Managerial Accounting Test Preparation
Course Introduction
Managerial Accounting focuses on the use of accounting information by managers within organizations to inform business decisions, plan operations, and control processes. The course explores key topics such as cost behavior, budgeting, performance evaluation, and decision analysis, emphasizing the techniques and concepts necessary for effective internal management. Students will learn how to analyze financial data, interpret various managerial reports, and apply accounting methods to strategic planning and problem-solving in real-world business scenarios.
Recommended Textbook
Financial and Managerial Accounting 9th Edition by Belverd E. Needles
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29 Chapters
4470 Verified Questions
4470 Flashcards
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Chapter 1: Uses of Accounting Information and the Financial Statements
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Sample Questions
Q1) Accountants consider money the common unit of measure for all business transactions.
A)True
B)False
Answer: True
Q2) Stockholders' equity of a corporation would not show
A) retained earnings.
B) additional paid-in capital on stock issued.
C) the par value of stock issued.
D) revenues and expenses.
Answer: D
Q3) Paying taxes to the government is an example of an operating activity.
A)True
B)False
Answer: True
Q4) The purchase of equipment is an example of a financing activity.
A)True
B)False
Answer: False
Page 3
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Chapter 2: Analyzing Business Transactions
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Sample Questions
Q1) When a company purchases goods that it will resell,it must record the goods in an expense account.
A)True
B)False
Answer: False
Q2) Which pair of accounts follows the rules of debit and credit in the same manner?
A) Revenue from Services and Equipment
B) Prepaid Rent and Advertising Expense
C) Repair Expense and Notes Payable
D) Common Stock and Rent Expense
Answer: B
Q3) When a business reports an asset at an inflated dollar amount,it has violated the measurement issue of A) recognition.
B) valuation.
C) classification.
D) realization.
Answer: B
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Chapter 3: Measuring Business Income
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Sample Questions
Q1) The adjusted trial balance facilitates the preparation of the financial statements.
A)True
B)False
Answer: True
Q2) Which of the following is an example of a deferral?
A) Debit Interest Expense, credit Interest Payable
B) Debit Accounts Receivable, credit Legal Fees Earned
C) Debit Property Taxes Expense, credit Property Taxes Payable
D) Debit Depreciation Expense-Truck, credit Accumulated Depreciation-Truck
Answer: D
Q3) Accounting periods of greater than a year are called interim periods.
A)True
B)False
Answer: False
Q4) Expenses that have been paid for and recorded are called accrued expenses.
A)True
B)False
Answer: False
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Chapter 3: Supplement - Closing Entries and the Work Sheet
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Sample Questions
Q1) The Adjusted Trial Balance columns of the work sheet are prepared by combining the Trial Balance and Adjustments columns of the work sheet.
A)True B)False
Q2) Monty Milko is the only accountant employed at Gamma Enterprises,Inc.When asked by the company president if the financial statements had been prepared yet,Milko answered that he had completed all of his work except the preparation of the statements.He added that the net income that would appear on the current income statement would be $369,075.Identify the two instances where Milko would have learned the net income before he actually prepared the income statement.
Q3) The process of crossfooting on the work sheet results in the A) Adjusted Trial Balance columns.
B) Trial Balance columns.
C) Income Statement columns.
D) Adjustments columns.
Q4) The amount of dividends for the period can be found on the work sheet.
A)True B)False
Page 6
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Chapter 4: Financial Reporting and Analysis
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Sample Questions
Q1) Earnings per share are found on which financial statement?
A) Balance sheet
B) Income statement
C) Statement of cash flows
D) Statement of retained earnings
Q2) Only the chief financial officer and the company's CPAs are responsible for the accuracy of financial statements.The chief executive officer is not expected to understand financial information.
A)True
B)False
Q3) Which of the following is not considered an operating expense?
A) General office expenses
B) Cost of goods sold
C) Freight-out expense
D) Advertising expense
Q4) The Retained Earnings portion of a corporation represents the initial contribution of capital to the business.
A)True
B)False
Q5) State the definition of a current asset.
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Chapter 5: The Operating Cycle and Merchandising Operations
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Sample Questions
Q1) Which of the following would not be found in a good system of internal control?
A) Establishing a system of checks and balances
B) Having one person handle all the responsibilities of a department
C) Establishing an internal audit staff
D) Requiring all employees to take earned vacations
Q2) The entry to record a $750 sale with terms of 2/10,n/30 would include a(n)
A) decrease to Accounts Receivable for $750.
