Introductory Managerial Accounting Final Exam Questions
Course Introduction
Introductory Managerial Accounting provides students with a foundational understanding of how accounting information is used internally by managers to plan, control, and make decisions within organizations. The course covers topics such as cost behavior, budgeting, performance evaluation, and decision-making techniques, emphasizing the role of accounting data in strategic and operational planning. Through real-world examples and practical exercises, students will learn to analyze financial and non-financial information to support effective business management and organizational success.
Recommended Textbook
Financial and Managerial Accounting 12th Edition by
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Page 2
Carl S. Warren
Chapter 1: Introduction to Accounting and Business
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Sample Questions
Q1) Given the following data: \(\begin{array}{lcl}&\text { Dec. } 31,2014&\text { Dec. } 31,2013\\
\text { Total liabilities } & \$ 128,250 & \$ 120,000 \\
\text { Total stockholders' equity } & 95,000 & 80,000 \end{array}\)
a. Compute the ratio of liabilities to stockholders' equity for each year.
b. Has the creditors' risk increased or decreased from December 31, 2013, to December 31, 2014?
Answer: a.
11ed7603_a625_d566_882d_4b17aa9b99a5_TB2083_11
b. Decreased
Q2) An entity that is organized according to state or federal statutes and in which ownership is divided into shares of stock is a
A) proprietorship
B) corporation
C) partnership
D) governmental unit
Answer: B
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Chapter 2: Analyzing Transactions
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Sample Questions
Q1) Cash was paid by Ari's Alarm Service to creditors on account. Which of the following entries for Ari's Alarm Service records this transaction?
A) Cash, debit; Retained Earnings, credit
B) Accounts Payable, debit; Cash, credit
C) Accounts Receivable, debit; Cash, credit
D) Accounts Payable, debit; Account Receivable, credit Answer: B
Q2) Liability accounts are increased by debits.
A)True
B)False Answer: False
Q3) Journalizing eliminates fraud.
A)True
B)False Answer: False
Q4) Accounts in the ledger are usually maintained in alphabetical order.
A)True
B)False Answer: False
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Chapter 3: The Adjusting Process
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Sample Questions
Q1) When is the adjusted trial balance prepared?
A) before adjusting journal entries are posted
B) after adjusting journal entries are posted
C) after the adjusting journal entries are journalized
D) before the adjusting journal entries are journalized
Answer: B
Q2) The company determines that the interest expense on a note payable for period ending December 31st is $775. This amount is payable on January 1st. Prepare the journal entries required on December 31st and January 1st.
Answer: 11ea8de9_2c95_e9ea_b636_e5e0efd7a3d8_TB2083_00
Q3) If there is a balance in the prepaid rent account after adjusting entries are made, it represents a(n)
A) deferral
B) accrual
C) revenue
D) liability
Answer: A
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Chapter 4: Completing the Accounting Cycle
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Sample Questions
Q1) Which of the following accounts should be closed to Income Summary at the end of the fiscal year?
A) Supplies Expense
B) Accumulated Depreciation
C) Prepaid Insurance
D) Unearned Rent
Q2) There is really no benefit in preparing financial statements in any particular order.
A)True
B)False
Q3) The dividends account is closed to the income summary account.
A)True
B)False
Q4) The post-closing trial balance differs from the adjusted trial balance in that it
A) does not take into account closing entries
B) does not take into account adjusting entries
C) does not include balance sheet accounts
D) does not include income statement accounts
Q5) List/describe the four closing entries in the order that they should occur.
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Chapter 5: Accounting for Merchandising Businesses
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Q1) Abbey Co. sold merchandise to Gomez Co. on account, $35,000, terms 2/15, net 45. The cost of the merchandise sold is $24,500. Abbey Co. issued a credit memo for $3,600 for merchandise returned that originally cost $1,700. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions?
Q2) When a merchandising business is compared to a service business, the financial statement that is not affected by that change is the Statement of Owner's Equity.
