Business Administration
Mock Exam
Course Introduction
Business Administration is a comprehensive course that introduces students to the core principles and practices of managing and operating organizations in various sectors. The course covers fundamental topics such as organizational structure, management functions, finance, marketing, human resources, strategic planning, and decision-making. Through case studies, practical projects, and theoretical frameworks, students develop critical thinking and problem-solving skills essential for effective leadership. Emphasis is placed on understanding the dynamic nature of the business environment, ethical decision-making, and the global context of modern enterprises, preparing students for diverse roles in business and entrepreneurship.
Recommended Textbook
Managerial Accounting 2nd Canadian Edition by Karen W. Braun
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12 Chapters
2681 Verified Questions
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Page 2
Chapter 1: Introduction to Managerial Accounting
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Sample Questions
Q1) The primary purpose of managerial accounting information is to help external users make investing and lending decisions.
A)True
B)False
Answer: False
Q2) Why is it important that all managerial accountants adhere to professional and ethical standards as codified by the profession?
Answer: At the root of all business relationships is trust.Without trust,business cannot function.
Q3) The internal audit department reports directly to the subcommittee of the board of directors called the audit committee.
A)True
B)False
Answer: True
Q4) Overseeing the company's day to day operations. Answer: D
Q5) Determining how to achieve company goals. Answer: C
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Chapter 2: Building Blocks of Managerial Accounting
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Sample Questions
Q1) Prime costs for Comfy Furniture Company totaled
A)$79,000.
B)$214,000.
C)$211,500.
D)$332,000.
Answer: B
Q2) Total variable costs
A)remain the same as production decreases.
B)remain the same as production increases.
C)go down as production decreases.
D)remain the same no matter if production increases or decreases.
Answer: C
Q3) What are the total manufacturing costs to account for at Express Company?
A)$615,000
B)$475,000
C)$295,000
D)$529,000
Answer: A
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4
Chapter 3: Job Costing
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296 Verified Questions
296 Flashcards
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Sample Questions
Q1) A receiving report is used to order needed materials from suppliers.
A)True
B)False
Answer: False
Q2) The journal entry needed to record the completion of a job includes a A)debit to cost of goods sold.
B)debit to finished goods inventory.
C)debit to work in process inventory.
D)debit to raw materials inventory.
Answer: B
Q3) The journal entry needed to record the receipt of a factory utility bill would include a A)credit to manufacturing overhead.
B)debit to manufacturing overhead.
C)debit to accounts payable.
D)debit to utilities payable.
Answer: B
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Page 5
Chapter 4: Activity Based Costing
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Sample Questions
Q1) The storage of raw materials is considered a non-value-added activity.
A)True
B)False
Q2) The benefits of adopting ABC/ABM are higher for companies in more competitive markets.
A)True
B)False
Q3) Traditional single-allocation-base cost systems tend to over-cost high-volume products and under-cost low-volume products.
A)True
B)False
Q4) Waste activities is another name for value-added activities.
A)True
B)False
Q5) Companies that use ABC trace direct materials and direct labour to cost objects just as in traditional costing systems.
A)True
B)False
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Chapter 5: Process Costing
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Sample Questions
Q1) Equivalent units are the sum of direct materials and direct labour.
A)True
B)False
Q2) ABC produces ping-pong balls using a three-step process that includes molding,colouring and finishing.Which of the following accounts is credited when material requests are filled?
A)Finished goods inventory
B)WIP inventory-finishing
C)Manufacturing overhead
D)Raw materials inventory
Q3) If conversion costs are added evenly throughout the production process,and the units have made it 50% of the way through the production process,then the percentage completion for conversion costs is 50%.
A)True
B)False
Q4) In a mass-production environment,direct labour is usually a relatively small component of the total manufacturing costs.
A)True
B)False
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Chapter 6: Cost Behaviour
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Sample Questions
Q1) Cute Wheels Cars produces custom wheels.The company's average cost per wheel is $160.00 when it produces 2,000 wheels per month.
Required:
1.What is the total cost of producing 2,000 wheels?
2.If $100,000 of the total cost is fixed,what is the variable cost of producing each wheel?
3.What is Cute Wheels cost equation?
4.What is the expected total cost of producing 3,000 wheels in a month?
Q2) Renting a car and paying $15 per day plus $.03 per mile driven is an example of what type of cost?
A)Conversion cost
B)Fixed cost
C)Mixed cost
D)Variable cost
Q3) If a scatter plot reveals a fairly weak relationship between cost and volume,the cost equation based on that data should be very useful for predicting future costs.
A)True
B)False
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8
Chapter 7: Cost-Volume-Profit Analysis
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Sample Questions
Q1) To compute the unit contribution margin,________ should be subtracted from the sales price per unit.