B) increase to Sales for $750.
C) increase to Sales Discounts for $15.
D) decrease to Sales for $735.
Q3) Profitability management involves planning a business's cash receipts and cash payments.
A)True
B)False
Q4) Taking a physical inventory refers to making a count of all merchandise on hand at a particular time.
A)True
B)False
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Q5) Why is the separation of duties an important control activity in a good system of internal control?
Chapter 6: Inventories
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Sample Questions
Q1) Realizable value is the amount for which an inventory item can be resold.
A)True
B)False
Q2) Despite its advantages,the just-in-time operating environment produces increased carrying costs for inventory.
A)True
B)False
Q3) Cost of goods sold equals $500,000,and average inventory equals $200,000.Days' inventory on hand equals A) 91.3 days.
B) 146.0 days.
C) 821.9 days.
D) 912.5 days.
Q4) Why will an understated beginning inventory produce an overstated income before income taxes for the same period? Will the understatement have a favorable or unfavorable effect on current year income taxes?
Q5) What is a LIFO liquidation,and what is its effect on income before income taxes?
Q6) How does the perpetual inventory system differ from the periodic inventory system in the determination of cost of goods sold?
Page 9
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Chapter 7: Cash and Receivables
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Sample Questions
Q1) Which of the following methods of recording uncollectible accounts expense would be described best as an income statement method?
A) Both direct charge-off method and accounts receivable aging method
B) Direct charge-off method
C) Percentage of net sales method
D) Accounts receivable aging method
Q2) Which of the following would not be included in Cash or Cash Equivalents?
A) Ninety-day U.S. Treasury bills held
B) Deposits in bank checking accounts
C) Checks and money orders received from customers
D) Six-month certificates of deposit held
Q3) The allowance for uncollectible accounts is necessary because
A) a liability results when a credit sale is made.
B) when recording uncollectible accounts expense, it is not possible to predict specifically which accounts will not be collected.
C) management should know how many credit losses have been sustained over the years.
D) uncollected accounts that are written off must be accumulated in a separate account.
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Page 10
Chapter 8: Current Liabilities and Fair Value Accounting
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Sample Questions
Q1) All liabilities involve an obligation of one sort or another.
A)True
B)False
Q2) Unearned revenue is an example of a definitely determinable liability.
A)True
B)False
Q3) A company purchases an asset on a deferred payment plan,ultimately paying $10,000.On the payment date,the company would
A) credit Cash for less than $10,000.
B) debit Interest Expense for the imputed amount.
C) debit the asset account for $10,000.
D) debit Accounts Payable for $10,000.
Q4) Which of the following is an example of a commitment?
A) Lease
B) Note payable
C) Revenue received in advance
D) Dividend payable
Q5) Explain why the cost of employing someone is more than just the wage or salary paid to the employee.
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Chapter 9: Long Term Assets
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Sample Questions
Q1) According to generally accepted accounting principles,goodwill is recorded as an asset
A) when favorable factors combine to create goodwill.
B) when a company has superior earning power.
C) when it is paid for as part of the purchase of a business.
D) under no circumstances.
Q2) The federal government grants patents for
A) 10 years.
B) 20 years.
C) 40 years.
D) the useful life of the patent.
Q3) The cost of a sewage system should be included in the Land Improvements account.
A)True
B)False
Q4) Which of the following methods ignores residual value initially but eventually considers it in the calculation of depreciation?
A) Straight-line
B) Double-declining-balance
C) Group
D) Production
Page 12
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Chapter 10: Long-Term Liabilities
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Sample Questions
Q1) Total interest cost for a bond issued at a premium equals the total of the periodic interest payments minus the premium.
A)True
B)False
Q2) Interest coverage ratio is a measure of
A) financial leverage.
B) income after taxes and interest divided by interest expense.
C) stockholders' control.
D) protection from default on interest.
Q3) All of the following are operating leases except a
A) monthly lease on a building that can be canceled with 90 days' notice.
B) ten-year lease on a new building.
C) two-year lease on a truck with an option to renew for one more year.
D) five-year lease of a computer with an option to buy for a small amount at the end of the lease.
Q4) Issuing bonds between interest payment dates will have the effect of decreasing a bond issuance discount or increasing a bond issuance premium.
