Accounting Information Systems
Study Guide Questions
Course Introduction
Accounting Information Systems is a course that explores the design, implementation, and management of information systems within the accounting context. Students will learn how accounting data is collected, processed, and reported through computerized systems, with a focus on internal controls, data security, and the role of information technology in supporting accounting processes and decision making. The course covers topics such as system documentation, transaction cycles, risk assessment, and recent developments in accounting software and enterprise resource planning (ERP) systems, preparing students to analyze and improve accounting information systems in real-world organizations.
Recommended Textbook
Managerial Accounting 13th Edition by Carl
Warren
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14 Chapters
2568 Verified Questions
2568 Flashcards
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Page 2
Chapter 1: Managerial Accounting Concepts and Principles
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201 Flashcards
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Sample Questions
Q1) Manufacturers use machinery and labor to convert direct materials into finished products.
A)True
B)False
Answer: True
Q2) The factory supervisor's salary for the bar stool factory
A)Direct
B)Indirect
Answer: B
Q3) Salesman commissions
A)Prime costs
B)Conversion costs
C)Both prime and conversion costs
D)Neither prime or conversion costs
Answer: D
Q4) Managers use managerial information to evaluate performance of a company's operation.
A)True
B)False Answer: True
Page 3
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Chapter 2: Job Order Costing
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Sample Questions
Q1) Which of the following is the correct flow of manufacturing costs?
A)raw materials, work in process, finished goods, cost of goods sold
B)raw materials, finished goods, cost of goods sold, work in process
C)work in process, finished goods, raw materials, cost of goods sold
D)cost of goods sold, raw materials, work in process, finished goods
Answer: A
Q2) Recording jobs shipped and customers billed would include a credit to A)Accounts Payable
B)Cash
C)Finished Goods
D)Cost of Goods Sold
Answer: C
Q3) Job cost sheets can provide information to managers on unit cost trends, the cost impact of continuous improvement in the manufacturing process, the cost impact of materials changes, and the cost impact of direct materials price or direct labor rate changes over time.
A)True
B)False
Answer: True
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Page 4
Chapter 3: Process Cost Systems
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Sample Questions
Q1) The cost of materials transferred into the Bottling Department of Mountain Springs Water Company is $32,400, with $26,000 from the Purifying Department, plus additional $6,400 from the materials storeroom.The conversion cost for the period in the Bottling Department is $8,750 $3,750 factory applied and $5,000 direct labor.The total costs transferred to finished goods for the period was $31,980.The Bottling Department had a beginning inventory of $1,860.
a.Journalize the cost of transferred-in materials, conversion costs, and the cost transferred out to finished goods.
b.Determine the balance of Work in Process-bottling at the end of the period.
Answer: a.Work in Process-Bottling 32,400
Work in Process-Purifying 26,000
Materials 6,400
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Work in Process-Bottling 31,980
b.$11,030 $1,860 + $32,400 + 8,750 - $31,980
Q2) Conversion costs include materials, direct labor, and factory overhead.
A)True
B)False
Answer: False
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Page 5
Chapter 4: Cost Behavior and Cost-Volume-Profit Analysis
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Sample Questions
Q1) Spice Inc.'s unit selling price is $60, the unit variable costs are $35, fixed costs are $125,000, and current sales are 10,000 units.How much will operating income change if sales increase by 8,000 units?
A)$150,000 decrease
B)$175,000 increase
C)$200,000 increase
D)$150,000 increase
Q2) As production increases, variable costs per unit
A)stay the same
B)increase
C)decrease
D)either increase or decrease, depending on the fixed costs
Q3) Which of the following conditions would cause the break-even point to decrease?
A)total fixed costs increase
B)unit selling price decreases
C)unit variable cost decreases
D)unit variable cost increases
Q4) If direct materials cost per unit increases, the break-even point will decrease.
A)True
B)False
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Chapter 5: Variable Costing for Management Analysis
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Sample Questions
Q1) Electricity purchased to operate factory machinery would be included as part of the cost of products manufactured under the absorption costing concept.
A)True
B)False
Q2) In contribution margin analysis, the effect of a difference in the number of units sold, assuming no change in unit sales price or cost, is termed the quantity factor.
A)True
B)False
Q3) A change in the amount of sales can be due to either a change in the units sold or a change in price or both.
A)True
B)False
Q4) At XLT Inc., variable costs are $80 per unit, and fixed costs are $40,000.Sales are estimated to be 4,000 units.a How much would absorption costing income from operations differ between a plan to produce 8,000 units and a plan to produce 10,000 units? b How much would variable costing income from operations differ between the two production plans?<sub> </sub>
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Chapter 6: Budgeting
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Sample Questions
Q1) If the expected sales volume for the current period is 8,000 units, the desired ending inventory is 1,400 units, and the beginning inventory is 1,200 units, the number of units set forth in the production budget, representing total production for the current period, is
A)10,600
B)8,200
C)66,000
D)6,800
Q2) a plan that shows the expected cash inflows and outflows during the budget period, including receipts from loans needed to maintain a minimum cash balance and repayments of such loans
A)budget
B)capital expenditures budget
C)sales budget
D)production budget
E)cash budget
F)budgeted balance sheet
Q3) Budget preparation is best determined in a top-down managerial approach.
A)True
B)False
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Page 8
Chapter 7: Performance Evaluation Using Variances From
Standard Costs
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Sample Questions
Q1) Titus Company purchased and used 650 pounds of tomatoes direct materials to produce a taco sauce with a 635 pound standard direct materials requirement.The standard materials price is $22.40 per pound.The actual price of the tomatoes was $22.20 per pound.Prepare the journal entries to record 1 the purchase of the tomatoes and 2 the tomatoes entering production.Titus records standards and variances in the general ledger.
