Accounting Information Systems
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Course Introduction
Accounting Information Systems explores the design, implementation, and management of information systems as they relate to accounting functions and financial transactions. The course examines how technology supports business processes, internal controls, data security, and decision-making in organizations. Emphasis is placed on the integration of accounting principles with information technology, covering topics such as systems development, database management, audit trails, cybersecurity, and ethical considerations. Students gain practical experience in the analysis and application of accounting systems, preparing them to address challenges in modern financial environments.
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Managerial Accounting The Cornerstone of Business Decision Making 7th Edition by
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Page 2
Maryanne M.
Chapter 1: Introduction to Managerial Accounting
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Q1) The _____________________ is the set of activities required to design, develop, produce, market and deliver products and services as well as provide support services to customers.
Answer: value chain
Q2) Which of the following would not be an example of a value-added activity?
A) timely delivery of products
B) offering the customer a variety of products
C) storage of finished products
D) excellent customer service
Answer: C
Q3) The ____________________ is responsible for the finance function.
Answer: treasurer
Q4) ____________________ is primarily concerned with producing information for external users.
Answer: Financial accounting
Q5) The process of choosing among competing alternatives is called ________________________.
Answer: decision making
Q6) _________ is a crucial element in all phases of the value chain.
Answer: Time
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Chapter 2: Basic Managerial Accounting Concepts
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Sample Questions
Q1) Cost of shipping products to customers
A)Period
B)Product Answer: A
Q2) Car manufacturer
A)Tangible
B)Intangible Answer: A
Q3) How many financial calculators did Hill & Scott sell during the year?
A) 196,780
B) 106,942
C) 97,000
D) 108,260
Answer: B
Q4) The ____________________________ represents that total product cost of goods completed during the current period and transferred to finished goods inventory.
Answer: cost of goods manufactured
Q5) Expired costs are called ____________.
Answer: expenses
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Chapter 3: Cost Behavior, Cost Forecasting, and
Segmented Income Statements
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Sample Questions
Q1) Graphically, the ______________ is the point at which the cost line intercepts the cost (vertical) axis.
Answer: intercept
Q2) The following cost formula was developed using monthly data for a retail clothing store. Total cost = $50,000 + ($250 × number of customers)
The number $50,000:
A) is the unknown variable
B) is the dependent variable.
C) is the intercept.
D) is the slope rate.
Answer: C
Q3) direct labor
A)variable
B)fixed
Answer: A
Q4) A _______________ displays a constant level of cost for a range of output and then jumps to a higher level of cost at some point.
Answer: step cost
Page 5
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Chapter 4: Job-Order Costing and Normal Cost Overhead Application
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Q1) The amount by which actual overhead exceeds applied overhead
A)predetermined overhead rate
B)plantwide overhead rate
C)departmental overhead rate
D)overhead variance
E)overapplied overhead
F)underapplied overhead
G)applied overhead
H)normal cost of goods sold
Q2) Which of the following is false about actual overhead while using normal costing?
A) Actual overhead is recorded to the overhead control account during the period.
B) If the actual overhead is greater than the applied overhead then the overhead is underapplied
C) Overhead variance is the difference between actual overhead and applied overhead.
D) It is divided into many smaller accounts such as indirect labor, supplies, etc.
E) None of these.
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Chapter 5: Activity-Based Costing and Management
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Q1) Complying with the filing requirements of the IRS is an example of a
A) recreational activity.
B) discretionary activity.
C) recommended activity.
D) required activity.
Q2) Which of the following is not a possible source of customer diversity?
A) sales support
B) order frequency
C) delivery frequency
D) geographic distance
E) Pricing
Q3) ____ focuses on the relationship of activity inputs to activity outputs.
A) Activity output measure
B) Efficiency
C) Velocity
D) Activity drivers
E) None of these.
Q4) Activities necessary to remain in business are known as _____________________.
Q5) ___________________ are performed each time a unit is produced.
Page 7
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Chapter 6: Process Costing
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Q1) Which of the following companies would be least likely to use a process costing system?
A) an oil refinery
B) a home-builder
C) a fertilizer company
D) a chemical company
Q2) Which of the following methods considers the percentage of completion of beginning work-in-process?
A) FIFO
B) weighted average
C) both weighted average and FIFO
D) neither FIFO nor weighted average
Q3) In process costing, it is unreasonable to assume uniform application of material costs.
A)True
B)False
Q4) Costing system used by an architectural firm.
A)Process Costing
B)Job Order Costing
Q5) The _____________________ provides an analysis of the physical flow of units.
Page 8
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Chapter 7: Cost-Volume-Profit Analysis
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Q1) Managers can use CVP analysis to handle risk and uncertainty.
A)True
B)False
Q2) Sales mix is the relative combination of
A) inputs required to produce a product.
B) outputs produced by a firm.
C) products sold by a firm.
D) distribution channels used by a firm.
E) resources used to produce a product.
Q3) Product 1 has a contribution margin of $6.00 per unit, and Product 2 has a contribution margin of $7.50 per unit.Total fixed costs are $300,000.Sales mix and total volume varies from one period to another.Which of the following is true?
A) At a sales volume in excess of 25,000 units of 1 and 25,000 units of 2, operations will be profitable.
B) The ratio of net profit to total sales for 2 will be larger than the ratio of net profit to total sales for 1.
C) Variable costs are $1.50 more for 2 than for 1.
D) The ratio of contribution margin to total sales always will be larger for 1 than for 2.
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Chapter 8: Tactical Decision-Making and Relevant Costing
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Sample Questions
Q1) Gerberal Company charges cost plus 40%.What is the price of an item with cost equal to $100?
