Accounting for Managers Practice Exam
Course Introduction
Accounting for Managers is designed to introduce non-accounting professionals to the fundamental principles and practices of accounting with a specific focus on its application in managerial decision-making. The course covers key topics such as financial statement analysis, budgeting, cost behavior, and performance evaluation, enabling managers to interpret accounting data effectively and use it as a vital tool in planning, controlling, and evaluating business operations. Through practical cases and real-world examples, students will learn how to leverage financial information to support strategic and operational decisions in various organizational contexts.
Recommended Textbook
Horngrens Financial and Managerial Accounting 4th Edition by Miller Nobles
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Page 2
Chapter 1: Accounting and the Business Environment
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Sample Questions
Q1) Which of the following is the correct order of preparation of financial statements?
A)income statement statement of retained earnings balance sheet statement of cash flows
B)statement of retained earnings balance sheet income statement statement of cash flows
C)balance sheet statement of retained earnings income statement statement of cash flows
D)balance sheet income statement statement of retained earnings statement of cash flows
Answer: A
Q2) A business can be organized as a sole proprietorship,partnership,corporation,or limited-liability company (LLC).
A)True
B)False
Answer: True
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Chapter 2: Recording Business Transactions
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Sample Questions
Q1) The trial balance summarizes the balances of assets,liabilities,and equity.
A)True
B)False Answer: True
Q2) An accounting entry that is characterized by having multiple debits and/or multiple credits is called a ________ entry.
A)balanced
B)posted
C)chart of accounts
D)compound journal Answer: D
Q3) A payment of an expense in advance is called a prepaid expense.
A)True
B)False Answer: True
Q4) The Dividends account is increased by a debit.
A)True
B)False Answer: True
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Chapter 3: The Adjusting Process
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Sample Questions
Q1) If a company fails to make an adjusting entry for accrued revenues,the net income will be overstated.
A)True
B)False
Answer: False
Q2) Luminous Electrical Inc.performed services costing $8,000 on January 24 and invoiced the customer.It received the $8,000 on January 31.Provide the journal entry on January 24 when services were rendered.(Ignore explanation.)
Answer: 11ea84d1_1118_f151_83dc_3fea84bd73c2_TB3006_00
Q3) In accounting,depreciation refers to the ________.
A)method of spreading the cost of a plant asset over its useful life
B)method of declining the market value of an asset to its book value
C)method of estimation of an asset's current market value
D)process of sale of a used asset
Answer: A
Q4) On March 1,2014,Nortons Inc.paid $60,000 for office rent covering the three-month period ending May 31,2014.Journalize the adjusting entry on March 31 by using the alternative treatment of prepaid expenses.
Answer: 11ea84d1_111a_9f1b_83dc_df82d67affbf_TB3006_00
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Chapter 4: Completing the Accounting Cycle
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Sample Questions
Q1) In a balance sheet,assets are classified as either current or long-term depending on their liquidity.
A)True
B)False
Q2) Under which of the following categories would bonds held as an investment for less than a year appear?
A)long-term assets
B)current assets
C)long-term liabilities
D)current liabilities
Q3) The permanent accounts-assets,liabilities,and stockholders' equity-are closed to the Common Stock account.
A)True
B)False
Q4) Revenue and expense accounts are closed to the Income Summary account.
A)True
B)False
Q5) Permanent accounts are not closed at the end of the accounting period. A)True
B)False
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Chapter 5: Merchandising Operations
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Sample Questions
Q1) Under the perpetual inventory system,when a purchaser makes payment within the discount period,the amount of discount will be credited to the Merchandise Inventory account.
A)True
B)False
Q2) Under which of the following terms will the buyer be required to pay transportation costs?
A)FOB destination
B)FOB shipping point
C)CIF
D)5/5,net 45
Q3) On November 1,2015,Paramount Inc.sold merchandise with a cost of $5,000 for $10,000,FOB destination,with payment terms of 3/10,n/40.The company paid transportation costs of $100.Of these,merchandise sold for $3,000 (with a cost of $1,500)was returned on November 6.The company received the payment for the balance amount on November 10,2015.Calculate the Net sales revenue.
