Introduction to Financial Accounting Practice Questions
Course Introduction
Introduction to Financial Accounting provides students with a foundational understanding of the principles and practices used in preparing and analyzing financial statements. The course covers essential topics such as the accounting cycle, recording transactions, adjusting entries, and the preparation of income statements, balance sheets, and cash flow statements. Students will learn the fundamental concepts of accrual accounting, the role of accounting information in decision-making, and the ethical responsibilities of accountants. By the end of the course, students will be equipped to interpret financial data and understand its significance in business contexts.
Recommended Textbook
Horngren's Accounting 12th Edition by
Tracie L. Miller Nobles
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Chapter 1: Accounting and the Business Environment
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Sample Questions
Q1) Accounting is the information system that measures business activities,processes the information into reports,and communicates the results to decision makers.
A)True
B)False
Answer: True
Q2) Certified Public Accountant
A)Specializes in accounting and financial management knowledge
B)Serves the general public
C)Performs reviews of companies to ensure compliance to rules and regulations
D)Compiles financial statements, interacts with auditors, oversees regulatory reporting Answer: B
Q3) An entity refers to one business which includes its owners.
A)True
B)False
Answer: False
Q4) What is the primary objective of financial reporting?
Answer: The primary objective of financial reporting is to provide information useful for making investment and lending decisions.
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Chapter 2: Recording Business Transactions
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Sample Questions
Q1) List the four steps in the flow of accounting data.
Answer: 1.transactions occur
2.source documents are prepared
3.transactions are analyzed
4.transactions are journalized and posted
Q2) Liabilities are economic resources that are expected to benefit the business in the future.
A)True
B)False
Answer: False
Q3) A business purchases $1,000 of office supplies on account.Which of the following accounts is debited?
A) Cash
B) Accounts Payable
C) Office Supplies
D) Prepaid Asset
Answer: C
Q4) What are two ways in which a company can improve its debt ratio?
Answer: Increase assets
Reduce debt
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Chapter 3: The Adjusting Process
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Q1) What is the term used for the difference between the Equipment account balance and the Accumulated Depreciation-Equipment account balance?
A) contra asset
B) market value
C) historical cost
D) book value
Answer: D
Q2) Maxwell Tax Planning Service bought communications equipment for $10,200 on January 1,2019.The equipment has an estimated useful life of five years and zero residual value.Maxwell uses the straight-line method to calculate depreciation and records depreciation expense in the books at the end of each month.As of June 30,2019,the balance in the Accumulated Depreciation account for this equipment is ________.
A) $170
B) $2,040
C) $850
D) $1,020
Answer: D
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Chapter 4: Completing the Accounting Cycle
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Sample Questions
Q1) The Depreciation Expense account is a temporary account.
A)True
B)False
Q2) On December 31,2018,Action Services Company prepared the following accrual adjustment:
\(\begin{array}{|c|r|c|}
\hline \text { Salaries Expense } & 1,000 & \\
\hline \text { Salaries Payable } & & 1,000 \\
\hline
\end{array}\)
Action uses reversing entries.Prepare the reversing entry on January 1,2019.Omit explanation.
Q3) In a classified balance sheet,assets are reported in the order of liquidity and liabilities are listed in the order in which they must be paid.
A)True
B)False
Q4) Asset and liability accounts may be closed to the Income Summary account.
A)True
B)False
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Chapter 5: Merchandising Operations
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Sample Questions
Q1) In general,to remain competitive in an industry,a low gross profit percentage is desired.
A)True B)False
Q2) In a periodic inventory system,accounting for sales discounts is the same as in a perpetual inventory system,except there is no entry for merchandise inventory.
A)True B)False
Q3) The purchase discount amount is calculated on the amount of the invoice minus the returns and allowances.
A)True B)False
Q4) Both wholesalers and retailers are merchandisers.
A)True B)False
Q5) In a perpetual inventory system,the Cost of Goods Sold account is debited at the time of each sale.
A)True B)False
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Chapter 6: Merchandise Inventory
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Sample Questions
Q1) Which of the following is NOT an inventory costing method?