A)True
B)False
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Chapter 11: Contributed Capital
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Sample Questions
Q1) How is it possible for a corporation to have more shares issued than it has outstanding?
Q2) Dividends yield equals
A) market price per share divided by dividends per share.
B) net income divided by dividends per share.
C) dividends per share divided by net income.
D) dividends per share divided by market price per share.
Q3) Return on equity is measured in terms of A) days.
B) times.
C) a percentage.
D) dollars.
Q4) Treasury shares are shares that are issued but not outstanding.
A)True
B)False
Q5) A corporation often uses an underwriter for an initial public offering (IPO).
A)True B)False
Q6) Define outstanding stock.
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Chapter 12: Investments
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Sample Questions
Q1) When the equity method is used to account for an investment in stock,the investor will report its share of the investee's annual earnings as income regardless of how much the investee distributes in the form of dividends.
A)True
B)False
Q2) Held-to-maturity securities are always debt securities,and never equity securities.
A)True
B)False
Q3) Minority interest may be found in the asset section of a consolidated balance sheet.
A)True
B)False
Q4) In the United States,insider trading is considered
A) unethical, but not illegal.
B) neither unethical nor illegal.
C) both unethical and illegal.
D) illegal, but not unethical.
Q5) When are eliminating entries made,where are they entered,and why are they needed?
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Chapter 13: The Corporate Income Statement and the Statement of Stockholders Equity
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Sample Questions
Q1) At December 31,2010,the book value per share of common stock of Big Time Corporation amounted to $21 per share.Determine the effect of each of the following items on the book value per share of common stock computation assuming each item occurs after December 31,2010.Consider each item independently of the other items listed.Indicate your answer for each (I = increase,D = decrease,or NE = no effect)in the appropriate blank.
_____ 1.Sale of newly issued shares of common stock at $23 per share
_____ 2.Purchase of treasury stock for $16 per share
_____ 3.Declaration of current cash dividends on preferred stock
_____ 4.Declaration and distribution of stock dividends on common stock
_____ 5.Sale of treasury stock (purchased at $16 per share)for $19 per share
_____ 6.Entry to close net income for the period to the Retained Earnings account
_____ 7.Dividends in arrears on preferred stock
_____ 8.Purchase of a truck with cash
_____ 9.Payment of a previously declared and recorded cash dividend on common stock
Q2) A company with stock options is considered to have a simple capital structure. A)True
B)False
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Chapter 14: The Statement of Cash Flows
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Sample Questions
Q1) Royer Corporation engaged in this transaction: Purchased inventory with cash. Indicate which section,if any,the above transaction would appear in,or relate to,on a statement of cash flows.
A) Does not represent a cash flow
B) Investing activities section
C) Operating activities section
D) Financing activities section
Q2) Royer Corporation engaged in this transaction: Repaid 90-day note payable. Indicate which section,if any,the above transaction would appear in,or relate to,on a statement of cash flows.
A) Financing activities section
B) Schedule of noncash investing and financing transactions
C) Operating activities section
D) Investing activities section
Q3) It is unethical,and considered a form of manipulation,to classify a cash flow as an investing or financing activity,when it really is an operating activity.
A)True
B)False
Q4) On the lines below,provide the components for the calculation of free cash flow.
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Chapter 15: The Changing Business Environment - a Managers Perspective
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Sample Questions
Q1) Performance measures are used in
A) the "perform" stage of the management process.
B) the "evaluate" stage of the management process.
C) the "communicate" stage of the management process.
D) all stages of the management cycle.
Q2) Practitioners of management accounting and financial management have a responsibility to communicate information fairly and objectively.
A)True
B)False
Q3) In making the transition from financial accounting to management accounting,you must become accustomed to using the historical dollar as the primary unit of measurement.
A)True
B)False
Q4) Which of the following is not part of the "perform" stage in the management process?
A) Matching human resources to the task to be performed
B) Hiring and training personnel
C) Identifying operating activities that minimize waste
D) Controlling operations
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Chapter 16: Cost Concepts and Cost Allocation
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Sample Questions
Q1) The following are costs for a selected period: direct materials put into production,$94,000; direct labor cost of converting materials into product,$200,000; total indirect costs of manufacturing the product,$40,000.What is the per unit cost of manufacturing 20,000 units in this period?
