Accounting Information Systems Test
Bank
Course Introduction
Accounting Information Systems explores the use of information technology in managing financial data and supporting accounting processes within organizations. The course covers the design, implementation, and control of systems that collect, store, and process accounting information, emphasizing internal controls, security, and data integrity. Students learn about computerized accounting systems, enterprise resource planning (ERP), documentation techniques, audit trails, and the role of such systems in decision-making, compliance, and reporting. Practical components may include the use of software tools and case studies to analyze real-world accounting information systems.
Recommended Textbook
Managerial Accounting 3rd Edition by
Karen W. Braun Wendy M Tietz
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15 Chapters
3368 Verified Questions
3368 Flashcards
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Chapter 1: Introduction to Managerial Accounting
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187 Flashcards
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Sample Questions
Q1) ISO 9001:2008 is a(n)
A)effective exchange of information between vendors and customers.
B)system where production occurs only when needed.
C)software system which integrates all departments.
D)certification that a company complies with international quality standards.
Answer: D
Q2) GAAP must be followed when preparing managerial accounting reports.
A)True
B)False
Answer: False
Q3) Which of the following is a software system that integrates all of a company's departments?
A)ERP
B)Total Integrated Software
C)JIT
D)TQM
Answer: A
Q4) Discuss at least four differences between financial accounting and managerial accounting.
Answer: 11ea68e5_ab25_ebe6_935e_d57067bb0ed9_TB2868_00
Page 3
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Chapter 2: Building Blocks of Managerial Accounting
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273 Flashcards
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Sample Questions
Q1) Which part of the value chain would depreciation on a factory be classified as?
A)Design
B)Distribution
C)Research and development
D)Production
Answer: D
Q2) Direct labor for a company was $145,000; manufacturing overhead was $300,000; and direct materials were $270,000. Prime costs would total
A)$715,000.
B)$445,000.
C)$415,000.
D)$570,000.
Answer: C
Q3) Controlling costs across the entire value chain often requires a trade-off between the individual elements of the value chain.
A)True
B)False
Answer: True
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4
Chapter 3: Job Costing
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331 Verified Questions
331 Flashcards
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Sample Questions
Q1) The predetermined indirect cost allocation rate is computed as
A)total estimated indirect costs / total estimated amount of the allocation base.
B)total amount of the allocation base / total estimated indirect costs.
C)total estimated indirect costs + total estimated amount of the allocation base.
D)total amount of the allocation base - total estimated indirect costs.
Answer: A
Q2) Assigning manufacturing overhead costs and other indirect costs is called A)cost driver.
B)cost allocation.
C)materials requisition.
D)predetermined manufacturing overhead rate.
Answer: B
Q3) The key to allocating indirect manufacturing costs to jobs is to identify an appropriate allocation base.
A)True
B)False
Answer: True
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Chapter 4: Activity-Based Costing, Lean Operations, and the Costs of Quality
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Sample Questions
Q1) As compared to traditional volume-based costing using a single plantwide overhead rate, activity-based costing (ABC)is a more refined costing system that reduces cost distortion.
A)True
B)False
Q2) In developing an ABC system, what is the last step?
A)Identify the primary activities and estimate a total cost pool for each.
B)Select an allocation base for each activity.
C)Allocate the costs to the cost object using the activity cost allocation rates.
D)Calculate an activity cost allocation rate for each activity.
Q3) The cost of maintenance on the entire production plant would be considered a facility-level cost.
A)True
B)False
Q4) The estimated total manufacturing overhead costs that will be incurred in each department in the coming year are often referred to as activity cost pools.
A)True
B)False
6
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Chapter 5: Process Costing
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254 Flashcards
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Sample Questions
Q1) A transfer of $30,000 from the assembly department to the packaging department would require the entry of a
A)debit to finished goods inventory.
B)debit to WIP inventory-assembly.
C)credit to WIP inventory-assembly.
D)credit to raw materials inventory.
Q2) The production equivalent unit report summarizes all costs.
A)True
B)False
Q3) Beginning WIP inventory is 900 units; completed and transferred out were 3,400 units; and Ending WIP inventory is 800 units. What is the number of units started?
A)3,300
B)2,600
C)3,400
D)4,200
Q4) A separate work in process inventory account is maintained for each process. A)True
B)False
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Chapter 6: Cost Behavior
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288 Flashcards
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Sample Questions
Q1) Fixed costs per unit decrease as production levels increase.
A)True
B)False
Q2) Sea Side Enterprises is trying to predict the cost associated with producing its anchors. At a production level of 5,000 anchors, Sea Side Enterprises' average cost per anchor is $52.00. If $15,000 of the total costs are fixed, what is the variable cost of producing each anchor?
A)$3.00
B)$49.00
C)$245.00
D)$52.00
Q3) The equation for a straight line is y = fx + v, where y is the total cost, f is the fixed cost per unit, x is the volume of activity, and v is the variable cost per unit.
A)True
B)False
Q4) The fixed cost per unit of activity varies with changes in volume.
A)True
B)False
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8
Chapter 7: Cost-Volume-Profit Analysis
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249 Flashcards
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Sample Questions
Q1) Dairy Days Ice Cream sells ice cream cones for $4 per customer. Variable costs are $3 per cone. Fixed costs are $2,500 per month. What is Dairy Days' contribution margin ratio?
A)267%
B)25%
C)2%
D)63%
Q2) Tom's Taxidermy has a monthly target operating income of $25,000. Variable expenses are 75% of sales and monthly fixed expenses are $15,000. What is Tom's operating leverage factor at the target level of operating income?
A)0.40
B)0.63
C)1.60
D)2.67
Q3) To find the weighted average contribution margin, a company adds up the individual unit contribution margins of the different products and then divides by the number of different products.
