Accounting Information Systems
Practice Questions
Course Introduction
Accounting Information Systems explores the design, implementation, and management of information systems that support accounting processes and decision-making. The course covers fundamental concepts of computerized accounting systems, internal controls, data security, system documentation, and the role of information technology in business processes. Students learn how accounting information systems are used to record, process, and report financial data, and analyze how emerging technologies, such as cloud computing and data analytics, are transforming the accounting profession. Practical assignments and case studies equip students with skills to evaluate, use, and recommend appropriate accounting information systems in organizational environments.
Recommended Textbook
Financial Managerial Accounting 14th Edition by Carl Warren
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Page 2
Chapter 1: Introduction to Accounting and Business
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Sample Questions
Q1) Cash dividends
A) increase expenses
B) decrease expenses
C) increase cash
D) decrease stockholders' equity
Answer: D
Q2) Paid telephone bill,$220
Based on the information given above,calculate the balance of cash at June 30.Use the following format.
Cash,June 1 $25,000
Plus cash receipts for June ____________
Minus cash payments for June ____________
Cash,June 30 ____________
Answer: 11ea8952_b5da_0865_861b_bba235e5b6cf_TB6238_00
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Chapter 2: Analyzing Transactions
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Sample Questions
Q1) Which group of accounts is composed of only assets?
A) Cash,Accounts Payable,Buildings
B) Accounts Receivable,Revenue,Cash
C) Prepaid Expenses,Buildings,Patents
D) Unearned Revenues,Prepaid Expenses,Cash
Answer: C
Q2) Which of the following is not a useful step in finding errors on the trial balance?
A) Determine the difference between debits and credits and look for the amount.
B) Determine the difference between debits and credits and change any account to make the trial balance correct.
C) Determine the difference between debits and credits,divide the amount by 2,and look for the amount.
D) Determine the difference between debits and credits,divide the amount by 9,and if it divides evenly,look for a transposition or slide error.
Answer: B
Q3) Prepare a journal entry on October 12 for the fees earned on account,$14,600.Omit explanation.
Answer: 11ea8952_b5b6_5382_861b_85defbc65d86_TB6238_00
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Chapter 3: The Adjusting Process
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Sample Questions
Q1) If the adjustment for depreciation for the year is inadvertently omitted,the assets on the balance sheet at the end of the period will be understated.
A)True
B)False
Answer: False
Q2) The matching principle
A) addresses the relationship between the journal and the balance sheet
B) determines whether the normal balance of an account is a debit or credit
C) requires that the dollar amount of debits equal the dollar amount of credits on a trial balance
D) states that the revenues and related expenses should be reported in the same period Answer: D
Q3) A contra asset account for Land will normally appear on the balance sheet. A)True
B)False
Answer: False
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Chapter 4: Completing the Accounting Cycle
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Sample Questions
Q1) Of the following steps of the accounting cycle,which step should be completed first?
A) Closing entries are journalized and posted to the ledger.
B) Transactions are posted to the ledger.
C) Adjusting entries are journalized and posted to the ledger.
D) Financial statements are prepared.
Q2) Once an account has been closed for the period,inserting a line in the balance columns zeros out the account,making it ready for the following period.
A)True
B)False
Q3) A fiscal year that ends when business activities have reached their lowest point is called the natural business year.
A)True
B)False
Q4) Office Equipment is an example of a current asset account.
A)True
B)False
Q5) Describe a classified balance sheet.
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Chapter 5: Accounting for Merchandising Businesses
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Sample Questions
Q1) When companies use a perpetual inventory system,the recording of the purchase of inventory will include a debit to Purchases.
A)True
B)False
Q2) Jacob Co.sells merchandise on credit to Isaiah Co.for $9,700.The invoice is dated May 1 with terms of 1 / 15,net 45.What is the amount of the discount and up to what date must the invoice be paid in order for the buyer to take advantage of the discount?
A) $194,May 15
B) $194,May 16
C) $97,May 15
D) $97,May 16
Q3) If merchandise costing $3,500,terms FOB destination,2 / 10,n / 30,with prepaid freight costs of $125,is paid within 10 days,the amount of the purchases discount is $70.