A)$6,790
B)$7,000
C)$4790
D)$7790
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Chapter 6: Merchandise Inventory
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Sample Questions
Q1) Which of the following inventory costing methods is based on the actual cost of each particular unit of inventory?
A)specific identification
B)weighted-average
C)last-in,first-out
D)first-in,first-out
Q2) Which of the following principles states that a business should never anticipate gains?
A)conservatism
B)materiality concept
C)disclosure principle
D)consistency principle
Q3) When inventory costs are declining,which of the following inventory costing method will result in the lowest ending merchandise inventory?
A)first-in,first-out
B)last-in,first-out
C)weighted-average
D)specific identification
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8
Chapter 7: Internal Control and Cash
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Sample Questions
Q1) A petty cash fund was established with a $250 balance.It currently has cash of $38 and petty cash tickets totaling $212 for travel expense.Provide the journal entry to record the replenishment of the fund.
Q2) Journal entries are required if the bank reconciliation includes outstanding checks.
A)True
B)False
Q3) Which of the following describes the environment in internal control?
A)Internal auditors monitor company controls to safeguard assets,and external auditors monitor the controls to ensure that the accounting records are accurate.
B)The environment is the "tone at the top" of the business.
C)The environment is designed to ensure that the business earns profit.
D)A company must identify its risks.
Q4) In a bank reconciliation,a book error will be shown on the bank side of the reconciliation.
A)True B)False
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Chapter 8: Receivables
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Sample Questions
Q1) A company with significant amounts of accounts receivable,experiences uncollectible accounts from time to time.If the company uses the direct write-off method,the effect of writing off an uncollectible receivable will be ________.
A)a reduction in net income
B)nil on net income
C)an increase in total assets
D)a generation of positive cash flow
Q2) While counting the date of maturity of a note,the date of issue of the note should be omitted.
A)True
B)False
Q3) Accounts receivable has a balance of $30,000 and the Allowance for Bad Debts has a credit balance of $3,000.The allowance method is used.What is the net realizable value of Accounts Receivable before and after a $2,000 Account Receivable is written off?
A)$27,000; $27,000
B)$14,300; $14,300
C)$16,000; $15,940
D)$16,000; $16,000
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10
Chapter 9: Plant Assets, natural Resources, and Intangibles
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Sample Questions
Q1) The cost of an asset is $1,000,000 and its residual value is $100,000.Estimated useful life of the asset is four years.Calculate depreciation for the second year using the double-declining-balance method of depreciation.
A)$250,000
B)$225,000
C)$450,000
D)$240,000
Q2) Maple Corp.had net sales of $200,550 for the year ended December 31,2015.Its beginning and ending total assets were $75,200 and $110,500,respectively.Determine Maple's asset turnover ratio for the year ended December 31,2015.
A)0.46 times
B)2.67 times
C)1.18 times
D)2.16 times
Q3) Iverycoast Inc.had purchased a van on January 1,2015,for $800,000.Estimated life of the van was 5 years,and its estimated residual value was $90,000.Iverycoast uses the straight-line method of depreciation.Prepare the depreciation schedule.
Q4) Give journal entry to record the acquisition of a plant asset for cash.
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Chapter 10: Investments
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Sample Questions
Q1) Long-term investments are all investments that are not short-term.
A)True
B)False
Q2) The owner of a bond or stock of a corporation is referred to as the investor.
A)True
B)False
Q3) Joan Steel Inc.purchases 10,000 shares of Smith Metals Inc.for $34,000 in exchange for cash and now holds 3.2% voting stock of Smith Metals Inc.Assuming no other transaction happened during the year,the ________ in the balance sheet will increase.
A)long-term investments
B)cash
C)total assets
D)current assets
Q4) A ________ ownership in the investee's voting stock can significantly influence the investee's decisions.
A)10%
B)5% to 10%
C)15% to 20%
D)20% to 50%
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Chapter 11: Current Liabilities and Payroll
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Sample Questions
Q1) Federal unemployment compensation tax (FUTA),is not withheld from employees' gross earnings.
