Accounting Information Systems Practice Exam
Course Introduction
Accounting Information Systems explores the integration of accounting principles and information technology to support effective financial reporting and decision-making within organizations. The course covers key topics such as systems design and implementation, internal controls, data management, transaction processing cycles, and the use of enterprise resource planning (ERP) systems. Students learn how modern accounting systems enhance operational efficiency, ensure data integrity, and help organizations comply with regulatory requirements. Emphasis is placed on analyzing risks, evaluating control measures, and applying technology to real-world accounting scenarios to prepare students for the evolving landscape of the accounting profession.
Recommended Textbook
Managerial Accounting 4th Edition by John Wild
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16 Chapters
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2594 Flashcards
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Page 2
Chapter 1: Managerial Accounting Concepts and Principles
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Sample Questions
Q1) Describe the three types of inventories that are carried by manufacturers.. Answer: Manufacturers carry three types of inventories: raw materials inventory, goods in process inventory, and finished goods inventory.Raw materials inventory consists of goods a company acquires to use in making products.It can include both direct materials - those items that are used directly in a product and are clearly identified with a single unit or batch of product - and indirect materials - those items that cannot be clearly identified with specific units or batches of products.Goods in process, also called work in process, are products in the process of being manufactured but are not yet complete.Finished goods are completed products ready for sale.
Q2) Products that have been completed and are ready to be sold by the manufacturer are called:
A)Finished goods inventory.
B)Goods in process inventory.
C)Raw materials inventory.
D)Cost of goods sold.
E)Factory supplies.
Answer: A
Q3) _____________________ are beliefs that distinguish right from wrong. Answer: Ethics
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Page 3
Chapter 2: Job Order Costing and Analysis
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Sample Questions
Q1) A clock card is a source document used by an employee to record the total number of hours worked during the pay period.
A)True
B)False
Answer: True
Q2) Factory overhead is often collected and summarized in a factory overhead ledger.
A)True
B)False
Answer: True
Q3) Deltan Corp.allocates overhead to production on the basis of direct labor costs.If Deltan's total estimated overhead is $450,000 and estimated direct labor cost is $180,000, determine the amount of overhead to be allocated to finished goods inventory.There is $20,000 of total direct labor cost in the jobs in the finished goods inventory.
A)$8,000
B)$20,000
C)$70,000
D)$50,000
E)$90,000
Answer: D
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Chapter 3: Process Costing and Analysis
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Sample Questions
Q1) Which of the following characteristics does not usually apply to process manufacturing systems?
A)Each unit of product is separately identifiable.
B)Partially completed products are transferred between processes.
C)Different managers are responsible for different processes.
D)The output of all processes except the final process is an input to the next process.
E)In a multistep process, there will be multiple Goods in Process accounts.
Answer: A
Q2) ________ distinct groups of units must be considered in determining the equivalent units of production under the FIFO method of process costing.
Answer: Three
Q3) The three distinct groups of units that must be considered in determining the equivalent units of production under the FIFO method of process costing are: (a)_______________, (b)_______________, and (c)_____________________.
Answer: (a)beginning GIP inventory completed this period, (b)units started and completed this period, (c)units in ending GIP
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Chapter 4: Activity-Based Costing and Analysis
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Sample Questions
Q1) Product costs consist of direct labor, direct materials, and ______________.
Q2) Activity-based costing eliminates the need for overhead allocation rates.
A)True
B)False
Q3) The departmental overhead rate method uses a different overhead rate for each production department.
A)True
B)False
Q4) The final step of activity-based costing assigns overhead costs to pools rather than to products.
A)True
B)False
Q5) The major advantages of using a single plantwide overhead rate are ____________________ and ____________________.
Q6) What is the basic principle underlying activity-based costing?
Q7) The premise of ABC is that it takes ____________________ to make products and provide services.
Q8) The _______________ stage of ABC is to compute an activity rate for each cost pool and then use this rate to allocate overhead costs to products.
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Chapter 5: Cost Behavior and Cost-Volume-Profit Analysis
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Sample Questions
Q1) A company manufactures and sells a product for $120 per unit.The company's fixed costs are $68,760, and its variable costs are $90 per unit.The company's break-even point in dollars is:
A)$91,680
B)$68,760
C)$2,2921
D)$275,040
E)$206,280
Q2) A firm expects to sell 25,000 units of its product at $11 per unit.Pretax income is predicted to be $60,000.If the variable costs per unit are $6, total fixed costs must be:
A)$65,000
B)$90,000
C)$125,000
D)$215,000
E)$275,000
Q3) Curvilinear costs are also known as nonlinear costs.
A)True
B)False
Q4) Define variable cost, fixed cost, and mixed cost.
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Chapter 6: Variable Costing and Performance Reporting
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Sample Questions
Q1) The data needed for cost-volume-profit analysis is readily available if the income statement is prepared using a contribution format.