A)True
B)False
Q4) Sales is equal to the cost of goods sold less the gross profit.
A)True
B)False
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Page 7
Chapter 6: Inventories
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Sample Questions
Q1) The number of days' sales in inventory measures
A) the length of time it takes to acquire,sell,and replace the inventory
B) the length of time it takes to acquire and receive payment for the inventory
C) the number of days inventory is on hand prior to sale
D) the number of days inventory takes to arrive after ordering
Q2) During a period of consistently rising prices,the method of inventory that will result in reporting the greatest cost of goods sold is
A) FIFO
B) LIFO
C) average cost
D) weighted average
Q3) Direct disposal costs do not include special advertising or sales commissions.
A)True
B)False
Q4) When using a perpetual inventory system,the journal entry to record the cost of goods sold is:
A) debit Cost of Goods Sold; credit Sales
B) debit Cost of Goods Sold; credit Inventory
C) debit Inventory; credit Cost of Goods Sold
D) No journal entry is made to record the cost of goods sold.
Page 8
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Chapter 7: Internal Control and Cash
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Q1) Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the company.This item is a(n)
A) deduction from the balance per company's records
B) addition to the balance per bank statement
C) deduction from the balance per bank statement
D) addition to the balance per company's records
Q2) During a bank reconciliation process,
A) outstanding checks and deposits in transit are added to the bank statement balance
B) outstanding checks are subtracted and deposits in transit are added to the bank statement balance
C) outstanding checks and deposits in transit are subtracted from the bank statement balance
D) outstanding checks are added and deposits in transit are subtracted from the bank statement balance
Q3) Internal control is enhanced by separating the control of a transaction from the record-keeping function.
A)True
B)False
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Chapter 8: Receivables
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Questions
Q1) The balance in Allowance for Doubtful Accounts will directly impact the end-of-period adjustment for the bad debt expense when using which of the following methods?
A) allowance method based on aging the receivables
B) direct write-off method
C) accrual method
D) declining value method
Q2) When an account receivable that has been written off is subsequently collected,the account receivable must first be reinstated before recording the receipt of payment.
A)True
B)False
Q3) If the direct write-off method of accounting for uncollectible receivables is used,what general ledger account is debited to write off a customer's account as uncollectible?
A) Uncollectible Accounts Receivable
B) Accounts Receivable
C) Allowance for Doubtful Accounts
D) Bad Debt Expense
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Chapter 9: Long-Term Assets: Fixed and Intangible
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Q1) Equipment with a cost of $220,000 has an estimated residual value of $30,000 and an estimated life of 10 years or 19,000 hours.It is to be depreciated by the straight-line method.What is the amount of depreciation for the first full year,during which the equipment was used 2,100 hours?
A) $19,000
B) $21,000
C) $22,000
D) $30,000
Q2) The name,term,or symbol used to identify a business and its products is called
A) goodwill
B) a patent
C) a trademark
D) a copyright
Q3) A machine costing $57,000 with a 6-year life and $54,000 depreciable cost was purchased January 1.Compute the yearly depreciation expense using straight-line depreciation.
Q4) The double-declining balance rate for calculating depreciation expense is determined by doubling the straight-line rate.Assuming that an asset has a useful life of 25 years,determine the rate to be used if using the double-declining-balance method.
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Chapter 10: Liabilities: Current,installment Notes,and
Contingencies
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Sample Questions
Q1) The journal entry a company uses to record the estimated product warranty liability expense is
A) debit Product Warranty Expense; credit Product Warranty Payable
B) debit Product Warranty Payable; credit Cash
C) debit Product Warranty Expense; credit Cash
D) debit Product Warranty Payable; credit Product Warranty Expense
Q2) Mobile Sales has five sales employees which receive weekly paychecks.Each earns $11.50 per hour and each has worked 40 hours in the pay period.Each employee pays 12% of gross in federal income tax,3% of gross in state income tax,6% of gross in social security tax,1.5% of gross in Medicare tax,and 0.5% of gross in state disability insurance.Journalize the pay period ending January 19 which will be paid to the employees January 26.