A) specific identification
B) lower of cost or market
C) last-in, first-out
D) first-in, first-out
Q2) When using the periodic inventory system and weighted-average inventory costing method,when is the weighted average cost per unit computed?
Q3) Ending inventory is calculated by multiplying the number of units on hand by the unit cost.
A)True
B)False
Q4) Each inventory costing method matches the flow of inventory costs in a business and is used to determine ending inventory and cost of goods sold.
A)True
B)False
Q5) The last-in,first-out (LIFO)costing system may or may not match the physical flow of goods.
A)True
B)False
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Chapter 7: Accounting Information Systems
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Sample Questions
Q1) Most small businesses have computerized all of their accounting.
A)True
B)False
Q2) A general ledger is an accounting journal designed to record one specific type of transaction.
A)True
B)False
Q3) ________ refers to purchasing software and data storage from a third party.
A) Cloud computing
B) Resource planning
C) Networking
D) Entry-level software
Q4) An accounting information system is said to have good control characteristics,if it
A) works smoothly with the business's employees and organizational structure
B) safeguards a business's assets and reduces the likelihood of fraud and errors
C) provides information that will improve decision making and reduce uncertainty
D) accommodates changes in the business over time
Q5) Define enterprise resource planning (ERP)systems and state one advantage and one disadvantage of ERP systems.
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Chapter 8: Internal Control and Cash
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Sample Questions
Q1) For the following situation,state whether it represents a strength or weakness in internal control and give the reason for your answer. The movie theater has the following policy.Tickets are sold by the cashier.The ticket stubs are collected by the ticket taker.The ticket stubs are stored in a locked box,and the accounting personnel match the number of ticket stubs to the number of tickets sold.
Q2) Which of the following is a measure for discouraging theft for a retail store that accepts cash receipts over the counter?
A) A receipt is issued for each transaction to ensure that each sale is recorded.
B) At the end of the day, the sales clerk proves the cash by comparing the cash in the drawer against the machine's record of cash sales.
C) The sales clerk uses the machine tape to record the journal entry for cash receipts and sales revenue.
D) The store clerk deposits the cash in the bank.
Q3) Debit card transactions are considered electronic funds transfers.
A)True
B)False
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Chapter 9: Receivables
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Sample Questions
Q1) The two major types of receivables are interest receivable and taxes receivable.
A)True
B)False
Q2) Under GAAP,which of the following is NOT an acceptable method of estimating the amount of bad debt expense at the end of the accounting period?
A) percent-of-receivables
B) percent-of-sales
C) direct write-off
D) aging-of-receivables
Q3) During July 2019,Midtown Catering recorded the following:
Catering services of $86,400 were provided ($64,500 on account,$21,900 for cash)
Collections on account,$58,950
Write-offs of uncollectible receivables,$2,560
Recovery of receivable previously written off,$1,000
Journalize Midtown's transactions during July,assuming Midtown uses the allowance method.Omit explanations.
Q4) The Allowance for Bad Debts is a contra account to Accounts Receivable.
A)True
B)False
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Chapter 10: Plant Assets,natural Resources,and Intangibles
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Sample Questions
Q1) An accelerated depreciation method expenses more of the asset's cost at the end of its useful life.
A)True
B)False
Q2) For exchanges of plant assets with commercial substance,the new asset received will be recorded at its market value.
A)True
B)False
Q3) Which of the following is a characteristic of a plant asset,such as a building?
A) It is used in the operations of a business.
B) It is available for sale to customers in the ordinary course of business.
C) It has a short useful life.
D) It will have a negligible value at the end of its useful life.
Q4) Discarding plant assets involves disposing of the asset for no cash.
A)True B)False
Q5) All intangible assets must be amortized each year.
A)True
B)False
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Chapter 11: Current Liabilities and Payroll
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Sample Questions
Q1) Investors use the times-interest-earned ratio to evaluate a company's ability to pay interest expense.
A)True
B)False
Q2) Which of the following is paid by the employer only?