A)True
B)False
Q2) Revenue collected but not yet earned is recorded as ________.
A)Unearned Revenue
B)Accrued Revenue
C)Service Revenue
D)Uncollected Revenue
Q3) Tanner's gross pay for the week is $980.His yearly pay is under the limit for OASDI.Assume that the rate for state and federal unemployment compensation taxes is 6.2%,and that Tanner's pay year-to-date has previously exceeded the $7,000 cap.What is the amount of state and federal unemployment tax that his employer must record as payroll tax expense and pay to the federal and state governments?
A)$0
B)$14.21
C)$74.97
D)$60.76
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13
Chapter 12: Long-Term Liabilities
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Sample Questions
Q1) If a bond is issued at a premium,it will sell for more than face value.
A)True
B)False
Q2) A note payable can either be classified as a long-term liability or a short-term liability depending on the discretion of the accountant.
A)True
B)False
Q3) Which of the following describes a secured bond?
A)a bond that repays principal in installments
B)a bond that is backed by issuer's specific assets
C)a bond that matures at one specified time
D)a bond that is not backed by specific assets
Q4) On January 2,2014,Mahoney Sales issued $10,000 in bonds for $9,400.They were 5-year bonds with a stated rate of 4%,and pay semiannual interest.Mahoney Sales uses the straight-line method to amortize bond discount.Provide the journal entry for the first interest payment on June 30,2014.
Q5) On January 1,2013,Davie Services issued $20,000 of 8% bonds that mature in five years.They were sold at a premium,for a total of $20,750.Provide the journal entry to issue bonds.
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Chapter 13: Stockholders Equity
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Sample Questions
Q1) Rimsone Inc.purchases 8,500 shares of the company's $6 par common stock for $8 per share.Journalize the transaction.
Q2) At the end of 2015,what is the total amount of stockholders' equity?
A)$415,000
B)$120,000
C)$260,000
D)$380,000
Q3) Treasury stock causes the number of ________.
A)issued shares to go down
B)issued shares to exceed authorized shares
C)outstanding shares to go up
D)outstanding shares to go down
Q4) A corporation is a separate legal entity and is organized independently of its owners.
A)True
B)False
Q5) The declaration of a cash dividend does not create an obligation (liability)for the corporation.
A)True
B)False
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Chapter 14: The Statement of Cash Flows
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Sample Questions
Q1) Gladiator Inc.uses the direct method to prepare its statement of cash flows.Refer to the following information reported for the year 2014 and determine the amount of cash paid for merchandise inventory. Cost of Goods Sold,$130,000
Inventory,beginning balance,$25,000
Inventory,ending balance,$65,000
Accounts Payable,beginning balance,$7,500
Accounts Payable,ending balance,$4,900
A)$172,600
B)$140,000
C)$170,000
D)$167,400
Q2) Cash borrowed on a mortgage note would be a(n)________ activity on the statement of cash flows.
A)operating
B)investing
C)financing
D)non-cash
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Chapter 15: Financial Statement Analysis
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Sample Questions
Q1) A corporation has 2,000 shares,10% preferred stock of $50 par,and 6,000 shares of common stock outstanding.The net income for the year is $250,000.Calculate earnings per share.
A)$50
B)$40
C)$42
D)$125
Q2) The ratio of the market price of a share of stock to the dividends paid per share is called the earnings per share.
A)True
B)False
Q3) The merchandise inventory turnover ratio measures how profitably a company sells its average level of merchandise inventory during a year.
A)True
B)False
Q4) A high current ratio indicates that current liabilities are more than current assets. A)True
B)False
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Chapter 16: Introduction to Managerial Accounting
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Sample
Questions
Q1) Managerial accounting is used in manufacturing and merchandising companies,but not in service companies.
A)True
B)False
Q2) Which of the following is a period cost for a manufacturing company?
A)office rent
B)wages of factory janitor
C)insurance cost of production equipment
D)raw materials
Q3) Manufacturing businesses have inventory accounts,but merchandising businesses do not.
