Accounting II Test Questions
Course Introduction
Accounting II builds upon the foundational principles introduced in Accounting I, delving deeper into the complexities of financial accounting and reporting. This course covers topics such as accounting for partnerships and corporations, statement of cash flows, long-term liabilities, investments, and shareholders' equity. Students will develop skills in analyzing and interpreting financial statements, apply proper accounting treatment for different business transactions, and gain an understanding of ethical and regulatory considerations in accounting. Through practical exercises and case studies, learners enhance their ability to make informed financial decisions and support organizational objectives using advanced accounting practices.
Recommended Textbook
Financial And Managerial Accounting Principles International Edition 9th Edition by Crosson
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29 Chapters
4463 Verified Questions
4463 Flashcards
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Page 2
Chapter 1: Uses of Accounting Information and the Financial Statements
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170 Verified Questions
170 Flashcards
Source URL: https://quizplus.com/quiz/72011
Sample Questions
Q1) The heading for a balance sheet might include the line "As of December 31,20xx."
A)True
B)False
Answer: True
Q2) Knowledge of the exchange rate is necessary to apply the money measure concept in case of international transactions.
A)True
B)False
Answer: True
Q3) The correct order of the three stages of accounting is
A) communication, processing, and measurement.
B) measurement, communication, and processing.
C) processing, measurement, and communication.
D) measurement, processing, and communication.
Answer: D
Q4) The title "wages payable" would appear on the income statement.
A)True
B)False
Answer: False
Page 3
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Chapter 2: Analyzing Business Transactions
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194 Verified Questions
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Sample Questions
Q1) In a journal entry,the Post.Ref.column is left blank until the entry has been posted.
A)True
B)False Answer: True
Q2) A contract is an example of a source document.
A)True
B)False Answer: True
Q3) In a journal entry,credits are always indented.
A)True
B)False Answer: True
Q4) Which of the following accounts is decreased with a credit?
A) Advertising Fees Earned
B) Insurance Expense
C) Common Stock
D) Unearned Revenue
Answer: B
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Page 4
Chapter 3: Measuring Business Income
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Sample Questions
Q1) Under which circumstance would one less closing entry than usual be made?
A) When the Retained Earnings account is zero prior to posting of closing entries
B) When a net loss has been suffered
C) When revenues have not yet been collected
D) When net income is zero
Answer: D
Q2) Which account bypasses the Income Summary account in the closing process?
A) Revenue from Services
B) Depreciation Expense-Building
C) Dividends
D) Wages Expense
Answer: C
Q3) Revenue is equal to the cash received by a company during an accounting period. A)True
B)False
Answer: False
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Page 5
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) The amount for Dividends will appear in the Income Statement columns of a work sheet.
A)True
B)False
Q3) Which of the following is the most useful aid to the accountant in preparing closing entries?
A) Ledger
B) Work sheet
C) Journal
D) Financial statements
Q4) A work sheet is more useful for a small company than for a large one.
A)True
B)False
Q5) The amount of dividends for the period can be found on the work sheet. A)True
B)False
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Chapter 4: Financial Reporting and Analysis
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166 Verified Questions
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Sample Questions
Q1) Which of the following accounting conventions would an accountant most likely apply when facing major uncertainties?
A) Full disclosure
B) Conservatism
C) Materiality
D) Consistency
Q2) Operating expenses include cost of goods sold.
A)True
B)False
Q3) The accounting convention that is most responsible for the increase in the number of notes to financial statements is
A) materiality.
B) full disclosure.
C) consistency.
D) conservatism.
Q4) Profit margin and gross margin are the same thing.
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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176 Verified Questions
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Sample Questions
Q1) The use of major credit cards requires sellers to establish the customer's credit.
A)True
B)False
Q2) Another term for an invoice is a bill.
A)True
B)False
Q3) Cash flow cannot be managed,but it is a natural component of business operations.
A)True
B)False
Q4) The periodic inventory system is used most commonly by companies that sell
A) low-priced, high-volume merchandise.
B) low-priced, low-volume merchandise.
C) high-priced, low-volume merchandise.
D) high-priced, high-volume merchandise.
Q5) When the terms of sale include a sales discount,it usually is advisable for the buyer to pay within the discount period.
