Financial Accounting
Test Preparation
Course Introduction
Financial Accounting introduces students to the fundamentals of accounting principles and practices used to prepare, analyze, and interpret financial statements. Covering key topics such as the accounting cycle, measurement of assets and liabilities, revenue recognition, and the preparation of balance sheets, income statements, and cash flow statements, the course provides a solid foundation for understanding how organizations record, report, and utilize financial information for decision-making. Through practical examples and exercises, students gain essential skills in financial reporting, ethical considerations, and the regulatory environment governing external financial communications.
Recommended Textbook
Financial and Managerial Accounting 12th Edition by
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27 Chapters
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Page 2
Carl S. Warren
Chapter 1: Introduction to Accounting and Business
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187 Verified Questions
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Sample Questions
Q1) Expenses are recorded when
A) cash is paid for services rendered
B) a bill is received in advance of services rendered
C) assets are used in the process of earning revenue
D) none of these
Answer: C
Q2) Two factors that typically lead to ethical violations are relevance and timeliness of accounting information.
A)True
B)False
Answer: False
Q3) Some of the major fraudulent acts by senior executives started as what they considered to be small ethical lapses which grew out of control.
A)True
B)False
Answer: True
Q4) What are the three sections of the statement of cash flows?
Answer: Operating Activities, Investing Activities, and Financing Activities
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Page 3
Chapter 2: Analyzing Transactions
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Sample Questions
Q1) All of the following occur with a double-entry accounting system except
A) The accounting equation remains in balance.
B) The sum of all debits is always equal to the sum of all credits in each journal entry.
C) Each business transaction will have only two entries.
D) Every transaction affects at least two accounts.
Answer: C
Q2) The dividends account is an example of an expense.
A)True
B)False
Answer: False
Q3) When a company issues new shares of stock, the capital stock account increases due to revenue being earned.
A)True
B)False
Answer: False
Q4) Revenues are equal to the difference between cash receipts and cash payments.
A)True
B)False
Answer: False
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Chapter 3: The Adjusting Process
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Sample Questions
Q1) The type of account and normal balance of Accumulated Depreciation is
A) asset, credit
B) asset, debit
C) contra asset, credit
D) contra asset, debit
Answer: C
Q2) Adjusting entries are made at the end of an accounting period to adjust accounts on the balance sheet.
A)True
B)False
Answer: False
Q3) What is the purpose of the adjusted trial balance?
A) to verify that all of the adjusting entries have been posted
B) to verify that the net income (loss) is correctly reported
C) to verify that no adjusting journal entry has been omitted
D) to verify the equality of the debit and credit balances
Answer: D
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Chapter 4: Completing the Accounting Cycle
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Sample Questions
Q1) The work sheet
A) is an integral part of the accounting cycle.
B) eliminates the need to rewrite the financial statements.
C) is a working paper that is required.
D) is used to summarize account balances and adjustments for the financial statements.
Q2) The balance sheet accounts are referred to as real or permanent accounts.
A)True
B)False
Q3) The accounting cycle requires three trial balances be done. In what order should they be prepared?
A) Post-closing, unadjusted, adjusted
B) Unadjusted, post-closing, adjusted
C) Unadjusted, adjusted, post-closing
D) Post-closing, adjusted, unadjusted
Q4) Net income appears on the work sheet in the
A) debit column of the Balance Sheet columns
B) debit column of the Adjustments columns
C) debit column of the Income Statement columns
D) credit column of the Income Statement columns
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Chapter 5: Accounting for Merchandising Businesses
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Sample Questions
Q1) If the buyer bears the freight costs related to a purchase, the terms are said to be FOB destination.
A)True
B)False
Q2) Describe the major differences in preparing the financial statements for a service business and a merchandising business.
Q3) If the ownership of merchandise passes to the buyer when the seller delivers the merchandise for shipment, the terms are stated as FOB destination.
A)True
B)False
Q4) Using a perpetual inventory system, the entry to record the sale of merchandise on account includes a
A) debit to Sales
B) debit to Merchandise Inventory
C) credit to Merchandise Inventory
D) credit to Accounts Receivable
Q5) Net sales is equal to sales minus cost of merchandise sold.