A)True
B)False
Q4) ERP systems can integrate all of a company's functions,departments,and data into a single system.
A)True
B)False
Q5) All costs incurred in the manufacture of final products are product costs.
A)True
B)False
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Chapter 17: Job Order Costing
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Sample Questions
Q1) Which of the following businesses is most likely to use a process costing system?
A)a baker producing cakes to order
B)a legal service provider
C)an audit service provider
D)a candy manufacturer
Q2) The ending balance in the Finished Goods Inventory account is a ________.
A)debit of $508,000
B)debit of $500,000
C)debit of $573,000
D)debit of $65,000
Q3) Manufacturing overhead is allocated by debiting the Work-in-Process Inventory account and crediting the Manufacturing Overhead account.
A)True
B)False
Q4) When direct materials are received on the production floor,they are recorded on the job cost record.
A)True
B)False
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Chapter 18: Process Costing
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Sample Questions
Q1) Under the first-in-first-out (FIFO)method,prior period costs are not merged with current period costs.
A)True
B)False
Q2) Factory rent and utilities are debited to the ________.
A)concerned Work-in-Process Inventory account
B)Manufacturing Overhead account
C)Finished Goods Inventory account
D)Cost of Goods Sold account
Q3) In a process costing system,a department's total production costs incurred in a particular period must equal the total costs transferred out of the department.
A)True
B)False
Q4) In a process costing system,costs can be controlled with the aid of a production cost report.
A)True
B)False
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Chapter 19: Cost Management Systems: Activity-Based, just-In-Time, and Quality Management Systems
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Sample Questions
Q1) ________ are costs incurred to avoid poor-quality goods or services.
A)Prevention costs
B)Appraisal costs
C)Internal failure costs
D)External failure costs
Q2) Phoenix Inc.manufactures widgets.The target sales price is $400 per unit.The company desires a 30% net profit margin on its products.What is the company's target full-product cost per unit using target pricing?
A)$120.00
B)$307.69
C)$235.29
D)$280.00
Q3) The main difference between activity-based costing and traditional costing systems is that activity-based costing uses a separate allocation base for each activity.
A)True
B)False
Q4) Quality management systems emphasize external failure costs.
A)True
B)False
21
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Chapter 20: Cost-Volume-Profit Analysis
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Sample Questions
Q1) The relevant range of Orleans Trailers Inc.is between 100,000 units and 180,000 units per month.If the company produces beyond 180,000 units per month,________.
A)the fixed costs will remain the same,but the variable cost per unit may change
B)the fixed costs may change,but the variable cost per unit will remain the same
C)the fixed costs and the variable cost per unit will not change
D)both the fixed costs and the variable cost per unit may change
Q2) The breakeven point is the point where the sales revenues are equal to the total variable costs plus the total fixed costs.
A)True
B)False
Q3) Which of the following costs remains the same irrespective of the changes in production?
A)total mixed costs
B)total operating costs
C)total variable costs
D)total fixed costs
Q4) The sales level at which operating income is zero is called breakeven point.
A)True
B)False
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Chapter 21: Variable Costing
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Sample Questions
Q1) For short-term pricing decisions,fixed costs are usually not relevant as they do not change.
A)True
B)False
Q2) Which of the following will appear as a line item in the traditional format of an income statement?
A)contribution margin
B)total variable costs (manufacturing and non-manufacturing)
C)total fixed costs (manufacturing and non-manufacturing)
D)gross profit
Q3) Absorption costing considers direct materials,direct labor,variable manufacturing overhead,and fixed manufacturing overhead as product costs.
A)True
B)False
Q4) Fixed manufacturing overhead is considered a product cost under variable costing. A)True
B)False
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23
Chapter 22: Master Budgets
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Sample Questions
Q1) A company has prepared the operating budget and the cash budget and is now preparing the budgeted balance sheet.While doing so,the cash balance can be taken from ________.