A)True
B)False
Q2) Under absorption costing, a company had the following unit costs when 8,000 units were produced. \(\begin{array}{lr}
\text { Direct labor } & \$ 8.50 \text { per unit } \\
\text { Direct material } & \$ 9.00 \text { per unit } \\
\text { Variable overhead } & \$ 6.75 \text { per unit } \\
\text { Fixed overhead }(\$ 60,000 / 8,000 \text { units }) &\underline{ \$ 7.50 \text { per unit }} \\
\text { Total production cost } & \underline{\$ 31.75 \text { per unit }}
\end{array}\) Compute the total production cost per unit under variable costing if 25,000 units had been produced.
A)$31.75
B)$27.25
C)$26.25
D)$24.25
E)$17.50
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Page 8
Chapter 7: Master Budgets and Performance Planning
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Sample Questions
Q1) The master budget process usually ends with:
A)The production budget.
B)The sales budget.
C)The selling expense budget.
D)The budgeted balance sheet.
E)The overhead budget.
Q2) Kabuki Company's policy is to have 16% of the next month's sales as desired ending inventory.Estimated sales are shown in the following table.Given this data, what are Kabuki's estimated purchases for April? \(\begin{array}{llll} & \text { March } & \text { April } & \text { May } \\ \text { Expected sales units } & 9,400 & 8,900 & 7,300 \end{array}\)
A)8,584
B)9,176
C)8,644
D)9,256
E)9,000
Q3) What are rolling budgets? Why are rolling budgets prepared?
Q4) Briefly describe the process by which budgets are developed and administered.
Q5) What is a manufacturing budget?
Page 9
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Chapter 8: Flexible Budgets and Standard Costing
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Sample Questions
Q1) Tiger, Inc., has developed the following standard cost data based on 60,000 direct labor hours, which is 75% of capacity: \(\begin{array}{lr} & \underline{\text { Per Unit }} \\
\text { Direct materials (6lbs. } @, \$ 2 / l \mathrm{~b} .) & \$ 12 \\
\text { Direct labor (1hrs. } @ 8 / \mathrm{hr} \text {.) } & 8 \end{array}\) During the last period, the company operated at 80% of capacity and produced 128,000 units.Actual costs were: \(\begin{array} { l r }
\text { Direct materials } ( 760,000 \mathrm { lbs } . ) & \$ 1,558,000 \\
\text { Direct labor (126,000 hrs.) } & 1,014,300 \end{array}\)
Determine the direct materials price and quantity variances and the direct labor rate and efficiency variances.Indicate whether each variance is favorable or unfavorable.
Q2) Provide at least one cause of direct labor rate and efficiency variances and provide an example of how this might occur.
Q3) Briefly describe the procedure of management by exception.
Q4) What are the four steps in the effective management of variance analysis?
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Page 10
Chapter 9: Performance Measurement and Responsibility Accounting
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Sample Questions
Q1) The investment center return on total assets is __________________________ divided by ______________________________.
Q2) Profit center
A)A department or unit that incurs costs without directly generating revenues.
B)A center in which a manager is responsible for using the center's assets to generate income for the center.
C)Costs that are incurred for the joint benefit of more than one department and cannot be readily traced to only one department.
D)Costs readily traced to a specific department because they are incurred for the sole benefit of that department.
E)Costs incurred to produce two or more products at the same time.
F)Costs that a manager can strongly influence or control.
G)A department that incurs costs and generates revenues.
H)Assigns managers the responsibility for costs and expenses under their control.
Q3) A transfer price has no direct impact on a company's overall profits.
A)True
B)False
Q4) A ______________________ incurs costs without directly generating revenues.
Page 11
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Chapter 10: Relevant Costing for Managerial Decisions
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Sample Questions
Q1) If Special Export is processed further into Prime Cat Food and Feline Surprise, the total gross profit would be:
A.$68,000
B.$78,000
C.$96,000
D.$98,000
E.$100,000
Q2) Assume markup percentage equals desired profit divided by total costs.What is the correct calculation to determine the dollar amount of the markup per unit?
A)Total cost times markup percentage.
B)Total cost per unit times markup percentage per unit.
C)Total cost per unit divided by markup percentage per unit.
D)Markup percentage per unit divided by total cost per unit.
E)Markup percentage divided by total cost.
Q3) In a constrained resource situation, a company should maximize contribution margin per _______________________________.
Q4) An ______________________________ is the potential benefit lost by taking a specific action when two or more alternative choices are available.
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12
Chapter 11: Capital Budgeting and Investment Analysis
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Sample Questions
Q1) The net cash flow of a particular investment project:
A)Does not take income taxes into consideration.
B)Equals the total of the inflows of the project.
C)Equals the total of the outflows of the project.
D)Does not include depreciation.
E)Is equal to operating income each period.
