Accounting Principles
Test Questions
Course Introduction
Accounting Principles introduces students to the fundamental concepts and practices underlying the preparation, interpretation, and communication of financial information. The course covers essential topics such as the accounting cycle, double-entry bookkeeping, accruals, financial statement preparation, and the ethical framework guiding accounting practices. Through a combination of theoretical foundations and practical exercises, students gain a deep understanding of how organizations track and report their financial performance, laying the groundwork for further study in accounting and related business fields.
Recommended Textbook
Financial Managerial Accounting 14th Edition by Carl Warren
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Chapter 1: Introduction to Accounting and Business
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Sample Questions
Q1) Which of the following groups are considered to be internal users of accounting information?
A) employees and customers
B) customers and vendors
C) employees and managers
D) government entities and banks
Answer: C
Q2) The primary role of accounting is to determine the amount of taxes a business will be required to pay to taxing entities.
A)True
B)False
Answer: False
Q3) Which of the following would not normally operate as a service business?
A) pet groomer
B) grocer
C) lawn care company
D) styling salon
Answer: B
Q4) Prepare an income statement for the current year ended March 31.
Answer: 11ea8952_b5d8_cfc8_861b_c77e0c787ae1_TB6238_00
Page 3
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Chapter 2: Analyzing Transactions
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Sample Questions
Q1) Dividends decrease stockholders' equity and are listed on the income statement as a deduction from revenue.
A)True
B)False
Answer: False
Q2) Accounts are classified in the ledger
A) chronologically
B) alphabetically
C) in accordance with their appearance in the financial statements
D) with the accounts used most often listed first Answer: C
Q3) In the chart of accounts,each account number has two digits.The first digit indicates the major account group to which the account belongs.Which of the following correctly identifies the major account groups typically represented by the numbers 1 through 5?
A) 1-Assets,2-Liabilities,3-Stockholders' Equity,4-Expenses,5-Revenues
B) 1-Assets,2-Liabilities,3-Stockholders' Equity,4-Revenues,5-Expenses
C) 1-Assets,2-Stockholders' Equity,3-Revenues,4-Expenses,5-Dividends
D) 1-Stockholders' Equity,2-Dividends,3-Revenues,4-Expenses,5-Common Stock Answer: B
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Page 4
Chapter 3: The Adjusting Process
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Sample Questions
Q1) Gracie,Inc.made a prepaid rent payment of $2,800 on January 1.The company's monthly rent is $700.The amount of prepaid rent that would appear on the January 31 balance sheet after adjustment is
A) $2,100
B) $700
C) $2,800
D) $1,400
Answer: A
Q2) The company determines that the interest expense on a note payable for the period ending December 31 is $775.This amount is payable on January 1.Prepare the journal entries required on December 31 and January 1.
Answer: 11ea8952_b5af_281f_861b_a968342e0fe4_TB6238_00
Q3) Accumulated Depreciation and Depreciation Expense are classified,respectively,as
A) expense,contra asset
B) asset,contra liability
C) revenue,asset
D) contra asset,expense
Answer: D
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Chapter 4: Completing the Accounting Cycle
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Sample Questions
Q1) Accrued expenses are ordinarily listed on the balance sheet as current assets.
A)True
B)False
Q2) Determine the current assets.
A) $23,030
B) $10,330
C) $21,930
D) $8,630
Q3) The balance sheet accounts are referred to as real or permanent accounts.
A)True
B)False
Q4) A end-of-period spreadsheet heading is dated for a period of time.
A)True
B)False
Q5) The income statement is prepared from the adjusted trial balance or the Income Statement columns of the end-of-period spreadsheet.
A)True
B)False
Q6) Describe a classified balance sheet.
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Chapter 5: Accounting for Merchandising Businesses
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Q1) When merchandise that was sold is returned,a credit to Customer Refunds Payable is made.
A)True
B)False
Q2) If merchandise sold on account is returned to the seller,the seller acknowledges the return by issuing a
A) sales invoice
B) purchase invoice
C) credit memo
D) debit memo
Q3) The arrangements between buyer and seller as to when payments for merchandise are to be made are called
A) credit terms
B) net cash
C) cash on demand
D) gross cash
Q4) Freight-in is the amount paid by the company to deliver merchandise sold to a customer.
A)True
B)False
Page 7
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Chapter 6: Inventories
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Sample Questions
Q1) FIFO reports higher gross profit and net income than the LIFO method when
A) prices are increasing
B) prices are decreasing
C) prices remain stable
D) prices are reduced by 50%
Q2) FIFO is the inventory costing method that follows the physical flow of the goods.
