Managerial Accounting Final Test Solutions
Course Introduction
Managerial Accounting focuses on the internal use of accounting information by managers for decision-making, planning, and control within organizations. The course covers topics such as cost behavior, budgeting, performance evaluation, and decision analysis. Students learn how to interpret and utilize accounting data to support strategic goals, optimize operations, and improve financial performance. Emphasis is placed on the role of managerial accounting in business environments, ethical considerations, and the application of analytical tools for effective management.
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
Source URL: https://quizplus.com/study-set/3557
Page 2
Chapter 1: Partnerships
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202 Verified Questions
202 Flashcards
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Sample Questions
Q1) Referring to Table 12-1,immediately after the investments by Hanna and Barbara,the balance sheet of H & B Company shows total liabilities of:
A) $100,000
B) $15,000
C) $115,000
D) $305,500
Answer: C
Q2) A bonus paid to the old partners by a new partner increases the old partners' capital accounts.
A)True
B)False Answer: True
Q3) A partnership has a continuous life.
A)True
B)False Answer: False
Q4) The resignation of a partner dissolves the partnership.
A)True
B)False Answer: True
Page 3
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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) Annually the corporation must pay dividends to their shareholders.
A)True
B)False
Answer: False
Q2) Which of the following is a priority granted to preferred shareholders?
A) voting for the corporate board of directors
B) receiving assets before creditors if the corporation liquidates
C) receiving dividends before common shareholders
D) receiving a guaranteed fixed dollar amount of dividends each year
Answer: C
Q3) The primary difference between Accounting Standards for Private Enterprises (ASPE_and International Financial Reporting Standards (IFRS_for share capital are:
A) There are no differences
B) The required disclosure for share capital
C) The accounting treatment of preferred shares
D) The accounting treatment of share payments
Answer: B
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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) The Canada Business Corporations Act and most of the provincial incorporating acts permit a corporation to acquire its own shares if such reacquisition would result in the corporation's putting itself into financial jeopardy.
A)True
B)False
Answer: False
Q2) Earnings per share is a key measure of business success.
A)True
B)False Answer: True
Q3) An appropriation of retained earnings requires a journal entry.
A)True
B)False Answer: True
Q4) A stock dividend has no effect on assets or liabilities.
A)True
B)False Answer: True
Page 5
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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) When using the effective-interest method of amortization,the discount on bonds payable amortized each period will:
A) increase
B) decrease
C) remain the same
D) be the same as under the straight-line method
Q2) The future value of an investment is less than the present value.
A)True
B)False
Q3) The main difference in accounting for leases under Accounting Standards for Private Enterprises (ASPE_versus International Financial Reporting Standards (IFRS_is that IFRS requires effective-interest method of amortizing a bond discount or premium.
A)True B)False
Q4) The present value of $500 per period at 10% per period for three periods is $375.50. A)True B)False
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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) Investments accounted for using the equity method are initially recorded at:
A) the fair market value of the investee company multiplied by the percentage ownership acquired
B) the total of the investee's equity accounts multiplied by the percentage ownership acquired
C) cost of the investment
D) the book value of the investee company multiplied by the percentage of ownership acquired
Q2) A short-term investment acquired for $23,200 has a year-end market value of $25,000.The adjusting entry involves a:
A) debit to Unrealized Loss on Fair-Value Adjustment for $1,800
B) debit to Short-Term Investments for $1,800
C) credit to Unrealized Gain on Fair-Value Adjustment for $1,800
D) credit to Short-Term Investments for $1,800
Q3) Refer to Table 16-5.What is the debit to Investment in Bonds at July 1,2017?
A) $185,000
B) $196,100
C) $173,900
D) $181,300
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Page 7
Chapter 6: The Cash Flow Statement
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207 Verified Questions
207 Flashcards
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Sample Questions
Q1) The cash flow statement:
A) is required by generally accepted accounting principles
B) is prepared at the option of management
C) may be combined with the shareholders' equity section of the balance sheet
D) does not have to be completed if a balance sheet is prepared
Q2) Paying interest on money borrowed from the bank would be reported in the operating activities section of the cash flow statement.
A)True
B)False
Q3) The presentation of financing and investing activities on the cash flow statement is the same for both the direct and indirect methods.
A)True
B)False
Q4) Another name for cash receipts and cash payments
Q5) Investors analyze the cash flow statement to determine:
A) total interest earned during the period
B) which companies are reporting unearned revenue
C) the debt-to-equity ratio
D) which businesses are expanding and which are cutting back on investments
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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 18-2.If net sales increased 15%,and gross margin increased 10%,then cost of goods sold must have:
A) decreased 20.0%
B) increased 20.0%
C) decreased 12.5%
D) increased 12.5%
Q2) Vertical analysis of financial statements reveals the relationship of each statement item to a specified base,which is the 100% figure.
A)True
B)False
Q3) Benchmarking allows a user of financial statements of a company to compare the performance of the company:
A) against net sales
B) compare against competitors
C) compare against Stats Canada
D) compare against prior year's performance
Q4) Working capital is a measure of a company's profitability.
A)True
B)False
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