Q2) A company is considering a five-year project.It plans to invest $60,000 now and forecasts cash flows of $16,200 for each year.The company requires a hurdle rate of 12%.Calculate the internal rate of return to determine whether it should accept this project.Selected factors for a present value of an annuity of 1 for five years are shown below: \(\begin{array}{lc}
\underline {\text { Interest }} &\underline {\text { Present Value of an Annuity of 1 }}\\
\underline{\text { Rate }}& \underline{\text { Factor }} \\ {10 \%} &{3.7908}\\ 12 \% & 3.6048 \\ 14 \% & 34331 \end{array}\)
Q3) How can management evaluate the risk of an investment?
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Page 13
Chapter 12: Reporting and Analyzing Cash Flows
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Sample Questions
Q1) Cash flow amounts and their timing should be examined when planning and analyzing operating activities.
A)True
B)False
Q2) Northwest Corporation's salaries expense was $18.0 million.What is the amount of cash that the company paid for salaries if the Salaries Payable account increased by $4.0 million?
Q3) A cash-based measure that is used to help business decision makers estimate the amount and timing of cash flows is the cash flow on total assets ratio.
A)True B)False
Q4) The payment of cash dividends to shareholders is classified as a financing activity. A)True B)False
Q5) The usual first step in preparing the statement of cash flows is computing the net increase or net decrease in cash.
A)True B)False
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Chapter 13: Analyzing Financial Statements
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Sample Questions
Q1) Liquidity refers to the availability of resources to meet short-term cash requirements.
A)True
B)False
Q2) Horizontal analysis is the comparison of a company's financial condition and performance to a base amount.
A)True
B)False
Q3) The three most common tools of financial analysis are:
A)Financial reporting, ratio analysis, vertical analysis.
B)Ratio analysis, horizontal analysis, financial reporting.
C)Horizontal analysis, vertical analysis, ratio analysis.
D)Trend analysis, financial reporting, ratio analysis.
E)Vertical analysis, political analysis, horizontal analysis.
Q4) What is Corona Company's debt to equity ratio for 2013?
A)1.49
B).71
C).40
D)4.39 E).67
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Chapter 14: Time Value of Money
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Sample Questions
Q1) When you reach retirement age, you will have one fund of $100,000 from which you are going to make annual withdrawals of $14,702.The fund will earn 6% per year.For how many years will you be able to draw an even amount of $14,702?
Q2) Keisha has $3,500 now and plans on investing it in a fund that will pay her 12% interest compounded quarterly.How much will Keisha have accumulated after two years?
A)$4,433.80
B)$4,340.00
C)$4,390.40
D)$3,920.00
E)$3,500.00
Q3) Madera Iron Sculpting is planning to save the money needed to replace one of its robotic welders in five years by making a one-time deposit of $20,000 today and four yearly contributions of $5,000 beginning at the end of year 1.The deposits will earn 10% interest.How much money will Sierra have accumulated at the end of five years to replace the welder?
Q4) Interest is the borrower's payment to the owner of an asset for its use.
A)True B)False
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Chapter 15: Basic Accounting for Transactions
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Sample Questions
Q1) The general ledger of a business
A)Is a collection of all accounts used in a company's information system.
B)Must be kept in a computer file.
C)Is also called the book of original entry.
D)Is not affected by a company's size and diversity.
E)Is one of the four financial statements.
Q2) Which of the following statements about the Cash account are true?
A)Because most companies earn their fees in cash, the Cash account is categorized as revenue.
B)For any given transaction, Accounts Receivable and Cash can be used interchangeably because both accounts are measured in terms of cash.
C)The Cash account includes the value of any medium of exchange that a bank accepts for deposit.
D)Cash is the same thing as Retained Earnings.
E)Cash is a liability account.
Q3) Revenues and expenses are two categories of ____________________ accounts.
Q4) FastForward purchased $25,000 of equipment for cash.The Equipment asset account is _______________ for $25,000 and the cash account is _______________ for $25,000.
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Chapter 16: Accounting for Partnerships
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Sample Questions
Q1) Alberts and Bartel are partners.On October 1, Alberts' capital balance is $75,000 and Bartel's capital balance is $125,000.With the partnership's approval, Bartel sells one-half of his partnership interest to Camero for $70,000.Prepare the journal entry to record this transaction in the partnership records.
Q2) When a partner leaves a partnership, the present partnership ends.
A)True
B)False
Q3) A partnership designed to protect innocent partners from malpractice or negligence claims resulting from acts of another partner is a:
A)Partnership
B)Limited partnership
C)Limited liability partnership
D)General partnership
E)Limited liability corporation
Q4) Armstrong withdraws from the FAP Partnership.The remaining partners agree to buy out her share for her capital balance of $35,000.Prepare the journal entry to record the withdrawal from the partnership.
Q5) The life of a partnership is ____________________ in duration.
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