A)True
B)False
Q3) 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
Q4) During times of rising prices,which of the following is not an accurate statement?
A) Average costing will yield results that are between those of FIFO and LIFO.
B) LIFO will result in a higher cost of goods sold than FIFO.
C) FIFO will result in a higher net income than LIFO.
D) LIFO will result in higher income taxes than FIFO.
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Page 8
Chapter 7: Internal Control and Cash
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Sample Questions
Q1) Accompanying the bank statement was a debit memo for bank service charges.On the bank reconciliation,the item is
A) a deduction from the balance per company's records
B) an addition to the balance per bank statement
C) a deduction from the balance per bank statement
D) an addition to the balance per company's records
Q2) A voucher is usually supported by
A) a supplier's invoice
B) a purchase order
C) a receiving report
D) all of these
Q3) 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
Q4) A voucher is a written authorization to make a cash payment.
A)True
B)False
Page 9
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Chapter 8: Receivables
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Sample Questions
Q1) At the end of the current year,Accounts Receivable has a balance of $550,000; Allowance for Doubtful Accounts has a credit balance of $5,500; and sales for the year total $2,500,000.An analysis of receivables estimates uncollectible receivables as $25,000.
Determine (a)the amount of the adjusting entry for bad debt expense; (b)the adjusted balances of Accounts Receivable,Allowance for Doubtful Accounts,and Bad Debt Expense; and (c)the net realizable value of accounts receivable.
Q2) An aging of a company's accounts receivable indicates the estimate of uncollectible receivables totals $7,900.If Allowance for Doubtful Accounts has a $700 credit balance,the adjustment to record the bad debt expense for the period will require a
A) debit to Bad Debt Expense for $8,600
B) debit to Bad Debt Expense for $7,900
C) debit to Bad Debt Expense for $7,200
D) credit to Allowance for Doubtful Accounts for $700
Q3) The maturity value of a 12%,60-day note for $5,000 is $5,600.
A)True
B)False
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Chapter 9: Long-Term Assets: Fixed and Intangible
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Sample Questions
Q1) A used machine with a purchase price of $77,000,requiring an overhaul costing $8,000,installation costs of $5,000,and special acquisition fees of $3,000,would have a cost basis of
A) $93,000
B) $90,000
C) $82,000
D) $85,000
Q2) The method used to calculate the depletion of a natural resource is the straight-line method.
A)True
B)False
Q3) If a fixed asset with a book value of $10,000 is traded for a similar fixed asset,a trade-in allowance of $15,000 is granted by the seller,and the transaction is deemed to have commercial substance,the buyer would report a gain on exchange of fixed assets of $5,000.
A)True
B)False
Q4) The depreciable cost of a building is the same as its acquisition cost.
A)True
B)False
Page 11
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Chapter 10: Liabilities: Current,installment Notes,and
Contingencies
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Q1) The amount of money a borrower receives from the lender is called the discount rate. A)True
B)False
Q2) 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
Q3) On May 18,Rodriguez Co.issued an $84,000,6%,120-day note payable on an overdue account payable to Wilson Company.Assume that the fiscal year of Rodriguez ends on June 30.Which of the following relationships is true?
A) Rodriguez is the creditor and credits Accounts Receivable
B) Wilson is the creditor and debits Accounts Receivable
C) Wilson is the borrower and credits Accounts Payable
D) Rodriguez is the borrower and debits Accounts Payable
Q4) Federal unemployment taxes are paid by the employer and the employee.
A)True
B)False
Page 12
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Chapter 11: Liabilities: Bonds Payable
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Q1) The present value of an annuity is the sum of the present values of each cash flow. A)True
B)False
Q2) On the first day of the fiscal year,a company issues a $1,000,000,7%,5-year bond that pays semiannual interest of $35,000 ($1,000,000 × 7% × 1 / 2),receiving cash of $884,171.Journalize the first interest payment and the amortization of the related bond discount using the straight-line method.Round answers to the nearest dollar.
Q3) The balance in Discount on Bonds Payable
A) should be reported on the balance sheet as an asset because it has a debit balance
B) should be allocated to the remaining periods for the life of the bonds by the straight-line method,if the results obtained by that method materially differ from the results that would be obtained by the effective interest rate method
C) would be added to the related bonds payable to determine the carrying amount of the bonds
D) would be subtracted from the related bonds payable on the balance sheet
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Page 13
Chapter 12: Corporations: Organization, stock Transactions, and Dividends
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Q1) On February 1 of the current year,Motor,Inc.issued 700 shares of $2 par common stock to an attorney in return for preparing and filing the articles of incorporation.The value of the services is $9,600.Journalize this transaction.