A)True
B)False
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Chapter 6: Inventories
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Sample Questions
Q1) If merchandise inventory is being valued at cost and the price level is steadily rising, the method of costing that will yield the highest net income is
A) periodic
B) LIFO
C) FIFO
D) average
Q2) When using the FIFO inventory costing method, the most recent costs are assigned to the cost of goods sold.
A)True
B)False
Q3) For the year ended December 31, 2014 Depot Max's cost of merchandise sold was $56,900. Inventory at the beginning of the year was $6,540. Ending inventory was $7,250. Compute Depot Max's inventory turnover for the year.
A) 8.7
B) 7.8
C) 8.3
D) 44
Q4) List three different security measures taken by stores to safeguard inventory.
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Page 8
Chapter 7: Sarbanes-Oxley, Internal Control, and Cash
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177 Verified Questions
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Sample Questions
Q1) During 2010, Tempo Inc has monthly cash expenses of $115,000. On December 31, 2010, their cash balance is $1,437,500. The ratio of cash to monthly cash expenses is
A) 8.0
B) 12.5
C) 87.5
D) 11.5
Q2) A necessary element of internal control is
A) database
B) systems design
C) systems analysis
D) information and communication
Q3) A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. This item would be included in the bank reconciliation as a(n)
A) deduction from the balance per the company's records
B) addition to the balance per the bank statement
C) deduction from the balance per the bank statement
D) addition to the balance per the company's records
Q4) List the principal advantage of Electronic Funds Transfers.
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Chapter 8: Receivables
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Sample Questions
Q1) The balance of the Allowance for Doubtful Accounts is added to Accounts Receivable on the balance sheet.
A)True
B)False
Q2) Receivables that are expected to be collected in cash in eighteen months or less are reported in the Current Asset section of the balance sheet.
A)True
B)False
Q3) 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 net sales for the year total $2,500,000. An analysis of receivables estimates uncollectible receivables as $25,000. Determine the net realizable value of accounts receivable after adjustment. (Hint: Determine the amount of the adjusting entry for bad debt expense and the adjusted balance Allowance of Doubtful Accounts.)
A) $550,000
B) $544,500
C) $525,000
D) $575,000
Q4) List at least three things that indicate a receivable may be uncollectible.
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Chapter 9: Fixed Assets and Intangible Assets
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Sample Questions
Q1) Assets may be grouped according to common traits and depreciated by using a single composite rate.
A)True
B)False
Q2) On December 31, Strike Company has decided to sell one of its batting cages. The initial cost of the equipment was $310,000 with an accumulated depreciation of $260,000. Depreciation has been taken up to the end of the year. The company found a company that is willing to buy the equipment for $50,000. What is the amount of the gain or loss on this transaction?
A) Gain of $50,000
B) Loss of $50,000
C) No gain or loss
D) Cannot be determined
Q3) Expected useful life is
A) calculated when the asset is sold.
B) estimated at the time that the asset is placed in service.
C) determined each year that the depreciation calculation is made.
D) none of the answers are correct.
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Chapter 10: Current Liabilities and Payroll
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Sample Questions
Q1) Which of the following is an example of a variable component of a payroll system?
A) hours worked
B) medicare tax rate
C) rate of pay
D) social security number
Q2) Employers are required to compute and report payroll taxes on a calendar-year basis, even if a different fiscal year is used for financial reporting and income tax purposes.
A)True
B)False
Q3) Vacation pay payable is reported on the balance sheet as a(n)
A) current liability or long-term liability, depending upon when the vacations will be taken by employees
B) current liability
C) expense
D) long-term liability
Q4) Federal unemployment taxes are paid by the employer and the employee.
A)True
B)False
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Chapter 11: Corporations: Organization, Stock Transactions, and Dividends
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Sample Questions
Q1) A large retained earnings account means that there is cash available to pay dividends.