A)True
B)False
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Page 9
Chapter 8: Relevant Costs for Short-Term Decisions
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Sample Questions
Q1) In a special sales order decision, the special price must exceed the variable cost of filling the order. In other words, the special order must have ________.
A)sunk costs
B)a positive contribution margin
C)opportunity costs
D)a negative contribution margin
Q2) "Contribution margin per unit" is best described by which of the following?
A)Sales price per unit minus fixed cost per unit
B)Sales price per unit minus variable cost unit
C)Sales price per unit minus fixed and variable costs per unit
D)Units sold time contribution margin ratio
Q3) A special order occurs when a customer requests a one-time order at an increased sales price.
A)True
B)False
Q4) When a company is a price-setter, it emphasizes a target costing approach to pricing.
A)True
B)False
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Chapter 9: The Master Budget
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Sample Questions
Q1) A company's plan for purchases of property, plant, equipment, and other long-term assets is part of the budgeted balance sheet.
A)True
B)False
Q2) The final step in the preparation of the financial budget is the preparation of which of the following?
A)Master budget
B)Cash budget
C)Operating budgets
D)Budgeted balance sheet
Q3) The ________ is a plan that shows the units to be sold and the projected selling price and is also the starting point in the budgeting process.
A)cash budget
B)budgeted statement of cash flows
C)budgeted income statement
D)sales budget
Q4) Merchandising companies prepare a manufacturing overhead budget.
A)True
B)False
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Chapter 10: Performance Evaluation
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207 Flashcards
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Sample Questions
Q1) Another name for a static budget is a flexible budget.
A)True
B)False
Q2) A graph of a flexible budget formula reflects fixed costs of $45,000 per month and total costs of $100,000 at a volume of 5,000 units. Assuming the relevant range is 1,000 to 20,000 units, the graph would reflect total monthly costs at 15,000 units of what dollar amount?
A)$210,000
B)$100,000
C)$345,000
D)$165,000
Q3) The central reservation office at MegaBus is most likely treated as a(n)
A)cost center.
B)investment center.
C)revenue center.
D)profit center.
Q4) The duties of an investment center manager are similar to those of a CEO.
A)True
B)False
Q5) Discuss potential problems associated with decentralization.
Page 12
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Chapter 11: Standard Costs and Variances
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Sample Questions
Q1) The standard for the direct labor rate per hour does not include fringe benefits such as health care insurance and vacations.
A)True
B)False
Q2) The unemployment rate is high in the city in which a company has a factory. The company finds that they are able to pay new employees a lower wage per hour than when the unemployment rate was lower a year ago. Which variance would be directly impacted?
A)Materials price variance
B)Materials quantity variance
C)Labor efficiency variance
D)Labor rate variance
Q3) The total direct labor variance is the sum of the direct labor rate variance and the direct labor efficiency variance.
A)True
B)False
Q4) Standard costs for production inputs are used to develop flexible budgets.
A)True
B)False
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Chapter 12: Capital Investment Decisions and the Time Value of Money
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Sample Questions
Q1) Globe Enterprises purchased a new machine with a total cost of $30,450 and a useful life of 6 years. The machine will produce net cash inflows of $7,250 over its useful life and has a residual value of $2,125. What is the payback period for the new machine?
A)4.49 years
B)3.91 years
C)4.20 years
D)3.25 years
Q2) Income from an apartment building you own totals $260,000 per year. You plan on selling the building and retiring to France in 12 years. Assuming you can invest the income from the building each year at 3%, how much money will you have on which to retire?
A)$3,330,080
B)$4,060,680
C)$3,689,920
D)$2,558,040
Q3) The profitability index equals the present value of net cash inflows from the investment divided by the cost of the investment.
A)True
B)False
Page 14
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Chapter 13: Statement of Cash Flows
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Sample Questions
Q1) Which of the following is true about a statement of cash flows?
A)The statement of cash flows is one of the required financial statements for publicly-held companies.
B)The statement of cash flows is prepared at the option of management.
C)The statement of cash flows may be combined with the income statement.
D)The statement of cash flows does not have to be completed if an income statement is prepared.
Q2) The ________ section from the statement of cash flows includes activities that affect current assets and current liabilities on the balance sheet.
A)investing
B)operating
C)financing
D)None of the above
Q3) List three ways that owners and investors use the statement of cash flows.
Q4) Identify and describe the three sections of the statement of cash flows.
Q5) The statement of cash flows does not report why cash increased or decreased during the period.
A)True
B)False
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Chapter 14: Financial Statement Analysis
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Sample Questions
Q1) Horizontal analysis is the study of percentage changes in comparative financial statements.
A)True
B)False
Q2) The ________ balance sheets displays only percentages.
A)comparative
B)account form
C)report form
D)common-size
Q3) Working capital is current assets minus current liabilities.
A)True
B)False
Q4) In comparing companies of different sizes, which of the following is most helpful?
A)Ratio analysis
B)Using common-sized statements
C)Neither ratio analysis or common-sized statements
D)Both ratio analysis and using common-sized statements
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Chapter 15: Sustainability
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Sample Questions
Q1) There are several reasons an organization might pursue sustainable initiatives. "Due to rising costs, a manufacturing firm has reduced the amount of plastic used in each of its products, which helps to keep down the cost of raw materials (plastics). The drop in plastic usage also reduces the amount of plastic sent to the landfill after consumer use." This situation is an example of which type of reason to implement sustainable initiatives?
A)Cost reduction
B)Regulatory compliance
C)Stakeholder influence
D)Competitive strategy
Q2) Currently, the SEC does not require publicly-held corporations to disclose the costs related to remediation of contaminated sites.
A)True
B)False
Q3) The role of accounting in sustainability is limited to mandatory external reporting.
A)True
B)False
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