Managerial Accounting Study Guide Questions
Course Introduction
Managerial Accounting focuses on the use of financial and non-financial information to assist managers in decision-making, planning, and controlling organizational operations. The course explores key concepts such as cost behavior, budgeting, performance evaluation, and the analysis of financial data to support strategic business decisions. Emphasis is placed on understanding the role of managerial accounting in both manufacturing and service organizations, the preparation and interpretation of internal reports, and the application of various tools and techniques to improve efficiency, profitability, and accountability in the business environment.
Recommended Textbook
Payroll Accounting 2017 27th Edition by Bernard
J. Bieg
Available Study Resources on Quizplus
6 Chapters
396 Verified Questions
396 Flashcards
Source URL: https://quizplus.com/study-set/3346
Page 2
Chapter 1: The Need for Payroll and Personal Records
Available Study Resources on Quizplus for this Chatper
70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/66490
Sample Questions
Q1) An exception to the protection that the Age Discrimination in Employment Act provides for all workers over 40 involves executives who are 65 or older and who have held high policy-making positions during the two-year period prior to retirement.
A)True
B)False
Answer: True
Q2) The Fair labor Standards Act has set the current minimum hourly rate of pay at:
A) $10.00
B) $7.25
C) $7.75
D) $5.00
E) $8.50
Answer: B
Q3) Only one state has passed a law to provide disability benefits to employees absent from their jobs due to illness,accident,or disease not arising out of their employment.
A)True
B)False
Answer: False
To view all questions and flashcards with answers, click on the resource link above. Page 3
Chapter 2: Computing Wages and Salaries
Available Study Resources on Quizplus for this Chatper
79 Verified Questions
79 Flashcards
Source URL: https://quizplus.com/quiz/66489
Sample Questions
Q1) Under enterprise coverage,all employees of a business are covered by the FLSA if the organization is:
A) a nursing home.
B) a public agency.
C) a hospital.
D) all of the above.
E) none of the above.
Answer: D
Q2) Under no conditions may children under age 16 be employed in food service establishments.
A)True
B)False
Answer: False
Q3) Employees paid by the hour without a guarantee of a weekly minimum salary do not qualify for the salary test for white-collar workers.
A)True
B)False
Answer: True
To view all questions and flashcards with answers, click on the resource link above. Page 4
Chapter 3: Social Security Taxes
Available Study Resources on Quizplus for this Chatper
70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/66488
Sample Questions
Q1) Refer to Instruction 3-1.Ralston is the sole proprietor of Cut & Curl.During the year,his net earnings were $79,700.What are his self-employment taxes (OASDI and HI)on these earnings?
Answer: 11ea7e83_1196_26e3_ba34_49112506e377_TB2268_00
Q2) Each year,the FICA (OASDI portion)taxable wage base is automatically adjusted whenever a cost of living raise in social security benefits becomes available.
A)True
B)False
Answer: True
Q3) The taxes imposed under the Social Security Act consist of:
A) two taxes on employers.
B) two taxes on employees.
C) OASDI and HI taxes.
D) taxes on the net earnings of the self-employed.
E) all of the above.
Answer: E
To view all questions and flashcards with answers, click on the resource link above.
Chapter 4: Income Tax Withholding
Available Study Resources on Quizplus for this Chatper
56 Verified Questions
56 Flashcards
Source URL: https://quizplus.com/quiz/66487
Sample Questions
Q1) In calculating a "gross-up" amount of a bonus payment,an employer does not use the OASDI/HI tax rates in the formula.
A)True
B)False
Q2) To curb the practice of employees filing false Forms W-4,the IRS requires that an employer submit to the agency a copy of each Form W-4:
A) the IRS has requested in writing.
B) on which an employee,usually earning $180 each week at the time Form W-4 was filed,now claims to be exempt from withholding.
C) on which an employee claims to be single but has 9 withholding allowances.
D) on which a married employee claims no withholding allowances.
E) on which a recently divorced employee claims 5 withholding allowances and authorizes an additional $10 to be withheld each week.
Q3) Since not-for-profit corporations are exempt from federal income taxes,they are not defined as employers under the federal income tax withholding law.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Page 6
Chapter 5: Unemployment Compensation Taxes
Available Study Resources on Quizplus for this Chatper
67 Verified Questions
67 Flashcards
Source URL: https://quizplus.com/quiz/66486
Sample Questions
Q1) For FUTA purposes,an employer can be any one of the following except:
A) an individual.
B) a partnership.
C) a trust.
D) a corporation.
E) All of the above can be employers.
Q2) FUTA tax deposits cannot be paid electronically.
A)True
B)False
Q3) Insurance agents paid solely on a commission basis are not considered employees under FUTA.
A)True
B)False
Q4) A traveling salesperson who solicits and transmits to the principal orders for merchandise for resale is considered an employee under FUTA.
A)True
B)False
Q5) Unlike Form 941,there is no penalty for the late filing of Form 940. A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 7
Chapter 6: Analyzing and Journalizing Payroll
Available Study Resources on Quizplus for this Chatper
54 Verified Questions
54 Flashcards
Source URL: https://quizplus.com/quiz/66485
Sample Questions
Q1) The entry made at the end of the accounting period to record wages incurred but unpaid is:
A) Wages Expense
Wages Payable
B) Wages Expense
FICA Taxes Payable-OASDI
FICA Taxes Payable-HI
FIT Payable
Wages Payable
C) Wages Payable Cash
D) Wages Expense Cash
E) Wages Expense Payroll Taxes
Wages Payroll
Q2) The FICA taxes on the employer represent both business expenses and liabilities of the employer.
A)True B)False
To view all questions and flashcards with answers, click on the resource link above.
Page 8