A)True
B)False
Q2) A restriction/appropriation of retained earnings
A) decreases total assets
B) increases total retained earnings
C) decreases total retained earnings
D) has no effect on total retained earnings
Q3) Organizational expenses are classified as intangible assets on the balance sheet.
A)True
B)False
Q4) Which of the following statements is not true about a 2-for-1 split?
A) Par value per share is reduced to half of what it was before the split.
B) Total contributed capital increases.
C) The market price will probably decrease.
D) A stockholder with ten shares before the split owns twenty shares after the split.
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Chapter 12: Long-Term Liabilities: Bonds and Notes
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Sample Questions
Q1) The issue price of zero-coupon bonds is the present value of their face amount.
A)True
B)False
Q2) The market interest rate related to a bond is also called the
A) stated interest rate
B) effective interest rate
C) contract interest rate
D) straight-line rate
Q3) The interest expense recorded on an interest payment date is increased
A) only if the market rate of interest is less than the stated rate of interest on that date.
B) by the amortization of premium on bonds payable.
C) by the amortization of discount on bonds payable.
D) only if the bonds were sold at face value.
Q4) The adjusting entry to record the amortization of a discount on bonds payable is
A) debit Discount on Bonds Payable, credit Interest Expense
B) debit Interest Expense, credit Discount on Bonds Payable
C) debit Interest Expense, credit Cash
D) debit Bonds Payable, credit Interest Expense
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Page 14
Chapter 13: Investments and Fair Value Accounting
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Sample Questions
Q1) Investment in Bonds is listed on the balance sheet after Bonds Payable.
A)True
B)False
Q2) On June 1, $40,000 of treasury bonds were purchased between interest dates. The broker commission was $600. The bonds pay interest at 12%, which is paid semiannually on January 1 and July 1. How much interest revenue will be recorded on July 1?
A) $400
B) $406
C) $2,000
D) $2,400
Q3) Unrealized gains and losses on trading securities are not included in the calculation of net income.
A)True B)False
Q4) Define (1) debt securities and (2) equity securities. Include their similarities and differences in your discussion.
Q5) Growth firms generally pay regular dividends to stockholders.
A)True
B)False
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Chapter 14: Statement of Cash Flows
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156 Flashcards
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Sample Questions
Q1) Baxter Company reported a net loss of $13,000 for the year ended December 31, 2010. During the year, accounts receivable decreased by $5,000, merchandise inventory increased by $8,000, accounts payable increased by $10,000, and depreciation expense of $4,000 was recorded. During 2010, operating activities
A) provided net cash of $8,000.
B) provided net cash of $2,000.
C) used net cash of $8,000.
D) used net cash of $2,000.
Q2) Income tax was $175,000 for the year. Income tax payable was $30,000 and $40,000 at the beginning and end of the year. Cash payments for income tax reported on the cash flow statement using the direct method is
A) $175,000
B) $165,000
C) $205,000
D) $215,000
Q3) 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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Page 16
Chapter 15: Financial Statement Analysis
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Sample Questions
Q1) Which of the following is considered an unusual item affecting the prior period's income statement?
A) Change in accounting principles
B) Fixed asset impairments
C) Extraordinary item
D) Discontinued operations
Q2) Which of the following below generally is the most useful in analyzing companies of different sizes
A) comparative statements
B) common-sized financial statements
C) price-level accounting
D) audit report
Q3) An acceleration in the collection of receivables will tend to cause the accounts receivable turnover to
A) decrease
B) remain the same
C) either increase or decrease
D) increase
Q4) Define solvency and profitability. How are they alike?
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Chapter 16: Managerial Accounting Concepts and Principles
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Sample Questions
Q1) A staff department has no direct authority over a line department.
A)True
B)False
Q2) Managerial accounting information includes both historical and estimated data.
A)True
B)False
Q3) Factory overhead includes:
A) factory rent and direct labor
B) direct materials and direct labor
C) indirect materials and direct materials
D) indirect labor and indirect materials
Q4) A company sells goods for $150,000 that cost $60,000 to manufacture. Which statement(s) are true?
A) The company will recognize sales on the balance sheet of $150,000.
B) The company will recognize $90,000 gross profit on the balance sheet.