A)True
B)False
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Chapter 6: Inventories
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Sample Questions
Q1) The LIFO method agrees with the actual physical goods flow in most businesses.
A)True
B)False
Q2) Freight charges associated with the purchase of inventory normally are not included in inventory cost.
A)True
B)False
Q3) Why are the amounts determined for ending inventory and cost of goods sold the same under both the periodic and perpetual inventory systems when FIFO is used but not when LIFO is used?
Q4) An understatement of year 1's ending inventory will
A) cause year 2's cost of goods sold to be overstated.
B) result in an understatement of year 2's beginning inventory.
C) not affect year 2's ending owner's equity.
D) have no effect on year 2's gross margin.
Q5) The costs included in work in process and finished goods inventories would properly contain manufacturing overhead costs.
A)True
B)False
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Chapter 7: Cash and Receivables
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Sample Questions
Q1) The allowance for uncollectible accounts is similar to accumulated depreciation in that it represents the total of all accounts written off over the years.
A)True
B)False
Q2) Notes receivable and cash are examples of short-term financial assets.
A)True
B)False
Q3) On a balance sheet,what items normally are included in Cash?
Q4) Compute the correct amount for each letter in the following table: \(\begin{array}{|l|r|r|r|r|}
\hline &\text { Case 1 } & \text { Case 2 } & \text { Case } 3 & \text { Case } 4 \\
\hline\text {Balance per bank statement} & \$ \mathbf{a} & \$ 17,800 & \$ 630& \$ 3,980 \\
\hline\text { Deposits in transit }& 1,200 & \text { b } & 100 & 250 \\
\hline\text { Outstanding checks} & 3,000 & 2,000 & \mathbf{c} & 150 \\
\hline \text {Balance per books }& 6,900 & 18,800 & 450 & \text {d }\\
\hline
\end{array}\)
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Chapter 8: Current Liabilities and Fair Value Accounting
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Sample Questions
Q1) Hatley Corporation borrowed $10 million to finance the construction of a new building.In addition to the annual interest that is not included in the face,one-tenth of the principal amount borrowed is to be repaid each year.If the borrowing occurred one month prior to year end,how should the loan be presented on the upcoming balance sheet?
Q2) Use this information to answer the following question. The transactions below pertain to Broyer Company,whose fiscal year ends September 30. Sept. 10 Received cash for a 90-day, 12 percent, \( \$ 25,000 \) note payable. Interest is in adclition to the face value.
30 Made end-of-year adjusting entry to accrue interest expense. The entry to record the September 10 transaction (amounts rounded)is:
A) Cash 740
Notes Payable 740
B) Cash 24,260
Accounts receivable 24,260
C) Cash 24,260
Notes Payable 24,260
D) Cash 25,000
Notes Payable 25,000
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Chapter 9: Long Term Assets
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Sample Questions
Q1) An asset was purchased for $200,000.It had an estimated residual value of $40,000 and an estimated useful life of ten years.After four years of use,the estimated residual value is revised to $28,000.Assuming straight-line depreciation,depreciation expense in year 5 of use would be
A) $18,000.
B) $17,144.
C) $28,668.
D) $15,333.
Q2) According to generally accepted accounting principles,the proper accounting treatment of the cost of developing intangible assets is to
A) carry the cost as an asset indefinitely.
B) amortize the cost over five years.
C) amortize the cost over a reasonable life.
D) write off the cost immediately.
Q3) A machine that cost $36,000 and on which $26,000 of depreciation had been recorded was disposed of for $10,400.Indicate whether a gain or a loss should be recorded,and for what amount.
Q4) Present two arguments in favor of the use of accelerated depreciation.
Q5) What is goodwill and when may it be recorded?
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Chapter 10: Long-Term Liabilities
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Sample Questions
Q1) When bonds are converted to common stock,what is the basis for recording (valuing)the stock issued?
Q2) When interest payments on an investment exceed the earnings from the investment,negative financial leverage has occurred.
A)True
B)False
Q3) An $80,000 bond issue priced at 97-3/4 is sold for $78,200.
A)True
B)False
Q4) The entry to record the issuance of bonds between interest payment dates will include a debit to Bond Interest Expense.
A)True
B)False
Q5) When a bond sells at a premium,what is probably true about the market interest rate versus the face interest rate? Discuss.