Q3) During the first year of operations,employees earned vacation pay of $35,000.The vacations will be taken during the second year.The vacation pay expense should be recorded in the second year as the vacations are taken by the employees.
A)True
B)False
Q4) List five internal controls that relate directly to payroll.
Page 12
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Chapter 11: Liabilities: Bonds Payable
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Q1) Callable bonds can be redeemed by the issuing corporation at the fair market price of the bonds.
A)True B)False
Q2) Gains and losses on the redemption of bonds are reported as other income (loss)on the income statement.
A)True B)False
Q3) The present value of an annuity is the sum of the present values of each cash flow. A)True B)False
Q4) If bonds are issued at a discount,it means that the A) bondholder will receive effectively less interest than the contractual rate of interest
B) market interest rate is lower than the contractual interest rate
C) market interest rate is higher than the contractual interest rate
D) financial strength of the issuer is suspect
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Chapter 12: Corporations: Organization, stock Transactions, and Dividends
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Q1) When a corporation issues stock at a premium,it reports the premium as an other income item on the income statement.
A)True
B)False
Q2) If common stock is issued for an amount greater than par value,the excess should be credited to
A) Retained Earnings
B) Cash
C) Legal Capital
D) Paid-In Capital in Excess of Par
Q3) Which of the following is not a right possessed by common stockholders of a corporation?
A) the right to vote in the election of the board of directors
B) the right to receive a minimum amount of dividends
C) the right to sell their stock to anyone they choose
D) the right to share in assets upon liquidation
Q4) The main source of paid-in capital is from issuing stock.
A)True
B)False
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Chapter 13: Statement of Cash Flows
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Q1) Land costing $140,000 was sold for $173,000 cash.The gain on the sale was reported on the income statement as other income.On the statement of cash flows,what amount should be reported as an investing activity from the sale of land?
A) $173,000
B) $140,000
C) $313,000
D) $33,000
Q2) Which of the following can be found on the statement of cash flows?
A) cash flows from operating activities
B) total assets
C) total changes in stockholders' equity
D) changes in retained earnings
Q3) The board of directors declared cash dividends total $168,000 during the year.The comparative balance sheet indicated dividends payable of $46,000 at the beginning of the year and $42,000 at the end of the year.What was the amount of cash payments to stockholders during the year?
Q4) Sales reported on the income statement were $690,000.The accounts receivable balance declined $39,000 over the year.Determine the amount of cash received from customers.
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Chapter 14: Financial Statement Analysis
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Q1) When the return on total assets is greater than the return on common stockholders' equity,the management of the company has effectively used leverage.
A)True
B)False
Q2) Which of the following is not a characteristic evaluated in ratio analysis?
A) liquidity
B) profitability
C) solvency
D) marketability
Q3) The effects of differences in accounting methods are of little importance when analyzing comparable data from competing businesses.
A)True
B)False
Q4) Factors that reflect the ability of a business to pay its debts and earn a reasonable amount of income are referred to as solvency,profitability,and liquidity.
A)True
B)False
Q5) Define solvency and profitability.How are they alike?
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Chapter 15: Introduction to Managerial Accounting
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Q1) In order to be useful to managers,managerial accounting reports should possess all of the following characteristics except
A) provide objective measures of past operations and subjective estimates about future decisions
B) be prepared in accordance with generally accepted accounting principles
C) be provided at any time management needs information
D) be prepared to report information for any unit of the business to support decision making
Q2) Managerial accounting reports are
A) prepared according to GAAP
B) prepared according to management needs
C) prepared periodically only
D) related to the entire business entity only
Q3) What term is used to describe the process of monitoring operating results and comparing actual results with the expected results?
A) improving
B) controlling
C) directing
D) planning
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Page 17
Chapter 16: Job Order Costing
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Q1) Discuss how job order cost information is used in decision making.What are some possible reasons that actual cost of materials would exceed expected costs for a job?