C) The company will decrease finished goods by $60,000.
D) All of these are true.
Q5) Controlling deals with choosing goals and deciding how to achieve them.
A)True
B)False
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Chapter 17: Job Order Costing
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Sample Questions
Q1) Which of the following would record the labor costs to an individual job?
A) Clock card
B) In-and-out cards
C) Time tickets
D) Payroll register
Q2) As product costs are incurred in the manufacturing process, they are accounted for as assets and reported on the balance sheet as inventory.
A)True
B)False
Q3) Activity-based costing is a method of accumulating and allocating costs by department.
A)True
B)False
Q4) Job order cost accounting systems may be used for planning and controlling a service business.
A)True
B)False
Q5) List the accounts used in the cost flow for (a) a manufacturer and (b) a service provider.
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Chapter 18: Process Cost Systems
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Sample Questions
Q1) Which of the following is not included in conversion costs?
A) Direct labor.
B) Factory overhead.
C) Indirect labor.
D) Direct materials.
Q2) If the principal products of a manufacturing process are identical, a process cost system is more appropriate than a job order cost system.
A)True
B)False
Q3) Which of the following is NOT a way in which process and job order cost systems are similar?
A) Both accumulate product costs--direct materials, direct labor, and factory overhead
B) Both allocate product cost to units produced
C) Both maintain perpetual inventories
D) Both use job order cost cards
Q4) Conversion costs are generally added evenly throughout the process.
A)True
B)False
Q5) Describe the flow of materials in a process cost accounting system.
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Chapter 19: Cost Behavior and Cost-Volume-Profit Analysis
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Sample Questions
Q1) The data required for determining the break-even point for a business are the total estimated fixed costs for a period, stated as a percentage of net sales.
A)True
B)False
Q2) Zipee Inc.'s unit selling price is $90, the unit variable costs are $40.50, fixed costs are $170,000, and current sales are 12,000 units. How much will operating income change if sales increase by 5,000 units?
A) $125,000 decrease
B) $175,000 increase
C) $75,000 increase
D) $247,500 increase
Q3) For purposes of analysis, mixed costs can generally be separated into their variable and fixed components.
A)True
B)False
Q4) The contribution margin ratio is the same as the profit-volume ratio.
A)True
B)False
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21
Chapter 20: Variable Costing for Management Analysis
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Sample Questions
Q1) Sales territory profitability analysis can determine profit differences between territories due to
A) pricing, variable costs, and selling costs
B) variable costs, selling costs, and types of products sold
C) pricing, selling costs, and type of products sold
D) sales volumes, pricing, and variable costs
Q2) For a period during which the quantity of product manufactured exceeded the quantity sold, income from operations reported under absorption costing will be larger than income from operations reported under variable costing.
A)True
B)False
Q3) In the short run, the selling price of a product should normally not be less than the variable costs and expenses of making and selling it.
A)True
B)False
Q4) Management may use both absorption and variable costing methods for analyzing a particular product.
A)True
B)False
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Chapter 21: Budgeting
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Sample Questions
Q1) The first budget to be prepared is usually the cash budget.
A)True
B)False
Q2) If the expected sales volume for the current period is 9,000 units, the desired ending inventory is 200 units, and the beginning inventory is 300 units, the number of units set forth in the production budget, representing total production for the current period, is:
A) 9,000
B) 8,900
C) 8,700
D) 9,100
Q3) Yadkin Valley's April sales forecast projects that 6,000 units will sell at a price of $10.50 per unit. The desired ending inventory is 30% higher than the beginning inventory, which was 1,000 units. Budgeted purchases of units in April would be:
A) 7,000 units
B) 6,000 units
C) 6,300 units
D) 7,300 units
Q4) Why is the sales budget usually prepared first?
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Chapter 22: Performance Evaluation Using Variances From
Standard Costs
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Sample Questions
Q1) A company records their inventory purchases at standard cost but also records purchase price variances. The company purchased 5,000 widgets $8.00. The standard cost for the widgets is $7.60. Which of the following would be included in the journal entry?
