 2
Chapter 1: Partnerships
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202 Verified Questions
202 Flashcards
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Sample Questions
Q1) Advantages of a partnership include all of the following except:
A) ease of formation
B) limited liability
C) combined resources
D) combined experience and talent
Answer: B
Q2) When a partnership liquidates and there is not enough cash to pay the liabilities,then the partners must contribute cash on the basis of their profit-and-loss-sharing ratio to cover unpaid debts.
A)True
B)False
Answer: True
Q3) Refer to Table 12-4.If during the first year of business,the company incurs a net loss of $20,000,the capital account of Carolle would:
A) increase $56,667
B) increase $11,667
C) decrease $56,667
D) decrease $11,667
Answer: D
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Page 3
Chapter 2: Corporations: Share Capital and the Balance Sheet
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180 Verified Questions
180 Flashcards
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Sample Questions
Q1) Why would a corporation issue preferred shares instead of common shares,explain the advantage of this decision.
Answer: Preferred shares enable a corporation to raise funds without diluting the control of the corporation.A majority shareholder may want to maintain their control over the corporation.And the dividend payment is flexible as it is only when dividends are declared would they be paid,and it is the common shareholders and board of directors who would make the decision of when dividends are declared.
Q2) During 2016,total dividends declared by Par Corporation amounted to $29,000.There were 5,000 shares of $2 noncumulative preferred shares outstanding and 10,000 common shares outstanding.No dividends were declared in 2014 or 2015.The total amount of dividends payable to each class of shares in 2016 amounted to:
A) $19,000 to preferred, $10,000 to common
B) $20,000 to preferred, $9,000 to common
C) $10,000 to preferred, $19,000 to common
D) $29,000 to preferred, $0 to common
Answer: C
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Page 4
Chapter 3: Corporations: Retained Earnings and the Income Statement
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205 Verified Questions
205 Flashcards
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Sample Questions
Q1) Refer to Table 14-2.The number of common shares issued after the declaration of a 10% common stock dividend is:
A) 44,000
B) 40,000
C) 100,000
D) 104,000
Answer: B
Q2) When a corporation has discontinued operations,it has a separate earnings per share amount for the discontinued operations.
A)True
B)False
Answer: True
Q3) Refer to Table 14-5.The total contributed capital after the declaration of a 20% common stock dividend is: __________.
Answer: $700,000 + (50,000 × 20% × $12.00_= $820,000
Q4) Refer to Table 14-5.The balance in the common shares account after the declaration of a 20% common stock dividend is: __________.
Answer: same balance of $400,000
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Chapter 4: Long-Term Liabilities
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186 Verified Questions
186 Flashcards
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Sample Questions
Q1) A capital lease is economically similar to purchasing the asset.
A)True
B)False
Q2) Refer to Table 15-5.The entry for Goldman to record the signing of the lease and the payment of the first annual lease payment would include a:
A) debit to Rent Expense for $7,500
B) debit to Office Building for $44,010
C) credit to Lease Liability for $52,500
D) credit to Office Building for $36,510
Q3) Saint Martin Inc.issued $300,000,12%,10-year bonds on July 1,2017.Interest payments dates are January 2 and July 1.The issue price was $293,400.The bonds are convertible into common shares at the rate of 15 common shares for each $1,000 bond.The market price of Saint Martin Inc.common shares has risen steadily over the last two years and on July 1,2019,half of the bonds are converted into common shares.
a_Compute the balance in the premium or discount account on date of conversion.Saint Martin Inc.uses the straight-line method of amortization.
b_Prepare the entry to convert half of the bonds into common shares.
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Chapter 5: Investments and International Operations
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191 Verified Questions
191 Flashcards
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Sample Questions
Q1) Equity investments where there is no significant influence are reported on the balance sheet at the lower of historical cost or market.
A)True
B)False
Q2) Goodwill is the excess of the cost to acquire another company over the sum of the fair value of its net assets.
A)True
B)False
Q3) Refer to Table 16-7.Assume that the investment in Straton shares is classified as a short-term investment by Samuels and Samuels exerts no significant influence over Straton.
Q4) A foreign currency transaction gain or loss occurs when the exchange rate changes between the date an order is shipped and the date the payment is received.
A)True
B)False
Q5) The maximum amount received at the maturity of the bond will be the face value.
A)True
B)False
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Chapter 6: The Cash Flow Statement
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207 Verified Questions
207 Flashcards
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Sample Questions
Q1) Alcan Corporation reports the following information for 2017. \(\begin{array}{ll}
\text { Credit sales } & \$ 599,000 \\
\text { Collections from customers } & 480,000 \\
\text { Interest received on investments } & 20,000 \\
\text { Dividends paid to common shareholders } & 11,000 \\
\text { Cost of goods sold } & 335,000 \\
\text { Payments to inventory suppliers } & 339,500 \\
\text { Amortization expense } & 25,000 \\
\text { Operating expenses } & 70,000 \\
\text { Payments for operating expenses } & 72,500 \\
\text { Interest and taxes paid } & 12,300
\end{array}\) What is the net cash inflow from operating activities?
A) $64,700
B) $78,200
C) $75,700
D) $194,700
Q2) Highly liquid short-term investments that can be converted to cash with little delay
Q3) A purpose of the cash flow statement
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Chapter 7: Financial Statement Analysis
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214 Verified Questions
214 Flashcards
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Sample Questions
Q1) Refer to Table 18-4.What would a horizontal analysis report with respect to long-term liabilities show?
A) that long-term liabilities decreased by $30,000
B) that long-term liabilities decreased by 40%
C) that long-term liabilities decreased by 60%
D) that long-term liabilities decreased by 67%
Q2) Refer to Table 18-8.What is the gross profit percentage?
A) 46%
B) 54%
C) 25%
D) 20%
Q3) Vertical analysis of a financial statement shows the percentage change in an item from period to period.
A)True
B)False
Q4) Horizontal analysis involves the study of the relationship between numbers on the financial statements for one year.
A)True
B)False
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