A)True
B)False
Q3) Merchandise subject to terms 1/10, n/30, FOB shipping point, is sold on account to a customer for $25,000. The seller paid freight costs of $2,000 and issued a credit memo for $10,000 prior to payment. What is the amount of the cash discount allowable?
A) $170
B) $150
C) $130
D) $250
Q4) Discuss the following statement:
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Chapter 6: Inventories
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Sample Questions
Q1) Under the _________ inventory method, accounting records maintain a continuously updated inventory value.
A) retail
B) periodic
C) physical
D) perpetual
Q2) If merchandise inventory is being valued at cost and the purchase price is steadily falling, which method of costing will yield the largest net income?
A) average cost
B) LIFO
C) FIFO
D) weighted average
Q3) Average inventory is computed by adding the inventory at the beginning of the period to the inventory at the end of the period and dividing by two.
A)True
B)False
Q4) List three different security measures taken by stores to safeguard inventory.
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Chapter 7: Sarbanes-Oxley, Internal Control, and Cash
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Q1) On April 2nd, Granger Sales decides to establish a $125.00 Petty Cash Account to relieve the burden on Accounting.
(a) Journalize this event.
(b) On April 10th, the petty cash fund has receipts for mail and postage of $43.50, contributions and donations of $29.50, meals and entertainment of $38.25 and $13.55 in cash. Journalize the replenishment of the fund.
(c) On April 11th, Granger Sales decides to increase petty cash to $200.00. Journalize this event.
Q2) A $140 petty cash fund has cash of $20 and receipts of $117. The journal entry to replenish the account would include a credit to A) Cash for $20.
B) Cash Over and Short for $3.
C) Petty Cash for $120. D) Cash for $120.
Q3) A customer's check received in settlement of an account receivable is considered cash.
A)True
B)False
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Chapter 8: Receivables
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Q1) When using the direct write-off method off accounting for uncollectible receivables, the account Allowance for Doubtful Accounts is debited when a specific account is determined to be uncollectible.
A)True
B)False
Q2) The amount of a promissory note is called the
A) realizable value
B) maturity value
C) face value
D) proceeds
Q3) Journalize the following transactions using the allowance method of accounting for uncollectible receivables.
April 1 Sold merchandise on account to Jim Dobbs, $7,200. The cost of the merchandise is $5,400.
June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder.
Oct. 11 Reinstated the account of Jim Dobbs and received cash in full payment.
Q4) Other than accounts receivable and notes receivable, name other receivables that might be included in the general ledger.
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Chapter 9: Fixed Assets and Intangible Assets
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Q1) A copy machine acquired on March 1, 2011 with a cost of $705 has an estimated useful life of 4 years. Assuming that it will have a residual value of $125, determine the depreciation for the first year by the double-declining-balance method.
Q2) When selling a piece of equipment for cash, a loss will result when the proceeds of the sale are less than the book value of the asset.
A)True
B)False
Q3) Machinery was purchased on January 1, 2010 for $51,000. The machinery has an estimated life of 7 years and an estimated salvage value of $9,000. Double-declining balance depreciation for 2011 would be
A) $10,929
B) $6,000
C) $10,500
D) $10,408
Q4) Land acquired as a speculation is reported under Investments on the balance sheet. A)True B)False
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Chapter 10: Current Liabilities and Payroll
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Q1) Mobile Sales has five sales employees which receive weekly paychecks. Each earns $11.50 per hour and each has worked 40 hours in the pay period. Each employee pays 12% of gross in Federal Income Tax, 3% in State Income Tax, 6% of gross in Social Security Tax, 1.5% of gross in Medicare Tax, and 1/2% in State Disability Insurance. Journalize the recognition the pay period ending January 19th which will be paid to the employees January 26th. (Keep in mind that none of the employees is subject to a ceiling amount for social security.)
Q2) Proper payroll accounting methods are important for a business for all the reasons below except
A) good employee morale requires timely and accurate payroll payments.
B) payroll is subject to various federal and state regulations.
C) to help a business with cash flow problems by delayed payments of payroll taxes to federal and state agencies.