A) OASDI tax
B) Medicare tax
C) employee income tax
D) federal unemployment tax
Q3) Venus Corp.sold goods,with a selling price of $17,221,for cash.The state sales tax rate is 8%.What amount is credited to the Sales Revenue account? (Round calculations to the nearest dollar.)
A) $17,221
B) $18,599
C) $1378
D) $15,843
Q4) Estimated Warranty Payable is included in the liability section of the balance sheet.
A)True
B)False
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Chapter 12: Partnerships
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Sample Questions
Q1) Which of the following is TRUE of the assets of a partnership?
A) The partner who is more actively involved in the daily business affairs is considered to be the sole owner of the partnership's assets.
B) Any new assets purchased by the partnership are jointly owned by each partner.
C) When a partner contributes a particular asset to the firm, he is considered to be the sole owner of the asset.
D) In the case of the liquidation of a partnership, the partners must be paid based on the profit sharing ratio of the partnership.
Q2) While liquidating a partnership,the cash remaining after paying all liabilities is paid to the partners based on their profit-and-loss-sharing agreement.
A)True
B)False
Q3) In a general partnership,the partners have unlimited personal liability for the debts of the business.
A)True
B)False
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Chapter 13: Corporations
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Sample Questions
Q1) Accounting for stated value common stock is identical to accounting for par value stock.
A)True
B)False
Q2) A corporation originally issued $13 par value common stock for $15 per share.Which of the following is included in the entry to record the purchase of 300 shares of treasury stock for $11 per share?
A) Treasury Stock-Common is debited for $3300.
B) Treasury Stock-Common is credited for $45.
C) Retained Earnings is debited for $1650.
D) Treasury Stock-Common is debited for $1650.
Q3) On November 1,2018,Uno,Inc.declared a dividend of $4.50 per share.Uno,Inc.has 23,000 shares of common stock outstanding and no preferred stock.Which of the following is the journal entry needed to record the declaration of the dividend?
A) Debit Dividends Payable-Common $103,500, and credit Retained Earnings $103,500.
B) Debit Cash Dividends $103,500, and credit Cash $103,500.
C) Debit Cash Dividends $103,500, and credit Dividends Payable-Common $103,500.
D) Debit Cash $103,500, and credit Dividends Payable-Common $103,500.
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Chapter 14: Long-Term Liabilities
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Sample Questions
Q1) The effective-interest amortization method allocates an amount of bond discount or premium,based on the market interest rate at issuance,to each interest period over the life of the bond.
A)True
B)False
Q2) On January 1,2018,Western Services issued $20,000 of 8% bonds that mature in five years.The bonds were issued for $20,750.Prepare the journal entry to issue bonds.Omit explanation.
Q3) Present value is the amount a person would invest now to receive a greater amount in the future.
A)True
B)False
Q4) The issue price of a bond-whether it is issued at par,premium,or discount-has an effect on the principal repayment at maturity.
A)True
B)False
Q5) If a bond is issued at a discount,the issue price is greater than face value.
A)True
B)False
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Chapter 15: Investments
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Sample Questions
Q1) Which of the following securities typically pay interest?
A) equity securities
B) preferred stocks
C) corporate bonds
D) significant interest investment
Q2) Depending on the maturity date,held-to-maturity debt investments are categorized as current assets or long-term assets on the balance sheet.
A)True
B)False
Q3) Hometown Resources,Inc.has a 9% rate of return on total assets and the industry average is 12%.How was the 9% rate of return on total assets computed? Comment on this information.
Q4) Securities are ________.
A) commonly traded on an exchange
B) assets traded between companies working in the same industry
C) owned by the investee
D) always considered to be long-term investments
Q5) An investor is the corporation that issued the bond or stock to the investee.
A)True
B)False
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Chapter 16: The Statement of Cash Flows
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Q1) When preparing the statement of cash flows by the indirect method,it is necessary to adjust for non-cash expenses such as depreciation expense.
A)True
B)False
Q2) The direct method restates the income statement in terms of cash.