Q2) A corporation purchased 1,000 shares of its own $5 par common stock at $10 and subsequently sold 500 of the shares at $20.What is the amount of revenue realized from the sale?
A) $0
B) $5,000
C) $2,500
D) $10,000
Q3) The net increase or decrease in Retained Earnings for a period is recorded by closing entries.
A)True
B)False
Q4) The dates of importance in connection with a cash dividend of $50,000 on a corporation's common stock are January 15,February 15,and March 15.Journalize the entries required on each date.
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Chapter 13: Statement of Cash Flows
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Sample Questions
Q1) Which of the following increases cash?
A) depreciation expense
B) acquisition of treasury stock
C) borrowing money by issuing a six-month note
D) the declaration of a cash dividend
Q2) Which of the following is not one of the four basic financial statements?
A) balance sheet
B) statement of cash flows
C) statement of changes in financial position
D) income statement
Q3) Cash flows from financing activities,as part of the statement of cash flows,would include any payments for dividends.
A)True
B)False
Q4) The declaration and issuance of a stock dividend would be reported on the statement of cash flows.
A)True
B)False
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Chapter 14: Financial Statement Analysis
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Q1) What information is generally included in the Management Discussion and Analysis (MD&A)section of a corporate annual report?
Q2) The tendency of the return on stockholders' equity to vary disproportionately from the return on total assets is because of
A) leverage
B) solvency
C) yield
D) quick assets
Q3) Which of the following measures a company's ability to pay its current liabilities?
A) earnings per share
B) inventory turnover
C) current ratio
D) times interest earned
Q4) In computing the return on total assets,interest expense is subtracted from net income before dividing by average total assets.
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) SASB was organized to develop accounting standards that help companies report decision-useful sustainability information to external financial statement users.
A)True
B)False
Q2) Which of the following manufacturing costs is an indirect cost of producing a product?
A) oil lubricants used for factory machinery
B) commissions for sales personnel
C) hourly wages of an assembly worker
D) memory chips for a microcomputer manufacturer
Q3) An example of a sustainable business practice in energy is the use of wind turbines.
A)True
B)False
Q4) Which of the following statements is false?
A) There is no overlap between financial and managerial accounting.
B) Managerial accounting sometimes relies on past information.
C) Managerial accounting does not need to conform to GAAP.
D) Financial accounting must conform to GAAP.
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Chapter 16: Job Order Costing
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Sample Questions
Q1) A manufacturer may employ a job order cost system for some of its products and a process cost system for others.
A)True
B)False
Q2) When a job is completed in a service organization,the job costs are transferred to the
A) work in process account
B) cost of services account
C) finished goods account
D) cost of goods sold account
Q3) The current year's advertising costs are normally considered period costs.
A)True
B)False
Q4) 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
Q5) List the accounts used in the cost flow for (a)a manufacturer and (b)a service provider.
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Chapter 17: Process Cost Systems
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Q1) Which of the following is not a use of the cost of production report?
A) to help managers control operations
B) to help managers isolate problems
C) to project production
D) to help managers improve operations
Q2) Conversion costs are generally added evenly throughout the process.
A)True
B)False
Q3) Assuming that all direct materials are placed in process at the beginning of production,what is the total cost of the 18,000 units completed during the period?
A) $90,000
B) $193,140
C) $16,438
D) $283,140
Q4) Companies recognizing the need to simultaneously produce products with high quality,low cost,and instant availability have adopted a just-in-time processing philosophy.
A)True B)False
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Chapter 18: Activity-Based Costing
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Q1) Pinacle Corp.budgeted $700,000 of overhead cost for the current year.Actual overhead costs for the year were $650,000.Pinacle's plantwide allocation base,machine hours,was budgeted at 100,000 hours.Actual machine hours were 80,000.A total of 100,000 units was budgeted to be produced and 98,000 units were actually produced.Pinacle's plantwide factory overhead rate for the current year is:
A) $8.13 per machine hour
B) $7.00 per machine hour
C) $6.50 per machine hour
D) $8.75 per machine hour
Q2) Service organizations can use activity-based costing to allocate selling and administrative costs to services provided.
A)True
B)False
Q3) If the budgeted factory overhead cost is $460,000,the budgeted direct labor hours is 80,000,and the actual direct labor hours is 6,700 for the month,the amount of factory overhead to be allocated is $38,525 (if the allocation is based on direct labor hours).
A)True
B)False
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Chapter 19: Cost-Volume-Profit Analysis
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Q1) 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
Q2) Harley Company has sales of $500,000,variable costs are 75% of sales,and operating income is $40,000.What is Harley's operating leverage?