A)only variable period costs
B)only variable inventoriable product costs
C)all variable costs
D)all fixed costs
Q2) What is the budgeted contribution margin ratio for Harry's Snack Cart?
A)50.3%
B)50.0%
C)50.75%
D)70.5%
Q3) By multiplying the operating leverage factor by the anticipated percentage change in volume,one can find the anticipated change
A)in sales revenue.
B)in contribution margin.
C)in fixed expenses.
D)in operating income.
Q4) CVP stands for Cost-Volume-Profit.
A)True
B)False
Page 9
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Chapter 8: Short-Term Business Decisions
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Sample Questions
Q1) Each month,Tuttle Corporation produces 400 units of a product that has unit variable costs of $16.00.Total fixed costs for the month are $3,400.A special sales order is received for 100 units of the product at a price of $18 per unit.In deciding to accept or reject the special sales order,it is appropriate to consider the
A)new fixed cost per unit of $6.80.
B)current fixed cost per unit of $8.50.
C)difference between the offered price and the variable cost per unit,or $2.00.
D)difference between the two fixed costs per unit,or $1.70.
Q2) Which of the following best describes a "constraint"?
A)The distribution of all products to be sold
B)Expected future costs that differs among alternatives
C)Benefits foregone by not choosing an alternative course of action
D)A factor that restricts production or sales of a product
Q3) When making a short-term special order decision,a company should
A)focus on qualitative factors only.
B)focus on quantitative factors only.
C)use a traditional direct costing approach.
D)separate variable costs from fixed costs.
Q4) The internal financial statements of Pierce
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Chapter 9: The Master Budget and Responsibility Accounting
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Sample Questions
Q1) Horvath Corporation had beginning inventory of 22,000 units and expects sales of 76,500 units during the year.Desired ending inventory is 19,500 units.How many units should Horvath Corporation produce?
A)74,000 units
B)79,000 units
C)35,000 units
D)118,000 units
Q2) Which term below best describes "sets the targeted revenue and expenses for the period"?
A)Operating budget
B)Capital budget
C)Responsibility center
D)Sensitivity analysis
Q3) What Blaney Lumber's cash collections budgeted for June?
A)$172,000
B)$194,400
C)$206,000
D)$114,000
Q4) List and describe three reasons why a company and its managers could benefit from the use of budgeting.
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Chapter 10: Flexible Budgets and Standard Costs
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Sample Questions
Q1) Dambrodt Travel Agency's actual operating income for the current year is $25,000.The flexible budget's operating income for actual volume achieved is $32,000,while the static budget's operating income is $35,000.What is the sales volume variance for operating income?
A)$7,000 unfavourable
B)$3,000 favourable
C)$3,000 unfavourable
D)$7,000 favourable
Q2) Raw material,ruined through mistakes during production,will result in a materials price variance.
A)True
B)False
Q3) How is the direct materials price variance calculated?
A)The difference in quantities multiplied by the actual price of the input.
B)The difference in prices multiplied by the actual quantity of the input.
C)The actual amount of direct materials purchased divided by the actual quantity.
D)The actual quantity of direct materials purchased divided by the per unit price.
Q4) Identify five benefits of standard costs.
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Page 12
Chapter 11: Performance Evaluation and the Balanced Scorecard
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Sample Questions
Q1) List the four areas of a balanced scorecard.Describe each area.Define "key performance indicator" (KPI).Give an example of a KPI for each balanced scorecard area
Q2) Which of the following is a disadvantage of decentralization?
A)Management does not have time to concentrate on long-term strategic planning.
B)Unit managers may not understand the big picture of the company.
C)Unit managers have decreased motivation and retention.
D)Managers receive training and experience to allow advancement in the organization.
Q3) The number of new products developed would be an example of measuring which perspective?
A)Financial
B)Customer
C)Internal business
D)Learning and growth
Q4) What is the Beverage Division's Economic Value Added (EVA)?
A)$688,800
B)$504,000
C)$411,600
D)$92,400
13
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Chapter 12: Capital Investment Decisions and the Time
Value of Money
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Sample Questions
Q1) If Sommer Corporation decides to refurbish the equipment at a cost of $50,000 at the end of year 6,it could be used for one more year and would have a $30,000 residual value at the end of year 7.Assume the cash inflow in year 7 is $65,000.The NPV of just the refurbishment is closest to A)$4,030.
B)$15,820.
C)$17,590.
D)$41,170.
Q2) Home Products,Inc.is evaluating the purchase of a new machine to use in its manufacturing process.The new machine would cost $40,000 and have a useful life of 6 years.At the end of the machine's life,it would have a residual value of $2,500.Annual cost savings from the new machine would be $12,400 per year for each of the six years of its life.Home Products,Inc.has a minimum required rate of return of 16% on all new projects.The net present value of the new machine would be closest to A)$4,669.
B)$5,694.
C)$6,719.
D)$46,719.
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