Q2) The period costs of a textbook printer would include
A) wages of a press operator
B) factory insurance costs
C) CEO salary expense
D) paper costs
Q3) Which of the following is not a reason a service firm would use a job order costing system?
A) to help control costs
B) to determine client billing
C) to determine department costs within the firm
D) to determine profit
Q4) Costs that are treated as assets until the product is sold are
A) product costs
B) period costs
C) conversion costs
D) selling expenses
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Page 18
Chapter 17: Process Cost Systems
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Q1) When a process cost accounting system records the purchase of materials,the Materials account is credited.
A)True
B)False
Q2) In a process cost system,product costs are accumulated by processing department rather than by job.
A)True
B)False
Q3) Department E had 4,000 units in Work in Process that were 40% completed at the beginning of the period at a cost of $12,500.During the period,14,000 units of direct materials were added at a cost of $28,700,and 15,000 units were completed.At the end of the period,3,000 units were 75% completed.All materials are added at the beginning of the process.Direct labor was $32,450 and factory overhead was $18,710.The number of equivalent units of production for the period for conversion if the first-in,first-out method is used to cost inventories was
A) 15,650
B) 14,850
C) 14,150
D) 14,650
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Chapter 18: Activity-Based Costing
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Q1) Shubelik Company is changing to an activity-based costing method.They have determined that they will use three cost pools: setups,inspections,and assembly.Which of the following would not be used as the activity base for any of these three activities?
A) number of units to be produced
B) number of setups
C) number of inspections
D) number of direct labor hours
Q2) Scoresby Co.uses 6 machine hours and 2 direct labor hours to produce Product X.It uses 8 machine hours and 16 direct labor hours to produce Product Y.Scoresby's Assembly and Finishing departments have factory overhead rates of $240 per machine hour and $160 per direct labor hour,respectively.How much overhead cost will be charged to the two products?
A) Product X = $3,200; Product Y = $9,600
B) Product X = $800; Product Y = $800
C) Product X = $1,760; Product Y = $4,480
D) Product X = $1,440; Product Y = $2,560
Q3) Calculate the cost of services for a highlight.
Q4) Explain why it is imperative that proper factory overhead be allocated in factories that produce multiple products.
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Chapter 19: Cost-Volume-Profit Analysis
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Q1) Beemer's sales are $400,000,variable costs are 75% of sales,and operating income is $50,000.The operating leverage is
A) 2.5
B) 7.5
C) 2.0
D) 0
Q2) Only a single line,which represents the difference between total sales revenues and total costs,is plotted on the cost-volume-profit chart.
A)True
B)False
Q3) Connor Company's fixed costs are $400,000,the unit selling price is $25,and the unit variable costs are $15.What is the break-even sales (units)if the variable costs are increased by $2?
A) 50,000 units
B) 30,770 units
C) 40,000 units
D) 26,667 units
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Chapter 20: Variable Costing for Management Analysis
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Q1) The beginning inventory is 5,000 units.All of the units manufactured during the period and 3,000 units of the beginning inventory were sold.The beginning inventory fixed costs are $25 per unit,and variable costs are $55 per unit.Determine (a)whether variable costing income from operations is less than or greater than absorption costing income from operations,and (b)the difference in variable costing and absorption income from operations.
Q2) What is the amount of the income from operations that would be reported on the absorption costing income statement?
A) $21,000
B) $18,900
C) $18,200
D) $27,900
Q3) The amount of income under absorption costing will be less than the amount of income under variable costing when units manufactured:
A) exceed units sold
B) equal units sold
C) are less than units sold
D) are equal to or greater than units sold
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Chapter 21: Budgeting
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Q1) The cash payments expected for Finch Company in the month of May are
A) $185,600
B) $149,900
C) $187,600
D) $189,100
Q2) Total budgeted sales of both products for the year would be
A) $42,000
B) $200,000
C) $264,000
D) $464,000
Q3) For April,sales revenue is $700,000; sales commissions are 5% of sales; the sales manager's salary is $98,000; advertising expenses are $90,000; shipping expenses total 2% of sales; and miscellaneous selling expenses are $2,100 plus 1 / 2 of 1% of sales.Total selling expenses for the month of April are
A) $159,100
B) $242,600
C) $186,000
D) $182,100
Q4) Describe at least five benefits of budgeting.