D) payroll and related payroll taxes have a significant effect on the net income of most businesses.
Q3) Receiving payment prior to delivering goods or services causes a current liability to be incurred.
A)True
B)False
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Page 12
Chapter 11: Corporations: Organization, Stock Transactions, and Dividends
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Q1) If the dividend amount of preferred stock, $50 par value, is quoted as 8%, then the dividends per share would be $4.
A)True
B)False
Q2) The declaration and issuance of a stock dividend does not affect the total amount of a corporation's assets, liabilities, or stockholders' equity.
A)True
B)False
Q3) While some businesses have been granted charters under state laws, most businesses receive their charters under federal laws.
A)True
B)False
Q4) The cost of treasury stock is deducted from total paid-in capital and retained earnings in determining total stockholders' equity.
A)True
B)False
Q5) Match the value to the appropriate account. For the year ended 2012 ABC had the following transactions:
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Chapter 12: Long-Term Liabilities: Bonds and Notes
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Q1) Sinking Fund Cash would be classified on the balance sheet as
A) a current asset
B) a fixed asset
C) an intangible asset
D) an investment
Q2) Callable bonds can be redeemed by the issuing corporation at the fair market price of the bonds.
A)True
B)False
Q3) If bonds are issued at a premium, the stated interest rate is
A) higher than the market rate of interest.
B) lower than the market rate of interest.
C) too low to attract investors.
D) adjusted to a higher rate of interest.
Q4) Premium on bonds payable may be amortized by the straight-line method if the results obtained by its use do materially differ from the results obtained by use of the interest method.
A)True B)False
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Chapter 13: Investments and Fair Value Accounting
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Q1) If the proceeds from the sale of bond investments exceeds the carrying amount of the bonds, a gain is realized.
A)True
B)False
Q2) All of the following are factors contributing to the trend for regulators to adopt accounting principles using fair value concepts except:
A) a greater percentage of total assets existing as receivables and securities.
B) pressure on regulators to adopt an international set of accounting principles and standards.
C) hybrid measurement methods within GAAP that conflict with each other.
D) the ease of applying market values to assets and liabilities.
Q3) Sutton Company purchased 10% of the outstanding stock of Roberts Company on January 1, 2012. Roberts reported net income of $155,000 and declared dividends of $40,000 during 2012. How would these events be reported by Sutton using the cost method?
Q4) Temporary investments are recorded at their cost which would include broker's commissions.
A)True
B)False
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Chapter 14: Statement of Cash Flows
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Q1) On the statement of cash flows, the cash flows from investing activities section would include
A) receipts from the issuance of capital stock
B) payments for dividends
C) payments for retirement of bonds payable
D) receipts from the sale of investments
Q2) Zenith Corporation sells some of its used store fixtures. The acquisition cost of the fixtures is $12,500, the accumulated depreciation on these fixtures is $9,750 at the time of sale. The fixtures are sold for $5,300. The value of this transaction in the Investing section of the statement of cash flows is:
A) $12,500
B) $5,300
C) $2,750
D) $2,550
Q3) Lamar Corporation purchased land for $150,000. Later in the year the company sold land with a book value of $190,000 for $200,000. Show how the effects of these transactions are reported on the statement of cash flows using the indirect method.
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Chapter 15: Financial Statement Analysis
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Q1) The ratio of the sum of cash, receivables, and marketable securities to current liabilities is referred to as the current ratio.
A)True
B)False
Q2) 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) number of times interest charges earned
Q3) In performing a vertical analysis, the base for cost of goods sold is
A) total selling expenses.
B) net sales.
C) total expenses.
D) gross profit.
Q4) Comparing dividends per share to earnings per share indicates the extent to which the corporation is retaining its earnings for use in operations.
A)True
B)False
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Page 17
Chapter 16: Managerial Accounting Concepts and Principles
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Q1) Planning is the process of monitoring operating results and comparing actual results with the expected results.
A)True
B)False
Q2) In most business organizations, the chief accountant is called the controller.