A) $4.70
B) $16.70
C) $8.70
D) $12.70
Q2) All manufacturing costs that are assigned to completed (but unsold)products should be classified as
A) materials inventory costs.
B) overhead costs.
C) work in process inventory costs.
D) finished goods inventory costs.
Q3) Inventoriable cost is a synonym of period cost.
A)True B)False
Q4) Because it is invisible,direct labor cannot be traced to products.
A)True B)False
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Chapter 17: Costing Systems- Job Order Costing
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Sample Questions
Q1) In a job order costing system,at the end of the accounting period,the balance in the subsidiary ledger for unfinished jobs should equal the ending balance in the Work in Process Inventory account.
A)True
B)False
Q2) If the applied overhead is more than actual overhead,which of the following is part of the entry?
A) A credit to the Overhead account
B) A debit to the Overhead account
C) A debit to the Cost of Goods Sold account
D) A debit to the Work in Process Inventory account
Q3) As related to a job order costing system,answer the following short questions:
a. What is a job order costing system? Identify three kinds of companies that would use such as system.
b. What is a job order?
c. What is the purpose of a job order cost card? Identify the kinds of information recorded on it.
Q4) Explain the similarities and differences between job order costing and process costing.Focus on the characteristics of each type of system.
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Chapter 18: Costing Systems- Process Costing
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Sample Questions
Q1) Which of the following cost flow assumptions most closely follows the logical product flow in a process costing environment?
A) Average
B) LIFO
C) FIFO
D) HIFO
Q2) In process costing,all costs incurred by a department or production process are divided by the equivalent units produced during the period to determine the average cost per unit produced.
A)True
B)False
Q3) A company that manufactures potato chips would probably use a process costing system.
A)True
B)False
Q4) Process costing information can inform managers about the amounts and types of products ordered by specific customers.
A)True
B)False
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Chapter 19: Value-Based Systems- Abm and Lean
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Sample Questions
Q1) For work done during August,Printing Press Company incurred direct materials costs of $139,000 and conversion costs of $260,000.The company employs a just-in-time operating philosophy and backflush costing.At the end of August,it was determined that the Work in Process Inventory account had been assigned $1,080 of costs,and the ending balance of the Finished Goods Inventory account was $1,220.There were no beginning inventory balances.What was the ending balance of the Cost of Goods Sold account for August?
A) $396,700
B) $397,780
C) $397,920
D) $399,000
Q2) Which of the following is not a concern when managing inventory in a just-in-time environment?
A) Reduction of space needed to store inventory
B) Inventory turnover
C) Inventory accuracy
D) Inventory size reduction
Q3) Lean's primary goal is to eliminate waste in business processes.
A)True
B)False
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Chapter 20: Cost Behavior Analysis
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Sample Questions
Q1) For every unit that a company produces and sells above the breakeven point,its profitability is improved (ignoring taxes)by the unit's
A) gross margin.
B) selling price minus fixed cost.
C) variable cost.
D) contribution margin.
Q2) All variable costs except manufacturing costs are subtracted from sales to determine the total contribution margin.
A)True
B)False
Q3) Contribution margin is selling price minus unit fixed costs.
A)True
B)False
Q4) The equation for finding the breakeven point may be written as
A) S - VC - FC = 0.
B) VC - FC = S.
C) S + FC = VC.
D) S + VC + FC = 0.
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Chapter 21: The Budgeting Process
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Sample Questions
Q1) A company seeks to have as much cash as possible on hand.Cash budgeting helps to accomplish this.
A)True
B)False
Q2) The projections of direct materials purchases that follow are for the Sombo Corporation. \(\begin{array}{lrr}&\text { Purchases on account }&\text { Cash Purchases }\\
\text { December } & \$ 40,000 & \$ 30,000 \\
\text { January } & 60,000 & 33,000 \\
\text { February } & 50,000 & 35,000 \\
\text { March } & 70,000 & 25,000 \end{array}\)
The company pays for 60 percent of purchases on account in the month of purchase and 40 percent in the month following the purchase.What is the expected cash payment for direct materials for the month of January?
A) $33,000
B) $85,000
C) $102,000
D) $108,000
Q3) Describe three benefits budgeting provides to an organization's success.
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Chapter 22: Performance Management and Evaluation
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Sample Questions
Q1) A performance management and evaluation system is mainly utilized to account for and report on financial performance.