A) $76
B) $85
C) $140
D) $125
E) $190
Q2) The percentage that is applied to the base cost is known as the _____________.
Q3) What is the contribution margin per hour of machine time for Test A?
A) $40
B) $65
C) $25.50
D) $13.33
E) $15.67
Q4) What is the contribution margin per hour of specialized molding time for tubs?
A) $35
B) $68.33
C) $70
D) $200
E) $30
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Chapter 9: Profit Planning and Flexible Budgets
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Q1) How many units of TX500 are budgeted for production in June?
A) 47,600
B) 34,800
C) 32,000
D) 45,000
E) 12,800
Q2) Calculate the variance for maintenance using an after-the-fact flexible budget.
A) $13,000 U
B) $13,100 F
C) $11,000 U
D) $1,000 F
E) None of these.
Q3) The master budget is typically a comprehensive financial plan for the organization for the past fiscal year.
A)True
B)False
Q4) The basic structure of a ______________ includes cash receipts, cash disbursements, any excess or deficiency of cash, and financing.
Q5) The controller of the company usually serves as the __________________.
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Chapter 10: Standard Costing and Variance Analysis
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Q1) Although general responsibility for the volume variance is usually assigned to the purchasing department, responsibility on occasion may be assigned to the production department.
A)True
B)False
Q2) During June, Cisco Company produced 12,000 chainsaw blades.The standard quantity of material allowed per unit was 1.5 pounds of steel per blade at a standard cost of $8 per pound.The actual cost was $7 per pound.The actual pounds of steel that Cisco purchased were 19,500 pounds.All materials purchased were used.Calculate Cisco's materials usage variance.
A) $10,500 U
B) $12,000 F
C) $12,000 U
D) $10,500 F
Q3) The quantity of each input that should be used to produce one unit of output is documented on the standard cost sheet.
A)True
B)False
Q4) _________________ are capacity costs acquired in advance of usage.
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Chapter 11: Performance Evaluation and Decentralization
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Q1) When a manager is responsible for only costs it is known as a(n)
Q2) Calculate Atlas's turnover ratio for last year.(Note: Round answer to two decimal places.)
A) 2.15
B) 0.46
C) 0.55
D) 0.32
E) 0.10
Q3) Decentralization usually is achieved by creating units called ___________.
Q4) The difference between operating income and the minimum dollar return required on a company's operating assets is:
A) the return on investment (ROI).
B) the residual income.
C) economic value added (EVA).
D) the gross margin.
E) the operating turnover.
Q5) A(n) ________________ is when a manager is responsible only for sales.
Q6) Typically, investment centers are evaluated on the basis of
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Chapter 12: Capital Investment Decisions
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Q1) Before-tax cash flows must be forecasted and used in capital investment decision making.
A)True
B)False
Q2) Net present value analysis and internal rate of return analysis can sometimes produce erroneous choices because they ignore the time value of money.
A)True
B)False
Q3) A division manager is considering a project that requires a significant initial investment.The company's top management will not approve any project that does not return at least 12%.The manager will most likely use which of the following capital investment models?
A) payback period
B) accounting rate of return
C) net present value
D) internal rate of return
E) None of these.
Q4) The _________________________ measures the return on a project in terms of income.
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Chapter
Sustainability, Quality Cost, Lean Accounting, International Issues, Enterprise Risk Management, the Managerial
Accountant in Forensicfraud Accounting
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Sample Questions
Q1) Using units shipped in the unit cost calculation for single-product value stream instead of units produced motivates managers to:
A) produce for inventories.
B) reduce inventories.
C) produce more units than shipped.
D) adapt a demand-push system.
Q2) The financial significance of quality costs can be assessed more easily by expressing these costs as a percentage of:
A) actual sales.
B) net income.
C) gross margin.
D) operating income.
Q3) A _________ is one that does not conform to quality specifications.
Q4) Over half the cases of fraud are discovered through:
A) tips and by accident.
B) internal audits and external audits.
C) internal controls and external audits.
D) internal audits and internal controls. Page 15
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Chapter 14: Statement of Cash Flows
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Q1) Which of the following activities include acquiring and selling land?
A) Research activities
B) Investing activities
C) Financing activities
D) Warehouse activities
Q2) Total operating expenses on Pearl Company's income statement for last year totaled $300,000.During the year, the accounts payable stayed the same, the accrued liabilities stayed the same, and prepaid expenses stayed the same.Depreciation expense for the year was $29,000.Based on this information, operating expenses adjusted to a cash basis under the direct method on the statement of cash flows would be:
A) $341,000.
B) $271,000.
C) $100,000.
D) None of these.
Q3) If accounts payable have increased during a period,
A) revenues on an accrual basis are less than revenues on a cash basis.
B) expenses on an accrual basis are less than expenses on a cash basis.
C) expenses on an accrual basis are greater than expenses on a cash basis.
D) expenses on an accrual basis are the same as expenses on a cash basis.
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Chapter 15: Financial Statement Analysis
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Sample Questions
Q1) Return on total assets ratio
A)Liquidity Ratio
B)Leverage Ratio
C)Profitability Ratio
Q2) Pearl Company has 80,000 shares of common stock and 40,000 shares of preferred stock outstanding.There was no change in the number of common or preferred shares outstanding during the year.Preferred stockholders received dividends totaling $150,000 in the year.Common stockholders received dividends totaling $300,000.If the dividend payout ratio for the year was 40%, then the net income was:
A) $620,000.
B) $900,000.
C) $760,000.
D) $330,000.
Q3) ____________________ represents the percentage of each sales dollar that remains after all expenses have been subtracted.
Q4) Small sample sizes for an industrial report rarely cause a comparability problem in using standards.
A)True
B)False
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