A)True
B)False
Q3) Arkansas Corp.is preparing its statement of cash flows using the indirect method.It provides the following information about transactions for the year: Plant assets,net-beginning balance: $111,000
Plant assets,net-ending balance: $148,000
Equipment was purchased for $65,000 with cash.
Equipment with a net asset value of $12,000 was sold for $18,000.
Depreciation Expense of $16,000 was recorded during the year. What was the amount of net cash provided by (used for)investing activities?
A) $(47,000)
B) $47,000
C) $(63,000)
D) $(39,000)
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Chapter 17: Financial Statement Analysis
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Q1) Which of the following is used to determine how the sales revenue of a company has changed from one year to the next?
A) vertical analysis of the balance sheet
B) horizontal analysis of the income statement
C) horizontal analysis of the balance sheet
D) vertical analysis of the income statement
Q2) The current ratio may indicate that the company is using its assets effectively.
A)True
B)False
Q3) A summary of significant accounting policies and explanations of specific items on the financial statements are included in ________.
A) the balance sheet
B) the income statement
C) the notes to financial statements
D) the report of the independent registered public accounting firm
Q4) The dividend payout ratio measures the annual dividend per share as a proportion of the market price per share.
A)True B)False
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Chapter 18: Introduction to Managerial Accounting
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Q1) Managerial accounting can be used to calculate costs for service and merchandising companies.
A)True
B)False
Q2) Define direct cost.
Q3) Manufacturing companies have inventory accounts,but merchandising companies do not.
A)True
B)False
Q4) Which of the following is a period cost for a manufacturing company?
A) office rent
B) wages of factory janitor
C) insurance cost of production equipment
D) raw materials
Q5) Describe the flow of product costs for a manufacturer.
Q6) If a merchandising company determines that the unit cost to purchase a product is less than the unit cost to manufacture the product,the company should make a decision to begin manufacturing the product
A)True
B)False
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Chapter 19: Job Order Costing
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Sample Questions
Q1) For a service company,such as an accounting firm,each client is considered a job.
A)True
B)False
Q2) When goods are transferred from the Work-in-Process Inventory account to the Finished Goods Inventory account,________.
A) total assets and total liabilities increase by the same amount
B) total assets of the company remain constant
C) total equity and total assets increase by the same amount
D) total liabilities increase and total equity decreases by the same amount
Q3) Which of the following accounts would be debited in the journal entry to record the issuance of direct materials?
A) Cost of Goods Sold
B) Work-in-Process Inventory
C) Finished Goods Inventory
D) Raw Materials Inventory
Q4) Accounting firms,building contractors,and healthcare providers use process costing.
A)True
B)False
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Chapter 20: Process Costing
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Q1) A process costing system is generally used by companies that produce homogeneous products.
A)True
B)False
Q2) The Assembly Department of Binary,Inc.,a manufacturer of computers,had a beginning inventory of 5,000 units.During November,it assembled 2000 units and transferred them to the Packaging Department.It incurred $250,000 in direct materials and $75,000 in conversion costs.The ending inventory in November was 6000 units,which were 100% and 60% complete with respect to materials and conversion costs,respectively.Calculate the total equivalent units of production for conversion costs for November.The weighted-average method is used.
A) 2000 units
B) 8000 units
C) 5600 units
D) 3600 units
Q3) If a business operates in an industry that experiences significant cost changes,should the business prepare its production cost report using the FIFO method or the weighted-average method? Explain your answer.
Q4) How is a production cost report prepared using the FIFO method?
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Chapter 21: Cost-Volume-Profit Analysis
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Q1) Artisan Works is owned and operated by a craftsman who makes replicas of historic firearms for museums,sportsmen,and collectors.The data are as follows: \[\begin{array}
{ | l | r | }
\hline \text { Sales price per unit } & \$ 780 \\
\hline \text { Variable cost per unit } & 470 \\
\hline \text { Fixed costs per month } & 8370 \\
\hline
\end{array}\] If Artisan expects to sell 60 units per month,what is his margin of safety expressed in units per month?
