Accounting Information Systems Exam
Bank
Course Introduction
Accounting Information Systems explores the integration of accounting principles and information technology to collect, process, and communicate financial data for effective decision-making. This course covers the design, implementation, and management of computerized accounting systems, emphasizing internal controls, security, and compliance with regulatory frameworks. Students will analyze real-world case studies, learn to document business processes, utilize database management systems, and understand the impact of emerging technologies such as cloud computing and data analytics on accounting functions. The course prepares students to bridge the gap between accounting and information systems in modern organizations.
Recommended Textbook Cornerstones of Cost Accounting 1st Edition by Don
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Page 2
R. Hansen
Chapter 1: Introduction to Cost Management
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Sample Questions
Q1) The internal auditor performs a
A) line function.
B) staff function.
C) production function.
D) marketing function.
Answer: B
Q2) An accountant certified to possess the minimal professional qualifications for an external auditor is a
A) CPA.
B) CMA.
C) CIA.
D) all of these.
Answer: A
Q3) Which of the following duties is usually assigned to the controller?
A) receiving, maintaining custody of, and disbursing monies and securities
B) directing the granting of credit to clients
C) investing the organization's funds
D) tax planning
Answer: D
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Page 3
Chapter 2: Basic Cost Management Concepts
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Sample Questions
Q1) When calculating the absorption-costing income for external reporting, all
A) manufacturing costs ultimately become nonmanufacturing costs.
B) manufacturing costs are product costs and product costs are never expensed.
C) costs of selling manufactured products are classified as product costs.
D) selling and administrative costs are classified as nonmanufacturing costs.
Answer: D
Q2) Which of the following accounts would appear on the financial statements of ONLY a manufacturing firm?
A) bonds payable
B) materials inventory
C) prepaid insurance
D) retained earnings
Answer: B
Q3) The ending work-in-process inventory is deducted on the A) balance sheet.
B) statement of cost of goods manufactured.
C) income statement.
D) statement of cash flows.
Answer: B
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Page 4
Chapter 3: Cost Behavior
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Sample Questions
Q1) What does a correlation coefficient near 0 mean?
A) Two variables are moving in the opposite direction.
B) Two variables are moving in the same direction.
C) Two variables are unrelated.
D) One variable is a good predictor of the other.
Answer: C
Q2) Refer to Figure 3-6.Using a computer or calculator, compute the estimate of maintenance costs at 100 units of production using the method of least squares.This value would be
A) $291.
B) $321.
C) $336.
D) $698.
Answer: A
Q3) Refer to Figure 3-3.What is the unused capacity in dollars?
A) $60,000
B) $30,000
C) $240,000
D) $15,000
Answer: B
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Chapter 4: Activity-Based Costing
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Sample Questions
Q1) Which of the following quantities is an example of an activity driver in activity-based costing?
A) number of setups
B) number of orders placed
C) number of machine hours
D) all of these
Q2) Refer to Figure 4-14.If material moves are used to assign material handling costs, the amount of material handling costs allocated to the proposed job would be
A) $180.
B) $170.
C) $147.
D) $ 60.
Q3) _____________ is a simple list of activities identified in an ABC system.
A) Activity inventory
B) Activity dictionary
C) Activity attributes
D) Activity driver
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Chapter 5: Product and Service Costing: Job-Order System
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Sample Questions
Q1) Refer to Figure 5-2.What is overhead cost assigned to Job XY5?
A) $200
B) $400
C) $750
D) $1,500
Q2) What is the most important factor that causes service firms to generally rank lower in customer satisfaction than manufacturing firms?
Q3) Inseparability refers to the
A) nonphysical nature of services as opposed to products.
B) fact that production and consumption are inseparable for services.
C) greater chances for variation in the performance of services than in the production of products.
D) fact that services cannot be inventoried but must be consumed when performed.
Q4) Which of the following would NOT use a process costing system?
A) electrical wire
B) cotton yarn
C) newsprint
D) satellites
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Chapter 6: Process Costing
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Sample Questions
Q1) Refer to Figure 6-10.If materials were added when the units are 50 percent complete, how many equivalent units of production for materials would there be for Irvin Corporation using the FIFO costing method?
A) 101,500 units
B) 105,500 units
C) 110,000 units
D) 85,000 units
Q2) Refer to Figure 6-12.What are the FIFO cost per unit for materials?
A) $1.00
B) $0.77
C) $0.75
D) $0.65
E) none of these
Q3) Refer to Figure 6-9.How many equivalent units for conversion costs would there be for Gill Corporation in March using the FIFO method?
A) 100,000 units
B) 111,500 units
C) 125,000 units
D) 101,500 units
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Page 8
Chapter 7: Allocating Costs of Support Departments and Joint Products
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Sample Questions
Q1) Refer to Figure 7-7.What is the gross profit for Dulls assuming the constant gross margin percentage method is used?
A) $120,000
B) $150,000
C) $37,500
D) $200,000
Q2) Which joint cost allocation method is described by the following statement? Overall sales revenue minus overall costs (joint plus further processing costs) is calculated to yield gross profit and the gross profit percentage.Each product is then assigned the same cost of goods sold percentage.