A)True
B)False
Q2) What are some items that can affect an investment center's EVA calculation,and how can EVA be improved?
Q3) Performance reports allow comparisons between actual performance and budget expectations.
A)True
B)False
Q4) A responsibility center whose manager is held accountable for both revenues and costs and for the resulting operating income is called a profit center.
A)True
B)False
Q5) Incentive awards are utilized mainly to encourage long-term performance.
A)True
B)False
Q6) Identify and describe the five different responsibility centers,and provide one example of each.
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Chapter 23: Standard Costing and Variance Analysis
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Q1) An expression of the hourly labor pay cost per function or job classification that is expected to exist during the next accounting period is the definition of a
A) direct labor time standard.
B) direct materials quantity standard.
C) direct labor rate standard.
D) variable overhead rate.
Q2) The formula used to compute budgeted total cost at any level of activity is presented in the
A) flexible budget.
B) performance report.
C) static budget.
D) cash flow forecast.
Q3) The direct materials price variance is the difference between the actual price and the standard price,multiplied by the standard quantity.
A)True
B)False
Q4) Predetermined overhead costs are the same as standard costs.
A)True
B)False
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Chapter 24: Short Run Decision Analysis
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Sample Questions
Q1) If the incremental costs are greater than the incremental revenue,the product should not be processed further and should be sold at the split-off point.
A)True
B)False
Q2) Managers rely strictly on financial information when faced with decisions.
A)True
B)False
Q3) Products Green,Red,and White have unit contribution margins of $6.50,$12,and $10,respectively,and require 2,4,and 3 direct labor hours per unit,respectively.If demand currently is far exceeding supply,on which product should the company concentrate its efforts?
A) Green
B) Red C) White
D) Either Green or Red
Q4) The common costs shared by two or more products before they are split off are called joint costs.
A)True
B)False
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Chapter 25: Capital Investment Analysis
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Q1) The proposals that will either meet company strategic goals or produce the minimum rate of return will receive serious review in the preliminary screening process.
A)True
B)False
Q2) The objective of capital budgeting is to help only in the preparation of reports that will be submitted to the managers.
A)True
B)False
Q3) Discounting calculates the __________ value of an amount to be received.
A) future
B) compounded C) present
D) book
Q4) The six steps of capital investment analysis can be used for both long-term as well as short-term planning purposes.
A)True
B)False
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Chapter 26: Pricing Decisions,incltarget Costing and Transfer Pricing
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Sample Questions
Q1) The gross margin pricing method computes unit selling price based on production costs rather than total costs.
A)True
B)False
Q2) Maximizing profits has been and continues to be a dominant factor in price setting.
A)True
B)False
Q3) A transfer price should not contain any profit since the profit for a product should be determined when the product is completed.
A)True
B)False
Q4) The long-term objectives of a company need not include statements concerning pricing policy.
A)True B)False
Q5) The denominator of the gross margin markup percentage is total production costs. A)True
B)False
29
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Chapter 27: Quality Management and Measurement
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Sample Questions
Q1) Quality in manufacturing simply means a product has to be dependable and free of defects.
A)True
B)False
Q2) The award given to companies that achieve distinctive results in implementing total quality control is the
A) ISO.
B) Malcolm Baldrige Quality Award.
C) Deming Application Prize.
D) Kaizen Prize.
Q3) The organization that promotes improvement in quality worldwide is called the International Organization for Standardization.
A)True
B)False
Q4) The first step in ensuring the production of high-quality products is to have a sound product design.
A)True
B)False
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Chapter 28: Financial Analysis of Performance
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Q1) For details about the financial histories of companies,one could consult publications of Moody's and Standard & Poor's.
A)True
B)False
Q2) Dividends yield is a market strength ratio.
A)True
B)False
Q3) Both diversified companies and conglomerates operate in a single,well-defined industry.
A)True
B)False
Q4) For 20xx,Black & White Corporation had average total assets of $300,000,net sales of $250,000,net income of $20,000,net cash flows from operating activities of $30,000,dividend payments of $15,000,purchases of plant assets of $70,000,and sales of plant assets of $30,000.Using this information,compute (a)cash flow yield,(b)cash flows to sales,(c)cash flows to assets,and (d)free cash flow.Round amounts to one decimal place.
Q5) What is horizontal analysis,and why is it useful in performing financial performance measurement?
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