A)True
B)False
Q3) Goods that are partially completed by a manufacturer are referred to as:
A) merchandise inventory
B) work in process inventory
C) finished goods inventory
D) materials inventory
Q4) Another term often used to refer to factory overhead is:
A) surplus
B) period cost
C) supervisory cost
D) factory burden
Q5) Period costs include direct materials and direct labor.
A)True
B)False
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Chapter 17: Job Order Costing
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Q1) The recording of the jobs shipped and customers billed would include a credit to:
A) Accounts Payable
B) Cash
C) Finished Goods
D) Cost of Goods Sold
Q2) The materials requisition serves as the source document for debiting the accounts in the materials ledger.
A)True
B)False
Q3) Define and discuss the two main types of cost accounting systems for manufacturing operations. What are their similarities and differences?
Q4) A widely used activity base for developing factory overhead rates in highly automated settings is:
A) direct labor hours
B) direct labor dollars
C) direct materials
D) machine hours
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19
Chapter 18: Process Cost Systems
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Q1) If the costs for direct materials, direct labor, and factory overhead were $60,000, $35,000, and $25,000, respectively, for 20,000 equivalent units of production, the conversion cost per equivalent unit was $6.
A)True
B)False
Q2) All costs of the processes in a process costing system ultimately pass through the Cost of Goods Sold account.
A)True
B)False
Q3) Which of the following is not characteristic of a process cost system?
A) The system may use several work in process inventory accounts.
B) Manufacturing costs are grouped by department rather than by jobs.
C) The system accumulates costs per job.
D) The system emphasizes time periods rather than the time it takes to complete a job.
Q4) In a just-in-time system, processing functions are combined into work centers, sometimes called departments.
A)True
B)False
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Chapter 19: Cost Behavior and Cost-Volume-Profit Analysis
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Q1) Contribution margin is:
A) the excess of sales revenue over variable cost
B) another term for volume in the "cost-volume-profit" analysis
C) profit
D) the same as sales revenue
Q2) Direct materials and direct labor costs are examples of variable costs of production.
A)True
B)False
Q3) Cost behavior refers to the manner in which a cost changes as the related activity changes.
A)True
B)False
Q4) In a cost-volume-profit chart, the
A) total cost line begins at zero.
B) slope of the total cost line is dependent on the fixed cost per unit.
C) total cost line begins at the total fixed cost value on the vertical axis.
D) total cost line normally ends at the highest sales value.
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21
Chapter 20: Variable Costing for Management Analysis
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Q1) Costs that can be influenced by management at a specific level of management are called:
A) direct costs.
B) indirect costs.
C) noncontrollable costs.
D) controllable costs.
Q2) Under variable costing, which of the following costs would not be included in finished goods inventory?
A) wages of machine operator
B) steel costs for a machine tool manufacturer
C) salary of factory supervisor
D) electricity used by factory machinery
Q3) The beginning inventory is 5,000 units. All of the units manufactured during the period and 3,000 units of the beginning inventory were sold. The beginning inventory fixed costs are $25 per unit, and variable costs are $55 per unit. Determine (a) whether variable costing income from operations is less than or greater than absorption costing income from operations, and (b) the difference in variable costing and absorption income from operations.
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Chapter 21: Budgeting
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Q1) The budgeted finished goods inventory and cost of goods sold for a manufacturing company for the year 2012 are as follows: January 1 finished goods, $765,000; December 31 finished goods, $540,000; cost of goods sold for the year, $2,560,000. The budgeted costs of goods manufactured for the year is?
A) $1,255,000
B) $2,335,000
C) $2,785,000
D) $3100,000
Q2) A budget procedure that provides for the maintenance at all times of a twelve-month projection into the future is called master budgeting.
A)True
B)False
Q3) The budgetary unit of an organization which is led by a manager who has both the authority over and responsibility for the unit's performance is known as a:
A) control center
B) budgetary area
C) responsibility center
D) managerial department
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Chapter 22: Performance Evaluation Using Variances From
Standard Costs
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Q1) Tippi Company produces lamps that require 2.25 standard hours per unit at an hourly rate of $15.00 per hour. If 7,700 units required 17,550 hours at an hourly rate of $15.20 per hour, what is the direct labor (a) rate variance, (b) time variance, and (c) cost variance?