Q6) A corporation's stockholders are the primary recipients of financial leverage.
A)True B)False
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Chapter 11: Contributed Capital
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Sample Questions
Q1) To evaluate the amount of dividends they receive,investors use the ratio called A) Price Earning ratio
B) Dividend yield ratio
C) Return on Equity
D) Current ratio
Q2) Par value is the minimum cushion of capital established for the protection of A) investors (stockholders).
B) management.
C) creditors.
D) all of these.
Q3) Cash dividends become a liability of a corporation when the stock goes ex-dividend.
A)True
B)False
Q4) Dividends on cumulative preferred stock do not become a liability of the corporation until they are declared by the board of directors.
A)True
B)False
Q5) Why must a corporation have sufficient retained earnings before it may declare cash dividends?
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Chapter 12: Investments
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Sample Questions
Q1) Which type of investment,if any,could be classified as short- or long-term,as well as debt or equity?
A) Available-for-sale securities
B) Trading securities
C) Held-to-maturity securities
D) None of the above
Q2) All of the following are conditions that could affect the valuation of investments on the balance sheet except
A) changes in the general purchasing power of the dollar.
B) changes in the operations of investee companies.
C) changes in the market value of the investments.
D) changes due to discount or premium amortization.
Q3) Held-to-maturity securities that will mature within one year are classified on the balance sheet as short-term investments and are valued at cost adjusted for the effects of interest.
A)True
B)False
Q4) When a company receives a dividend from its investee,what will be the effect on the financial statements of the investing company if it uses the equity method?
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Chapter 13: The Corporate Income Statement and the Statement of Stockholders Equity
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Sample Questions
Q1) Income tax allocation is necessary because tax rates differ at different levels of income.
A)True B)False
Q2) The account Common Stock Distributable is classified as a current liability.
A)True
B)False
Q3) A small stock dividend normally results in a transfer from Retained Earnings to Contributed Capital of an amount equal to the par value of the stock.
A)True
B)False
Q4) A business with a simple capital structure would present only basic earnings per share information in its financial statements.
A)True B)False
Q5) Why would a financial analyst consider the amount of income from continuing operations to be more useful than the amount of net income?
Page 16
Q6) Why must certain income statement items be presented "net of taxes"?
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Chapter 14: The Statement of Cash Flows
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Sample Questions
Q1) If the indirect method is used to prepare a statement of cash flows,which of the following would be deducted from net income to arrive at net cash flows from operating activities?
A) Increase in accrued liabilities
B) Increase in income taxes payable
C) Increase in accounts receivable
D) Decrease in prepaid expenses
Q2) If the indirect method is used,which of the following would be added to net income to arrive at net cash flows from operating activities?
A) Increase in Inventory
B) Decrease in Prepaid Expenses
C) Decrease in Accounts Payable
D) Increase in Accounts Receivable
Q3) A company sells equipment with a carrying value of $10,000 for $7,000.Where,and for what amounts,would this transaction appear on a statement of cash flows using the indirect method?
Q4) Cash flows to assets is measured in "times."
A)True
B)False
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Chapter 15: The Changing Business Environment - a Managers Perspective
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Sample Questions
Q1) Each of the management tools can be used individually,or parts of them can be combined to create a new operating environment.
A)True
B)False
Q2) A business plan is a comprehensive statement of how a company will achieve its objectives,but does not include budgets or performance goals.
A)True
B)False
Q3) If the report is urgently needed,it is sometimes necessary to sacrifice accuracy for A) timeliness.
B) personal feelings.
C) profits.
D) expectations.
Q4) If a management accountant gives information about a future merger of his or her company to a relative,the accountant has acted unethically.
A)True B)False
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Chapter 16: Cost Concepts and Cost Allocation
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Sample Questions
Q1) The numbers of vendors,products,and engineering change orders are examples of A) beneficial relationships.
B) potential cost drivers.
C) inputs to processing time.
D) unavoidable overhead costs.
Q2) The amount for cost of goods manufactured should be the same as the amount transferred from the Work in Process Inventory account to the Finished Goods Inventory account during the year.
A)True
B)False
Q3) Product unit cost is computed by dividing cost of goods sold by the number of units sold.
