Accounting Information Systems Exam Review
Course Introduction
Accounting Information Systems explores the integration of information technology and accounting practices within organizations. The course covers the design, implementation, and control of systems for collecting, storing, and processing financial and accounting data. Students learn about the role of accounting information systems in supporting decision-making, internal controls, and business operations while examining topics such as data security, auditing in computerized environments, and emerging technologies. Emphasis is placed on real-world applications, ethical considerations, and the use of accounting software to enhance organizational effectiveness.
Recommended Textbook
MANAGERIAL ACCOUNTING Version 1.0 by
Kurt Heisinger and Joe Hoyle
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13 Chapters
878 Verified Questions
878 Flashcards
Source URL: https://quizplus.com/study-set/3571
Page 2
Chapter 1: What Is Managerial Accounting
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83 Verified Questions
83 Flashcards
Source URL: https://quizplus.com/quiz/70918
Sample Questions
Q1) Enterprise Resource Planning (ERP)systems should be implemented by all organizations since ERP systems are inexpensive and lead to better decisions.
A)True
B)False
Answer: False
Q2) All organizations must have:
A)a tax accountant.
B)a treasurer.
C)vice president of marketing.
D)an internal auditor.
E)None of the above.
Answer: E
Q3) Board of directors
Answer: B
Q4) Managerial accounting information must follow U.S.Generally Accepted Accounting Principles (GAAP).
A)True
B)False
Answer: False
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Chapter 2: How Is Job Costing Used to Track Production Costs
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44 Verified Questions
44 Flashcards
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Sample Questions
Q1) Nguyen Inc.applies overhead to products based on direct labor hours using normal costing.During 2012,total overhead costs were estimated to be $500,000.Actual overhead totaled $540,000 based on 32,000 actual direct labor hours.At the end of the year,overhead was overapplied by $20,000.Based on this information,what was the predetermined overhead rate used during 2012?
A)$16.88 per direct labor hour.
B)$16.25 per direct labor hour.
C)$15.63 per direct labor hour.
D)$17.50 per direct labor hour.
E)None of the answer choices is correct.
Answer: D
Q2) The overhead costs applied to jobs using a predetermined overhead rate are recorded by debiting Work in Process Inventory and crediting Manufacturing Overhead.
A)True
B)False
Answer: True
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4
Chapter 3: How Does an Organization Use Activity-Based
Costing to Allocate Overhead Costs
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71 Verified Questions
71 Flashcards
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Sample Questions
Q1) Which of the following items is a unit-level activity?
A)Purchase requisitions issued for raw materials needed to produce groups of products.
B)Direct labor assembling products.
C)Maintenance performed on the factory building.
D)Quality inspections of groups of products.
E)None of the answer choices is correct.
Answer: B
Q2) As costing systems become more complex,they become more expensive to implement.
A)True
B)False Answer: True
Q3) U.S.Generally Accepted Accounting Principles require all manufacturing costs be allocated to products for inventory costing purposes.
A)True
B)False Answer: True
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Page 5
Chapter 4: How Is Process Costing Used to Track
Production Costs
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58 Verified Questions
58 Flashcards
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Sample Questions
Q1) The unit cost information for process costing comes from the departmental production cost report.
A)True
B)False
Q2) The journal entry to record the transfer of units from one processing department to another processing department includes:
A)a debit to WIP Inventory.
B)a debit to Finished Goods Inventory.
C)a credit to WIP Inventory.
D)Both a and c are correct.
E)None of the answer choices is correct.
Q3) In a process costing system,the first step is to summarize the physical flow of units so that Units to be accounted for equals Units sold.
A)True
B)False
Q4) When using a process costing system,product costs are tracked by department rather than by job.
A)True
B)False
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Chapter 5: How Do Organizations Identify Cost Behavior
Patterns
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69 Verified Questions
69 Flashcards
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Sample Questions
Q1) An example of a mixed cost would include salespersons who are paid salaries plus commissions based on sales dollars.
A)True
B)False
Q2) Refer to Exhibit 5-7.Which of the following amounts represents total cost of goods sold?
A)$176,000
B)$126,000
C)$164,000
D)$424,000
E)None of the answer choices is correct.
Q3) Refer to Exhibit 5-6.Assume Barton Industries will produce 500 units next month.What are the total estimated production costs for the month?
A)$441,016.75
B)$508,375.00
C)$509,255.00
D)$880.00
E)None of the answer choices is correct.
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Chapter 6: How Is Cost-Volume-Profit Analysis Used for Decision Making
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79 Verified Questions
79 Flashcards
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Sample Questions
Q1) Refer to Exhibit 6-4.Assume the sales mix remains the same at all levels of sales. How many units in total must be sold to break even?
A)25,000
B)28,000
C)14,000
D)70,000
E)None of the answer choices is correct.
Q2) Refer to Exhibit 6-6.Which of the following is the correct contribution margin per machine hour?
A)$12.50
B)$6.25
C)$0.08
D)$0.10
E)None of the answer choices is correct.
Q3) A change in the sales mix will always decrease the break-even point.
A)True
B)False
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Page 8
Chapter 7: How Are Relevant Revenues and Costs Used to
Make Decisions
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76 Verified Questions
76 Flashcards
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Sample Questions
Q1) Refer to Exhibit 7-2.What are the differential costs associated with the special order?