A) $38,000 Debit to Accounts Payable
B) $ 2,000 Credit to Direct Materials Price Variance
C) $ 2,000 Debit to Accounts Payable
D) $ 2,000 Debit to Direct Materials Price Variance
Q2) Greyson Company produced 8,300 units of their product that required 4.25 standard hours per unit. Determine the standard fixed overhead cost per unit at 27,000 hours, which is 100% of normal capacity, if the favorable fixed factory overhead volume variance is $14,895.
Q3) Though favorable volume variances are usually good news, if inventory levels are too high, additional production could be harmful.
A)True
B)False
Q4) Define ideal and currently attainable standards. Which type of standard should be used and why?
Page 24
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Chapter 23: Performance Evaluation for Decentralized Operations
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Sample Questions
Q1) The balanced scorecard measures financial and nonfinancial performance of a business. The balanced scorecard measures four areas. Identify one of the following that is not included as a performance measurement.
A) Internal Process
B) Financial
C) Innovation and Learning
D) Employees
Q2) The minimum amount of desired divisional income from operations is set by top management by establishing a minimum rate of return considered acceptable for invested assets.
A)True
B)False
Q3) Which of the following expressions is termed the profit margin factor as used in determining the rate of return on investment?
A) Sales/Income From Operations
B) Income From Operations/Sales
C) Invested Assets/Sales
D) Sales/Invested Assets
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Chapter 24: Differential Analysis and Product Pricing
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Sample Questions
Q1) Pheasant Co. can further process Product B to produce Product C. Product B is currently selling for $30 per pound and costs $28 per pound to produce. Product C would sell for $60 per pound and would require an additional cost of $24 per pound to produce.
What is the differential cost of producing Product C?
A) $30 per pound
B) $24 per pound
C) $28 per pound
D) $60 per pound
Q2) Partridge Co. can further process Product J to produce Product D. Product J is currently selling for $21 per pound and costs $15.75 per pound to produce. Product D would sell for $38 per pound and would require an additional cost of $9.25 per pound to produce.
What is the differential revenue of producing Product D?
A) $6.75 per pound
B) $9.25 per pound
C) $17 per pound
D) $5.25 per pound
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Chapter 25: Capital Investment Analysis
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Sample Questions
Q1) A project has estimated annual net cash flows of $50,000. It is estimated to cost $180,000. Determine the cash payback period.
Q2) Decisions to install new equipment, replace old equipment, and purchase or construct a new building are examples of A) sales mix analysis.
B) variable cost analysis.
C) capital investment analysis.
D) Variable cost analysis.
Q3) The expected average rate of return for a proposed investment of $500,000 in a fixed asset, with a useful life of four years, straight-line depreciation, no residual value, and an expected total net income of $240,000 for the 4 years, is:
A) 18%
B) 48%
C) 24%
D) 12%
Q4) An 8-year project is estimated to cost $400,000 and have no residual value. If the straight-line depreciation method is used and the average rate of return is 5%, determine the estimated annual net income.
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Page 27
Chapter 26: Cost Allocation and Activity-Based Costing
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Sample Questions
Q1) Multiple production department factory overhead rates are more accurate and more costly than are plantwide factory overhead rates.
A)True
B)False
Q2) 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
Q3) Common allocation bases are
A) direct labor dollars, direct labor hours, direct material dollars
B) direct labor dollars, direct labor hours, machine hours
C) direct labor dollars, direct labor hours, machine dollars
D) machine dollars, direct labor dollars, machine hours
Q4) Use of a plantwide factory overhead rate assumes that the activities causing overhead costs are the same across all departments and products.
A)True
B)False
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Chapter 27: Cost Management for Just-In-Time
Environments
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Sample Questions
Q1) The local college is aggressively working in reducing the time that a student needs 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 counters to facilitate admission process
Q2) Which of the following is best suited to providing timely and focused performance information?
A) non-financial information
B) financial accounting information
C) cost accounting information
D) variance analysis
Q3) In a just-in-time (JIT) system, there are fewer transactions to record than there are in a traditional system.
A)True
B)False
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Page 29