A) 0.0
B) 1.2
C) 1.3
D) 3.1
Q3) Variable costs are costs that vary in total in direct proportion to changes in the activity level.
A)True
B)False
Q4) Garmo Co.has an operating leverage of 5.Next year's sales are expected to increase by 10%.The company's operating income will increase by 50%.
A)True B)False
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Chapter 20: Variable Costing for Management Analysis
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Q1) Management may use both absorption and variable costing methods for analyzing a particular product.
A)True
B)False
Q2) If variable selling and administrative expenses totaled $120,000 for the year (80,000 units at $1.50 each)and the planned variable selling and administrative expenses totaled $136,500 (78,000 units at $1.75 each),the effect of the unit cost factor on the change in contribution margin is:
A) $19,500 decrease
B) $19,500 increase
C) $20,000 decrease
D) $20,000 increase
Q3) What is the amount of the income from operations that would be reported on the variable costing income statement?
A) $18,900
B) $18,200
C) $18,000
D) $21,000
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Chapter 21: Budgeting
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Sample Questions
Q1) Budgeted production for product XXX during the month is
A) 522,000 units
B) 552,000 units
C) 518,000 units
D) 520,000 units
Q2) For February,sales revenue is $700,000; sales commissions are 5% of sales; the sales manager's salary is $96,000; advertising expenses are $90,000; shipping expenses total 2% of sales; and miscellaneous selling expenses are $2,500 plus 1 / 2 of 1% of sales.Total selling expenses for the month of February are
A) $161,000
B) $237,500
C) $235,000
D) $241,000
Q3) The budgeting process is used to effectively communicate planned expectations regarding profits and expenses to the entire organization.
A)True
B)False
Q4) Why is the sales budget usually prepared first?
Q5) What is a cash budget? How does management use a cash budget?
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Chapter 22: Evaluating Variances From Standard Costs
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Q1) The direct materials quantity variance is
A) 22,800 favorable
B) 22,800 unfavorable
C) 52,000 favorable
D) 52,000 unfavorable
Q2) The fixed factory overhead volume variance is
A) $73,250 unfavorable
B) $73,250 favorable
C) $59,400 favorable
D) $59,400 unfavorable
Q3) Because accountants have financial expertise,they are the only ones that are able to set standard costs for the production area.
A)True
B)False
Q4) 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
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Chapter 23: Evaluating Decentralized Operations
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Q1) What is the investment turnover for Division A?
A) 0.93
B) 9.3
C) 1.07
D) 10.7
Q2) Some organizations use internal service departments to provide like services to several divisions or departments within an organization.Which of the following would probably not lend itself as a service department?
A) inventory control
B) payroll accounting
C) information systems
D) human resources
Q3) What is the rate of return on investment for Division D?
A) 153.3%
B) 114.7%
C) 87.2%
D) 233%
Q4) Office salaries expense for a department store is an indirect expense.
A)True
B)False
Page 25
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Chapter 24: Differential Analysis and Product Pricing
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Q1) A bottleneck happens when a key piece of manufacturing machinery can produce 1,000 units per hour and demand for the product supports a production rate of 1,200 units per hour.
A)True
B)False
Q2) The differential cost of producing Product P is $55 per pound.
A)True
B)False
Q3) Lara Technologies is considering a cash outlay of $250,000 for the purchase of land,which it could lease out for $35,000 per year.If alternative investments are available that yield a 12% return,the opportunity cost of the purchase of the land is
A) $35,000
B) $30,000
C) $250,000
D) $4,200
Q4) The desired selling price for a product will be the same under both variable and total cost.
A)True B)False
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Chapter 25: Capital Investment Analysis
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Q1) Using the tables above,if an investment is made now for $20,000 that will generate a cash inflow of $7,000 a year for the next 4 years,what would be the present value of the investment cash inflows,assuming an earnings rate of 12%?
A) $20,352
B) $3,969
C) $22,190
D) $21,259
Q2) The average rate of return for this investment is
A) 5%
B) 10.5%
C) 25%
D) 15%
Q3) 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
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Chapter 26: Lean Manufacturing and Activity Analysis
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Q1) Which of the following are features of the lean manufacturing system?
(a)maintaining excess inventory to ensure that products will always be available (b)cross training of employees (c)giving employees additional authority and responsibility (d)product-oriented layout (e)increased set-up time
Q2) 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
Q3) In a lean environment,process problems are less visible than they are in a traditional environment.
A)True
B)False
Q4) From the above schedule,calculate the (a)prevention and (b)appraisal costs.
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