A)$232,500
B)$67,500
C)$127,500
D)$322,500
E)None of the answer choices is correct.
Q2) Joint products are two or more products produced from a single input.
A)True
B)False
Q3) The best definition of differential analysis is:
A)an analysis of the benefits foregone when one alternative is selected over another.
B)an analysis of allocated fixed costs related to each product line.
C)an analysis of variable costs that are the same from one alternative course of action to another.
D)an analysis that looks at the difference in revenues and costs from one alternative course of action to another.
E)None of the answer choices is correct.
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Page 9
Chapter 8: How Is Capital Budgeting Used to Make Decisions
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71 Verified Questions
71 Flashcards
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Sample Questions
Q1) If the IRR of a new machine investment proposal is 10% when the company's required rate of return is 18%,then the best decision would be to accept the investment.
A)True
B)False
Q2) The internal rate of return (IRR)represents the cash flows required to get a net present value of zero.
A)True
B)False
Q3) There is a standard required rate of return for all companies,regardless of the industry.
A)True
B)False
Q4) The required rate of return is typically based on the company's cost of capital. A)True
B)False
Q5) The payback method of evaluating long-term investments is the most popular method used by managers.
A)True B)False
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Chapter 9: How Are Operating Budgets Created
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68 Verified Questions
68 Flashcards
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Sample Questions
Q1) In the budgeting process,the dollar amount for goods sold during the month but not collected is called:
A)accounts receivable.
B)inventory.
C)accounts payable.
D)cash.
E)None of the answer choices is correct.
Q2) A direct labor budget is regarded as the starting point for the master budget.
A)True
B)False
Q3) The first line that appears on the direct labor budget is:
A)direct labor hours per unit.
B)projected sales in units.
C)units to be produced.
D)quantity of beginning direct materials ending inventory.
E)None of the answer choices is correct.
Q4) Service companies tend to have more budget schedules than manufacturing companies.
A)True
B)False
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Chapter 10: How Do Managers Evaluate Performance Using Cost Variance Analysis
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69 Verified Questions
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Sample Questions
Q1) Refer to Exhibit 10-2.What amount would the flexible budget show for variable manufacturing overhead?
A)$50,400
B)$57,600
C)$560,000
D)$168,000
E)None of the answer choices is correct.
Q2) Refer to Exhibit 10-2.What is the standard cost per unit for direct labor?
A)$80.00
B)$5.00
C)$24.00
D)$7.20
E)None of the answer choices is correct.
Q3) At the end of the period,balances in Manufacturing Overhead and all variance accounts are typically closed out to: A)sales.
B)cost of goods sold.
C)work in process inventory.
D)finished goods.
E)None of the answer choices is correct.
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Chapter 11: How Do Managers Evaluate Performance in
Decentralized Organizations
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63 Verified Questions
63 Flashcards
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Sample Questions
Q1) The cost-plus approach is the best approach for establishing transfer prices for all companies.
A)True
B)False
Q2) Refer to Exhibit 11-3.If Dillon's cost of capital is 25%,what is the division's residual income?
A)$ 200,000
B)$800,000
C)$440,000
D)$1,200,000
E)None of the answer choices is correct.
Q3) All of the following are disadvantages of decentralizing except:
A)duplication of administrative services.
B)quicker decision making at the division level.
C)loss of control at top management levels.
D)managers at the division level might make decisions that are in their best interest even if the decision is not in the best interest of the company as a whole.
E)None of the answer choices is correct.
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Chapter 12: How Is the Statement of Cash Flows Prepared and Used
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Sample Questions
Q1) Refer to Exhibit 12-4.How will the change in accounts receivable be reported in the operating activities
A)The increase of $63,000 will be subtracted from net income.
B)The increase of $63,000 will be subtracted from sales revenue.
C)The increase of $63,000 will be added to net income.
D)The increase of $63,000 will be added to sales revenue.
E)None of the answer choices is correct.
Q2) Refer to Exhibit 12-5.How will the change in salaries payable be reported in the operating activities
A)The decrease of $8,000 will be added to sales revenue.
B)The decrease of $8,000 will be subtracted from cost of goods sold.
C)The decrease of $8,000 will be added to net income.
D)The decrease of $8,000 will be subtracted from net income.
E)None of the answer choices is correct.
Q3) If cash is paid to purchase a factory building,in which
A)Operating activities
B)Investing activities
C)Financing activities
D)Capital activities
E)None of the answer choices is correct.
Page 14
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Chapter 13: How Do Managers Use Financial and
Nonfinancial Performance Measures
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62 Verified Questions
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Sample Questions
Q1) Refer to Exhibit 13-1.What is the debt to equity ratio for 2013 (rounded to two decimal places)?
A)0.11
B)0.30
C)0.42
D)0.31
E)None of the answer choices is correct.
Q2) All of the following measures evaluate profitability except:
A)profit margin ratio.
B)return on assets.
C)market capitalization.
D)gross margin ratio.
E)None of the answer choices is correct.
Q3) On a common-size income statement,net income should be stated as a percentage of:
A)gross margin.
B)total assets.
C)net sales.
D)current assets.
E)None of the answer choices is correct.
Page 15
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