A) 33 units
B) 60 units
C) 87 units
D) 31 units
Q2) An increase in contribution margin per unit can be created by an ________ in sales price per unit and a ________ in variable costs per unit.
A) increase, decrease
B) decrease, increase
C) increase, increase
D) decrease, decrease
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Chapter 22: Master Budgets
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Q1) The practice of comparing a company with its prior performance or with best practices from other companies is called ________.
A) benchmarking
B) competitive analysis
C) differentiation analysis
D) budgeting
Q2) List the three sections of the cash budget for a merchandising company.
Q3) The level of forecasted sales has little effect on other elements of the master budget.
A)True
B)False
Q4) Which of the following is an example of the planning function of the budgeting process?
A) A budget demands integrated input from different business units and functions.
B) Employees are motivated to achieve the goals set by the budget.
C) Budget figures are used to evaluate the performance of managers.
D) The budget outlines a specific course of action for the coming period.
Q5) What is a common method of accessing short-term financing?
Q6) For a merchandising company,what is the final step in the master budget process?
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Chapter 23: Flexible Budgets and Standard Cost Systems
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Q1) The total product cost flexible budget variance is obtained by adding direct labor efficiency variance and fixed overhead volume variance.
A)True
B)False
Q2) The purchasing manager was able to bring down the cost of direct materials by purchasing direct materials of a slightly lower grade quality than the company had used previously.The lower grade of direct materials,however,meant a higher defect rate on the assembly line and a higher waste of direct materials during production,which in turn lowered operating income.This would have led to a(n)________.
A) unfavorable direct materials cost variance
B) favorable direct labor cost variance
C) favorable direct labor efficiency variance
D) unfavorable direct materials efficiency variance
Q3) The sales volume variance is a result of the difference between the actual sales price and the budgeted sales price.
A)True
B)False
Q4) What does the variable overhead efficiency variance measure?
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Chapter 24: Cost Allocation and Responsibility Accounting
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Q1) Indirect costs allocated to products using activity-based costing are more accurate than traditional allocation systems.
A)True
B)False
Q2) Net income is used in the numerator of the return on investment formula.
A)True
B)False
Q3) A cost-based transfer price considers the cost of producing the goods when determining the price.
A)True
B)False
Q4) Sandpiper Inc.has a division that manufactures a component that sells for $150 and has a variable cost of $50.Another division of the company wants to purchase the component.Fixed cost per unit of the component is $20.What is the minimum transfer price if the division is operating at capacity?
A) $150
B) $50
C) $70
D) $20
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Chapter 25: Short-Term Business Decisions
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Q1) Victor Corporation has provided you with the following budgeted income statement for one of its products:
\(\begin{array}{|l|r|}
\hline \text { Sales revenue } & \$ 750,000 \\
\hline \text { Variable costs } & \underline{500,000} \\
\hline \text { Contribution margin } & \$ 250,000 \\
\hline\text { Fixed costs } & 280,000 \\
\hline \text { Operating income } & \\
\text { (loss) } & (\$ 30,000 \\
\hline
\end{array}\)
Victor Corporation believes that 65% of the fixed costs would be avoidable if the product line was dropped.Based on the impact on the company's operating income or loss,Victor should keep the product line.
A)True
B)False
Q2) A customer of Cooke Manufacturing has requested a one-time order at a reduced sales price.Before making the special pricing decision,what are three questions that management of Cooke Manufacturing must consider?
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Chapter 26: Capital Investment Decisions
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Q1) Which of the following is the rate of return,based on discounted cash flows,a company can expect to earn by investing in a capital asset?
A) accounting rate of return
B) bank interest rate
C) internal rate of return
D) return on investment
Q2) Both the payback and the accounting rate of return methods focus on cash flows that an asset generates.
A)True
B)False
Q3) Managers generally use payback as the sole method for deciding whether to invest in an asset.
A)True
B)False
Q4) Compound interest assumes that all interest earned will remain invested and earn additional interest at the same interest rate.
A)True
B)False
Q5) What are the strengths of the net present value capital budgeting method?
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