A)True
B)False
Q4) Period costs flow through three types of inventory accounts before becoming part of the cost of goods sold amount.
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,when the goods are sold,the Cost of Goods Sold account is increased,and the Finished Goods Inventory account is decreased for the selling price of the goods sold.
A)True
B)False
Q2) Which of the following products probably would be manufactured using a job order costing system?
A) Paper
B) Baseball
C) Computer monitors
D) Company business cards
Q3) The basic document for keeping track of costs in a job order costing system is a
A) job order cost card.
B) labor time card.
C) process cost report.
D) materials requisition form.
Q4) In a job order costing system,product costs are traced to work cells.
A)True
B)False
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Chapter 18: Costing Systems- Process Costing
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Sample Questions
Q1) In a process costing system,unit cost is computed
A) on the basis of productive output for a period of time.
B) for each job worked on.
C) for direct materials costs only.
D) only for the last production process.
Q2) During October,Department A started 320,000 units of product in a particular manufacturing process.The beginning work in process inventory was 50,000 units,and the ending inventory was 30,000 units.Direct materials are introduced at the start of processing,and beginning and ending inventories are considered to be 50 percent complete with respect to conversion costs.Department A uses the FIFO costing method. The number of equivalent units for conversion costs was
A) 345,000.
B) 330,000.
C) 360,000.
D) 375,000.
Q3) 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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Page 21
Chapter 19: Value-Based Systems- Abm and Lean
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Sample Questions
Q1) A framework for classifying value-adding and nonvalue-adding activities according to the level at which their costs are incurred is called a
A) bill of activities.
B) full product cost.
C) value chain.
D) cost hierarchy.
Q2) How does pull-through production help minimize inventories in a just-in-time operating environment?
A) Products are made in anticipation of customer demand.
B) Products are made only when customer orders are received.
C) Products are made in large production runs.
D) Products are made identically.
Q3) In the JIT environment,direct materials and conversion costs should be nearly uniform for each product in a work cell.
A)True
B)False
Q4) When using a just-in-time system,what qualities should be used to evaluate a supplier?
Q5) How can activity-based systems help managers in a global marketplace?
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Chapter 20: Cost Behavior Analysis
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Sample Questions
Q1) Field Legal Services is trying to determine the variable and fixed elements of its service overhead.The following data have been collected from recent activity: \(\begin{array} { l r r } &\text { Total Service Overhead}&\text { Cases Worked }\\ \text { March } & 22,900 & 112 \\ \text { April } & 20,800 & 98 \\ \text { May } & 26,400 & 138 \end{array}\)
The formula for total service overhead costs is
A) $5,600 + $140 per case.
B) $5,600 + $40 per case.
C) $7,823 + $134.62 per case.
D) $7,080 + $140 per case.
Q2) At the breakeven point,the contribution margin
A) is at a maximum.
B) minus total fixed costs equals a positive number.
C) equals fixed costs.
D) is at a minimum.
Q3) A project breaks even when total revenue less all costs is equal to zero.
A)True
B)False
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Page 23
Chapter 21: The Budgeting Process
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Sample Questions
Q1) The direct labor budget is needed to prepare the production budget.
A)True
B)False
Q2) Which of the following is a true statement?
A) The direct materials purchases budget is determined from the direct labor budget.
B) The only budget providing input into the revenue budget is the sales budget.
C) The direct materials purchases budget and the capital expenditures budget are both determined from the production budget.
D) The selling and administrative expense budget is input into the forecasted cost of goods sold.
Q3) Projected financial statements are the final product of the budgeting process.
A)True
B)False
Q4) Participative budgeting involves only personnel at top levels of the organization.
A)True
B)False
Q5) 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) How many different types of responsibility centers exist?
A) 2
B) 5
C) 10
D) 3
Q2) A manager can improve EVA by
A) increasing assets and decreasing costs.
B) increasing sales and assets.
C) increasing cost of capital and assets.
D) decreasing assets and lowering cost of capital.
Q3) Why are managers more likely to achieve their objectives in both the short term and the long term when they utilize a tool such as the balanced scorecard?
Q4) The economic value added performance measure focuses on long-term financial performance.
A)True
B)False
Q5) ROI is a performance measure mainly connected with a company's income statement.