Q2) Myers Corporation has the following data related to direct materials costs for November: actual costs for 5,000 pounds of material, $4.50 And standard costs for 4,800 pounds of material at $5.10 per pound. What is the direct materials price variance?
A)$3,000 favorable
B)$3,000 unfavorable
C)$2,880 favorable
D)$2,880 unfavorable
Q3) Standard costs are divided into which of the following components?
A)variance standard and quantity standard
B)materials standard and labor standard
C)quality standard and quantity standard
D)price standard and quantity standard
Q4) Compute the direct labor rate and time variances for Taylor Company.
Page 9
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Chapter 8: Performance Evaluation for Decentralized Operations
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Sample Questions
Q1) Operating expenses directly traceable to or incurred for the sole benefit of a specific department and usually subject to the control of the department manager are
A)miscellaneous administrative expenses
B)direct operating expenses
C)indirect expenses
D)fixed expenses
Q2) A responsibility center in which the department manager has responsibility for and authority over costs, revenues, and assets invested in the department is termed a cost center.
A)True
B)False
Q3) Which of the following expenses incurred by a department store is an indirect expense?
A)insurance on merchandise inventory
B)sales salaries
C)depreciation on store equipment
D)salary of vice president of finance
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Page 10
Chapter 9: Differential Analysis, Product Pricing, and
Activity-Based Costing
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175 Flashcards
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Sample Questions
Q1) Activity-based costing provides more accurate and useful cost data than traditional systems.
A)True
B)False
Q2) Under the total cost concept, manufacturing cost plus desired profit is included in the total cost per unit.
A)True
B)False
Q3) Finch, Inc.has bought a new server and must decide what to do with the old one.The cost of the old server was originally $60,000 and has been depreciated $45,000.The company has received two offers.One offer was made to purchase the equipment outright for $18,500 less a 5% sales commission.The other offer was to lease the equipment for $7,000 for the next five years but the company will be required to provide maintenance and insurance totaling $3,000 per year.What offer should Finch, Inc.accept?
Q4) A cost that will not be affected by later decisions is termed an opportunity cost.
A)True
B)False
Page 11
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Chapter 10: Capital Investment Analysis
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Sample Questions
Q1) A company is planning to purchase a machine that will cost $24,000, have a 6-year life, and have no salvage value.The company expects to sell the machine's output of 3,000 units evenly throughout each year.Total income over the life of the machine is estimated to be $12,000.The machine will generate net cash flows per year of $6,000.The average rate of return for the machine is 16.7%.
A)True
B)False
Q2) In capital rationing, an initial screening of alternative proposals is usually performed by establishing minimum standards.Which of the following evaluation methods are often used?
A)cash payback method and average rate of return method
B)average rate of return method and net present value method
C)net present value method and cash payback method
D)internal rate of return and net present value methods
Q3) In net present value analysis for a proposed capital investment, the expected future net cash flows are reduced to their present values.
A)True
B)False
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Chapter 11: Cost Allocation and Activity-Based Costing
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Sample Questions
Q1) What is the Assembly Department overhead rate per labor hour?
A)$10.50
B)$19.50
C)$3.75
D)$4.38
Q2) Which of the following does not rely on managerial decisions involving accurate product costing?
A)product constraints
B)emphasis of a product line
C)product mix
D)product price
Q3) Activity cost pools are cost accumulations associated with a given activity.
A)True
B)False
Q4) What is the overhead cost per unit for Rings?
A)$65.25
B)$23.25
C)$44.10
D)$64.50
Q5) Calculate the cost of services for a highlight.
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Chapter 12: Lean Principles, Lean Accounting, and Activity Analysis
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Sample Questions
Q1) In a lean environment, process problems are more visible than they are in a traditional environment.
A)True
B)False
Q2) Which of the following is are objectives of lean manufacturing?
A)eliminating waste
B)increasing inventory levels
C)increased production speed
D)all of the above
Q3) A local college is aggressively working to reduce the time it takes students to enroll for each semester.Which of the following changes would not help achieve this goal?
A)Counselors are specializing in common degree plans
B)One application is good at the community college and at the transferring university
C)A one stop area includes admissions, advising, registration and student ID's
D)Having more number of staff to help facilitate admission process
Q4) All lead times are considered to be value-added lead time.
A)True
B)False
14
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Chapter 13: Statement of Cash Flows
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Sample Questions
Q1) Which of the following should be deducted from net income in calculating net cash flow from operating activities using the indirect method?
A)depreciation expense
B)gain on sale of land
C)a loss on the sale of equipment
D)dividends declared and paid
Q2) acquisition of treasury stock
A)increase cash from operating activities
B)decrease cash from operating activities
C)increase cash from investing activities
D)decrease cash from investing activities
E)increase cash from financing activities
F)decrease cash from financing activities
G)noncash investing and financing supplement
Q3) Cash receipts received from the issuance of a mortgage notes payable would be classified as an
A)investing activity
B)operating activity
C)noncash investing and financing activity
D)financing activity
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Chapter 14: Financial Statement Analysis
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Sample Questions
Q1) Which of the following is required by the Sarbanes-Oxley Act?
A)a price-earnings ratio
B)a report on internal control
C)a vertical analysis
D)a common-sized statement
Q2) Short-term creditors are typically most interested in analyzing a company's
A)marketability
B)profitability
C)operating results
D)solvency
Q3) Ratios and various other analytical measures are not a substitute for sound judgment, nor do they provide definitive guides for action.
A)True
B)False
Q4) If two companies have the same current ratio, their ability to pay short-term debt is the same.
A)True
B)False
Q5) Define solvency and profitability.How are they alike?
Q6) The following data are available for Martin
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