Q2) An example of a nonfinancial measure is the number of customer complaints. A)True
B)False
Q3) The controllable variance measures:
A) operating results at less than normal capacity
B) the efficiency of using variable overhead resources
C) operating results at more than normal capacity
D) control over fixed overhead costs
Q4) Hsu Company produces a part with a standard of 5 yds. of material per unit. The standard price of one yard of material is $8.50. During the month, 8,800 parts were manufactured, using 45,700 yards of material at a cost of $8.30.
Required:
Determine the (a) price variance, (b) quantity variance, and (c) cost variance.
Q5) Define nonfinancial performance measures. What are they used for and what are some common examples?
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Chapter 23: Performance Evaluation for Decentralized Operations
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Q1) The DuPont formula uses financial information to measure the performance of a business.
A)True
B)False
Q2) The amount of detail presented in a budget performance report for a cost center depends upon the level of management to which the report is directed.
A)True
B)False
Q3) 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
Q4) The profit center income statement should include only controllable revenues and expenses.
A)True
B)False
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Chapter 24: Differential Analysis and Product Pricing
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Q1) Widgeon Co. manufactures three products: Bales; Tales; and Wales. The selling prices are: $55; $78; and $32, respectively. The variable costs for each product are: $20; $50; and $15, respectively. Each product must go through the same processing in a machine that is limited to 2,000 hours per month. Bales take 5 hours to process, Tales take 7 hours, and Wales take 1 hour. Assume that Widgeon produced enough product with the highest contribution margin per unit to use 1,000 hours of machine time. Product demand does not warrant any more production of that product. What is the maximum additional contribution margin that can be realized by utilizing the remaining 1,000 hours on the product with the second highest contribution margin per hour?
A) $35,000
B) $7,000
C) $4,000
D) $28,000
Q2) A cost that will not be affected by later decisions is termed a sunk cost.
A)True
B)False
Q3) The lowest contribution margin per scarce resource is the most profitable.
A)True
B)False
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Chapter 25: Capital Investment Analysis
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Q1) A company is planning to purchase a machine that will cost $24,000, have a six-year life, and have no salvage value. The company expects to sell the machine's output of 3,000 units evenly throughout each year. Total income over the life of the machine is estimated to be $12,000. The machine will generate cash flows per year of $6,000. The payback period for the machine is 12 years.
A)True
B)False
Q2) The methods of evaluating capital investment proposals can be separated into two general groups--present value methods and:
A) past value methods
B) straight-line methods
C) reducing value methods
D) methods that ignore present value
Q3) The excess of the cash flowing in from revenues over the cash flowing out for expenses is termed net discounted cash flow.
A)True
B)False
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Chapter 26: Cost Allocation and Activity-Based Costing
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Q1) Use of a plantwide factory overhead rate assumes that the activities causing overhead costs are different across different departments and products.
A)True
B)False
Q2) All of the following can be used as an allocation base for calculating factory overhead rates except:
A) direct labor dollars
B) direct labor hours
C) machine hours
D) total overhead costs
Q3) Activity rates are computed by dividing the cost budgeted for each activity pool by the estimated activity base for that pool.
A)True
B)False
Q4) Activity-based costing can be used to allocate period costs to various products that the company sells.
A)True
B)False
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Chapter 27: Cost Management for Just-In-Time
Environments
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Q1) Employee involvement in a product-oriented factory emphasizes employee teams, rather than individual employees.
A)True
B)False
Q2) In a just-in-time (JIT) environment, operations only respond to customer orders.
A)True
B)False
Q3) In a just-in-time (JIT) environment, process problems are more visible than they are in a traditional environment.
A)True
B)False
Q4) A non-financial measure is operating information that has not been translated into dollars.
A)True B)False
Q5) In a just-in-time (JIT) environment, process problems are less visible than they are in a traditional environment.
A)True B)False
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