Q5) What is a cash budget? How does management use a cash budget?
Page 23
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Chapter 22: Evaluating Variances From Standard Costs
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Q1) In most businesses,cost standards are established principally by accountants.
A)True
B)False
Q2) A favorable cost variance occurs when
A) actual costs are more than standard costs
B) standard costs are more than actual costs
C) standard costs are less than actual costs
D) actual costs are the same as standard costs
Q3) The formula to compute the direct materials price variance is to calculate the difference between
A) Actual costs - (Actual quantity × Standard price)
B) Actual cost + Standard costs
C) Actual cost - Standard costs
D) (Actual quantity × Standard price)- Standard costs
Q4) The unfavorable volume variance may be due to all of the following factors except A) failure to maintain an even flow of work
B) machine breakdowns
C) unexpected increases in the cost of utilities
D) failure to obtain enough sales orders
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Chapter 23: Evaluating Decentralized Operations
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Q1) The gross profit for the Rails Division is
A) $60,800
B) $33,600
C) $8,700
D) $21,150
Q2) By using the rate of return on investment as a divisional performance measure,divisional managers will always be motivated to invest in proposals which will increase the overall rate of return for the company.
A)True
B)False
Q3) Separation of businesses into more manageable operating units is termed decentralization.
A)True
B)False
Q4) If the profit margin for a division is 8% and the investment turnover is 1.20,the rate of return on investment is 9.6%.
A)True
B)False
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Chapter 24: Differential Analysis and Product Pricing
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Q1) In using the product cost concept of applying the cost-plus approach to product pricing,selling expenses,administrative expenses,and profit are covered in the markup.
A)True
B)False
Q2) Make-or-buy options often arise when a manufacturer has excess productive capacity in the form of unused equipment,space,and labor.
A)True
B)False
Q3) The variable cost per unit for the production and sale of the company's product is
A) $14.00
B) $12.60
C) $9.80
D) $11.20
Q4) The unit selling price for the company's product is
A) $19.35
B) $15.75
C) $22.05
D) $21.25
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Chapter 25: Capital Investment Analysis
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Q1) Can be determined by initial cost divided by annual net cash inflow of an investment
A)Capital investment analysis
B)Time value of money concept
C)Net present value method
D)Average rate of return
E)Cash payback period
Q2) A company is considering the purchase of a new machine for $48,000.Management expects that the machine can produce sales of $16,000 each year for the next 10 years.Expenses are expected to include direct materials,direct labor,and factory overhead totaling $8,000 per year plus depreciation of $4,000 per year.All revenues and expenses except depreciation are on a cash basis.The payback period for the machine is 12 years.
A)True
B)False
Q3) If in evaluating a proposal by use of the net present value method there is a deficiency of the present value of future cash inflows over the amount to be invested,the proposal should be accepted.
A)True
B)False
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Chapter 26: Lean Manufacturing and Activity Analysis
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Q1) Extreme Wreaths,Inc.makes wreaths in batch sizes of 15 at a time.The cutting & assembly process takes 10 minutes per wreath,and the decorating process time is 7 minutes per wreath.It takes 5 minutes to move the wreaths from the cutting & assembly process to the decorating process.
In a effort to improve the lead time,the company has tried reducing the batch size to 10 units.The new process is as follows: cutting & assembly process - 8 minutes.The decorating process is still 7 minutes per wreath.It takes 5 minutes to move the wreaths from the cutting & assembly process to the decorating process.
(a)Compute the value-added,non-value-added,and the total lead time of the wreath process for both the old and the new manufacturing process.
(b)Compute the value-added ratio for both the old and new process.Round to the nearest decimal.
Q2) In a lean environment,process problems are less visible than they are in a traditional environment.
A)True
B)False
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