A) constant gross margin method
B) weighted average method
C) sales-value-at-split-off method
D) net realizable method
Q3) What are the total costs to be allocated from Department S1?
A) $15,000
B) $800
C) $9,500
D) $15,573
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Chapter 8: Budgeting for Planning and Control
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Sample Questions
Q1) When budgets are used for control,
A) budgeted amounts from different years are compared.
B) actual amounts from different years are compared.
C) budgeted amounts are compared to actual amounts.
D) none of these.
Q2) Refer to Figure 8-2.In going from the sales budget to the production budget, adjustments to the sales budget need to be made for
A) finished goods inventories.
B) cash receipts.
C) factory overhead costs.
D) selling expenses.
Q3) Based on this information, the number of units of A1 that needs to be purchased by Gerald during the first month is
A) 9,500 units.
B) 10,000 units.
C) 1,000 units.
D) 10,500 units.
Q4) Discuss the features of an ideal budgetary process.
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10
Chapter 9: Standard Costing: a Functional-Based Control Approach
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Sample Questions
Q1) Refer to Figure 9-1.What is the material price variance for Bender Corporation?
A) $27 (U)
B) $60 (F)
C) $33 (F)
D) $33 (U)
Q2) A five-percent wage increase for all factory employees would affect which of the following variances?
A) direct materials price variance
B) direct labor rate variance
C) direct labor efficiency variance
D) variable manufacturing overhead efficiency variance
Q3) Which of the following is NOT true about Kaizen Standards?
A) Kaizen standards are the standards used for continuous improvement.
B) Kaizen standards are a currently attainable standard that reflects planned improvement.
C) Kaizen standards are constantly changing.
D) Kaizen standards are the standards used in traditional costing systems.
Q4) How are standards developed? What is the difference between ideal and currently attainable standards?
Q5) Compare and contrast mix and yield variances.
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Chapter 10: Decentralization: Responsibility Accounting, Performance
Evaluation, and Transfer Pricing
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Sample Questions
Q1) What is the return on investment for A?
A) 18%
B) 15%
C) 20%
D) 40%
Q2) The company uses the opportunity cost approach to transfer pricing.What is the minimum transfer price in Case 1?
A) $90
B) $86
C) $83
D) $73
Q3) Compare and discuss the advantages and disadvantages of the following performance measures: ROI, EVA, and Residual Income.
Q4) _______________ are NOT controlled by a manager of a profit center.
A) Revenues
B) Costs
C) Investments
D) Profits
Q5) How are information, responsibility, and accountability related?
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Chapter 11: Strategic Cost Management
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Sample Questions
Q1) Which of the life-cycle viewpoints is the cost-oriented viewpoint?
A) product life-cycle
B) consumable life-cycle
C) production life-cycle
D) planning life-cycle
Q2) Which of the following manufacturing costs is assigned to products in a JIT environment using allocation?
A) cafeteria services
B) equipment depreciation
C) insurance and taxes
D) operating supplies
Q3) When a computer company selects a mix of strategies in order to create sustainable competitive advantage, it is following a
A) focusing strategy.
B) low-cost strategy.
C) differentiation strategy.
D) strategic positioning strategy.
Q4) Explain the difference between acceptable quality level and total quality control.
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Page 13
Chapter 12: Activity-Based Management
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Sample Questions
Q1) A company has 5 days of finished goods inventory on hand to avoid stockouts.The carrying costs of the inventory average $5,000 per day.The value-added costs are
A) $-0-.
B) $1,000.
C) $5,000.
D) $25,000.
Q2) Which of the following process dimensions of the activity-based management model deals with "what"?
A) resources
B) driver analysis
C) activities
D) performance measures
Q3) An example of activity reduction would be
A) improving cycle time so the need for expediting is eliminated.
B) redesigning products to lead to a reduced cost set of activities.
C) designing a new product that uses components already used by another product.
D) reducing demand for customer complaint handling by improving product quality.
Q4) What is Kaizen costing? How does activity analysis help reduce costs?
Q5) What is process value analysis?
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Chapter 13: The Balanced Scorecard: Strategic-Based Control
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Sample Questions
Q1) Which of the following would be considered a lead measure for employee capabilities?
A) employee satisfaction
B) employee turnover
C) employee productivity
D) number of training hours
Q2) Which of the following statements is true regarding lag measures?
A) lag measures are measures that relate to customers
B) lag measures are factors that drive future performance
C) lag measures are performance drivers
D) lag measures include measures such as customer profitability
Q3) Which of the following would be an external measure?
A) profitability
B) employee satisfaction
C) process efficiency
D) all of these
Q4) Activity-based evaluation and strategic-based evaluation incorporate some of the same elements.However, strategic-based responsibility adds some new elements to the common dimensions.What are the elements in common and what new elements are included?
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Chapter 14: Quality and Environmental Cost Management
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Sample Questions
Q1) _______________ are caused by the firm but are incurred and paid for by parties outside the firm.