A)the operational budget
B)the budgeted income statement
C)the cash budget
D)the sales budget
Q2) Sensitivity analysis is a what-if technique.
A)True
B)False
Q3) Based on the new data,calculate the new projected cash balance at the end of July.
A)$8,500
B)$2,400
C)$7,000
D)$900
Q4) Unlike a manufacturing company,the sales budget is the cornerstone for the master budget of a merchandising company.
A)True B)False
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Chapter 23: Flexible Budgets and Standard Cost Systems
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Q1) Onyx Décor Company has prepared a static budget at the beginning of the month.At the end of the month,the following information has been retrieved from the records. Static budget:
Sales volume: 1,000 units: Price: $70 per unit
Variable expense: $32 per unit: Fixed expenses: $37,500 per month
Operating income: $500
Actual results:
Sales volume: 990 units: Price: $74 per unit
Variable expense: $35 per unit: Fixed expenses: $33,000 per month
Operating income: $5,610
Calculate the flexible budget variance for fixed expenses.
A)$4,500 U
B)$4,500 F
C)$0
D)$5,490 F
Q2) An efficiency variance measures how well a company keeps unit prices of material and labor inputs within standards.
A)True
B)False
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25
Chapter 24: Responsibility Accounting and Performance Evaluation
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Q1) A market-based transfer price considers the ________ when determining the transfer price.
A)variable costs
B)sales price of goods
C)cost of the goods
D)contribution margin
Q2) Uncontrollable costs are the costs that can be influenced by the decisions of a manager.
A)True
B)False
Q3) Which of the following statements most accurately describes the company's "climate for action?"
A)a corporate culture that encourages communication,change,and growth
B)a corporate culture that is focused on strong,top-down command and control
C)a corporate culture which is aimed exclusively at period earnings
D)a corporate culture that discourages physical activity,sports and recreation to improve employee health and morale
Q4) Flexible budgets use budgeted costs at the actual level of activity.
A)True
B)False
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Chapter 25: Short-Term Business Decisions
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Q1) Revenue at the market price minus the desired operating income equals the product's target full product cost.
A)True
B)False
Q2) Custom Furniture manufactures a small table and a large table.The small table sells for $900,has variable costs of $560 per table,and takes ten direct labor hours to manufacture.The large table sells for $1,500,has variable costs of $980,and takes eight direct labor hours to manufacture.Calculate the contribution margin per direct labor hour for the small table.
A)$29 per direct labor hour
B)$32 per direct labor hour
C)$34 per direct labor hour
D)$36 per direct labor hour
Q3) Which of following statements is true of short-term decision making?
A)Fixed costs and variable costs must be analyzed separately.
B)All costs behave in the same way.
C)Unit manufacturing costs are variable costs.
D)All costs involved in a decision are considered relevant.
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Chapter 26: Capital Investment Decisions
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Q1) When comparing several investments with the same initial outlay,the decision should be made on the basis of the ________.
A)highest total cash inflows
B)longest payback period
C)highest NPV
D)highest ARR
Q2) Management's minimum desired rate of return on a capital investment is known as the return on investment.
A)True
B)False
Q3) The accounting rate of return is also known as average rate of return or annual rate of return.
A)True
B)False
Q4) An annuity refers to a series of equal cash flows received or paid annually.
A)True
B)False
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Chapter 27: Accounting Information Systems
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Sample Questions
Q1) In a purchases journal,the total of the ________ column is not posted to the general ledger.
A)Merchandise Inventory DR
B)Other Accounts DR,Amount
C)Accounts Payable CR
D)Office Supplies DR
Q2) An accounting information system is said to be relevant,if it ________.
A)works smoothly with the business's employees and organizational structure
B)safeguards a business's assets and reduces the likelihood of fraud and errors
C)provides information that will improve decision making and reduce uncertainty
D)accommodates changes in the business over time
Q3) Which of the following accounting information system activities can be classified under payroll business transactions?
A)approval of new employees
B)receipt of customer payment
C)processing of vendor invoice
D)payment for goods or services
Q4) In a networked system,the server stores the program and the data.
A)True
B)False
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