A)True
B)False
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Chapter 23: Standard Costing and Variance Analysis
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Sample Questions
Q1) The direct labor efficiency variance is the difference between the standard hours allowed and the actual hours multiplied by the actual labor rate.
A)True
B)False
Q2) The total variable overhead variance is comprised of the
A) variable overhead efficiency and fixed variances.
B) fixed overhead budget and volume variances.
C) variable overhead spending and efficiency variances.
D) labor efficiency and rate variances.
Q3) Standard costing is typically a sophisticated and inexpensive component to add to a company's existing cost accounting system.
A)True
B)False
Q4) In standard costing,
A) the standards are developed only for overhead costs.
B) the standards are developed primarily from past costs.
C) comparisons with actual costs usually are not performed.
D) debit and credit entries to inventory accounts are made at standard costs.
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26
Chapter 24: Short Run Decision Analysis
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Sample Questions
Q1) The difference in total costs between two alternatives is referred to as the
A) incremental cost.
B) sunk cost.
C) opportunity cost.
D) direct cost.
Q2) During 2010,America,Inc.,produced,among other products,9,300 cameras,incurring the following unit costs: $5 in direct materials,$3 in direct labor,$2 in variable overhead,$4 in fixed overhead,$0.50 in variable selling and administrative expenses,and $1 in fixed selling and administrative expenses.An outsider had offered to produce the cameras for $12 each.Assuming that the factory space would have been idle otherwise,acceptance of the outside offer would have
A) lost the company $9,300.
B) saved the company $33,950.
C) saved the company $18,950.
D) lost the company $13,950.
Q3) Only large corporations benefit from capital investment analysis.
A)True
B)False
Q4) Why is the book value of equipment irrelevant when considering the replacement of equipment?
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Chapter 25: Capital Investment Analysis
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Sample Questions
Q1) Employees from every part of the organization participate in capital investment analysis.
A)True
B)False
Q2) Capital facilities and projects are not expensive.
A)True
B)False
Q3) Capital investment analysis involves all of the following except
A) preparing reports for management.
B) analyzing the sales mix.
C) selecting the best alternative.
D) dividing available capital investment funds.
Q4) Identifying the need for a new capital investment is the last step in the six step process of capital investment analysis.
A)True
B)False
Q5) Cost of capital of a company will be determined in four steps.
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 markup percentage includes the gross margin in the computation of the selling price.
A)True
B)False
Q2) Management accountants are directly involved in designing products that meet target costs.
A)True
B)False
Q3) A company should never attempt to increase its market share by reducing prices below cost.
A)True
B)False
Q4) Both internal and external factors can influence the pricing decision.
A)True
B)False
Q5) The pricing method that is used primarily by service businesses is A) return on assets pricing.
B) gross margin pricing.
C) target cost pricing.
D) time and materials pricing.
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Chapter 27: Quality Management and Measurement
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Sample Questions
Q1) Cost control concerns have largely been replaced with concern for nonfinancial measures in JIT settings.
A)True
B)False
Q2) Identify and describe three traits that differentiate management information systems (MIS)from traditional management accounting techniques.
Q3) The two components of costs of quality are costs of conformance and costs of nonconformance.
A)True
B)False
Q4) The Deming Application Prize for quality originated in Japan.
A)True
B)False
Q5) The primary focus of a management information system is management of costs.
A)True
B)False
Q6) At present,very few countries belong to the ISO.
A)True
B)False
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Chapter 28: Financial Analysis of Performance
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Sample Questions
Q1) Which of the following best describes the debt to equity ratio?
A) Average total assets divided by total liabilities
B) Average total assets divided by stockholders' equity
C) Stockholders' equity divided by total liabilities
D) Total liabilities divided by stockholders' equity
Q2) A company with $50,000 in current assets,$25,000 in quick assets,and $30,000 in current liabilities makes a payment of a $1,500 current debt.As a result of this transaction,the current ratio and quick ratio will
A) both decrease.
B) increase and decrease, respectively.
C) both increase.
D) remain the same and decrease, respectively.
Q3) The sale of plant assets and the payment of dividends will reduce free cash flow.
A)True
B)False
Q4) Financial statement analysis can be both past- and future-oriented.
A)True
B)False
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