A) Realized external failure costs
B) Unrealized external failure costs
C) Realized internal failure costs
D) Unrealized internal failure costs
Q2) In-process inspection is a(n)
A) external failure cost.
B) internal failure cost.
C) appraisal cost.
D) prevention cost.
Q3) Assume the multiplier method is used and the multiplier is determined to be 3 based on experience.Accounting records show that the measured external failure costs are $400,000.Then the hidden external failure costs are estimated to be
A) $133,334.
B) $400,000.
C) $800,000.
D) $1,200,000.
Q4) What does quality mean and how has improving quality increased firm value?
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Chapter 15: Lean Accounting and Productivity Measurement
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Sample Questions
Q1) Refer to Figure 15-1.How long does it take to produce a batch of 20 units under a traditional manufacturing approach?
A) 335 minutes
B) 300 minutes
C) 15 minutes
D) none of these
Q2) _______________ is(are) productivity measure(s) that are expressed in physical terms.
A) Financial productivity measures
B) Operational productivity measures
C) Partial productivity measurement
D) Productivity measurement
Q3) By how much did profits change as a result of changes in productivity related to labor?
A) $1,650.00 decrease
B) $1,650.00 increase
C) $1,237.50 decrease
D) $1,237.50 increase
Q4) Discuss the advantages and disadvantages of partial productivity measures.
Q5) Discuss the linkage between quality and productivity.
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Chapter 16: Cost-Volume-Profit Analysis
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Sample Questions
Q1) Baker Company sells its product for $60.In addition, it has a variable cost ratio of 40 percent and total fixed costs of $9,000.What is the break-even point in sales dollars for Baker Company?
A) $3,600
B) $5,400
C) $15,000
D) $9,000
Q2) Refer to Figure 16-1.What is the break-even point in units for Kringel?
A) 33,334 units
B) 100,000 units
C) 40,000 units
D) 200,000 units
Q3) The total revenue line rises with a slope equal to
A) the selling price.
B) the contribution margin.
C) the variable cost per unit.
D) none of these.
Q4) In the Cost-Volume-Profit analysis, what are two ways management can deal with risk and uncertainty?
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Chapter 17: Activity Resource Usage Model and Tactical Decision Making
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Sample Questions
Q1) In the activity resource model, flexible resources are
A) resources acquired in advance of usage.
B) resources acquired as used and needed.
C) usually acquired in lumpy amounts.
D) are normally fixed or mixed costs.
Q2) A wholesaler has offered to pay $110 a unit for 7,500 units. If the special order is accepted, the effect on operating income would be a
A) $75,000 decrease.
B) $429,000 increase.
C) $495,000 increase.
D) $249,000 increase.
Q3) Which of the following items would be classified as committed resources (long-term)?
A) salaried employees
B) depreciation on building
C) lease on machinery
D) both b and c
Q4) Describe the steps in the decision-making process.What is the role of qualitative factors in tactical decision-making?
Q5) What are relevant costs? How do they relate to decision making?
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Chapter 18: Pricing and Profitability Analysis
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Sample Questions
Q1) Which products have an elastic demand curve?
A) Product A
B) Product B
C) Product C
D) all of these
Q2) What is the markup based on materials?
A) 400.0%
B) 185.7%
C) 42.9%
D) 71.4%
Q3) What is the markup based on prime costs?
A) 300.0%
B) 133.3%
C) 50.0%
D) 166.7%
Q4) What are the ways employee behavior changes in relation to a profit emphasis?
A) desire to avoid losses may result in short-run decisions
B) unethical behavior may take place if rewards or bonuses are based on profits
C) ignoring the less measurable outcomes that may benefit the company
D) all of these are potential changes
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Chapter 19: Capital Investment
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Sample Questions
Q1) If the tax rate is 40 percent and a company has $800,000 of income, a depreciation deduction of $100,000 would result in a tax savings of
A) $34,000.
B) $40,000.
C) $30,000.
D) $66,000.
Q2) Cooper Industries is considering a project that would require an initial investment of $101,000.The project would result in cost savings of $62,000 in year 1 and $70,000 in year 2.The internal rate of return is
A) between 16% and 17%.
B) between 18% and 20%.
C) under 15%.
D) none of these.
Q3) What are the differences that affect capital investment decisions regarding advanced technology and environmental considerations?
Q4) Explain what a capital investment decision is.In your answer, distinguish between independent and mutually exclusive capital investment decisions.
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Chapter 20: Inventory Management: Economic Order
Quantity, Jit, and the Theory of Constraints
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Sample Questions
Q1) Which of the following is NOT considered a carrying cost?
A) insurance on the inventory
B) the opportunity cost of funds invested in inventory
C) storage costs
D) receiving costs
Q2) Willie Manufacturing Company increased the size of several inventory order quantities that had previously been determined using the EOQ model.What is the impact on the total amount of annual carrying and ordering costs?
A) increase
B) no change
C) decrease
D) cannot be determined
Q3) A marker or card that signals to a supplier the quantity of materials that need to be delivered and the time of delivery is a
A) production Kanban.
B) vendor Kanban.
C) withdrawal Kanban.
D) deposit Kanban.
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