Managerial Accounting Exam Materials
Course Introduction
Managerial Accounting focuses on the internal use of accounting information by managers to support decision-making, planning, and control within organizations. The course explores key topics such as cost behavior, budgeting, performance measurement, variance analysis, and strategic cost management. Emphasis is placed on analyzing financial and non-financial data to evaluate operations, improve efficiency, and align resources with organizational goals. Students will gain practical skills in interpreting and utilizing managerial accounting information to solve real-world business problems and drive organizational success.
Recommended Textbook
Atrills Accounting for Business Students 1st Australian Edition by Atrill McLaney
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14 Chapters
893 Verified Questions
893 Flashcards
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Page 2
Chapter 1: Introduction to Accounting
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76 Verified Questions
76 Flashcards
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Sample Questions
Q1) How frequently is the set of financial reports made available for external publication by an entity typically produced?
A)Fortnightly
B)Yearly
C)Weekly
D)Daily
Answer: B
Q2) The principle whereby each partner is responsible for the business actions of all other partners when the actions are carried out in the normal course of business, is known as:
A)the rule in Garner versus Murray.
B)unlimited liability.
C)mutual agency.
D)perpetual life.
Answer: C
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Page 3
Chapter 2: Measuring and Reporting Financial Position
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72 Verified Questions
72 Flashcards
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Sample Questions
Q1) Which of these is not an asset?
A)Accounts payable
B)Loan to J Troja
C)Accounts receivable
D)Both A and B
Answer: A
Q2) The accounting convention which results in the anticipation of losses but not of profits is:
A)matching.
B)prudence (conservatism).
C)going concern.
D)none of the above.
Answer: B
Q3) Which of the following is the correct version of the accounting equation?
A)Liabilities = assets + equity
B)Equity = assets + liabilities
C)Assets = equity + liabilities
D)None of the above
Answer: C
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Page 4
Chapter 3: Measuring and Reporting Financial Performance
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72 Verified Questions
72 Flashcards
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Sample Questions
Q1) Choose the statement that best describes the effects of the LIFO inventory valuation method compared to FIFO or average cost.
A)During periods of falling prices, LIFO gives the highest gross profit and the lowest closing inventory value.
B)During periods of rising prices, LIFO gives the highest gross profit and the lowest closing inventory value.
C)During periods of rising prices, LIFO gives the lowest gross profit and the lowest closing inventory value.
D)None of the above
Answer: C
Q2) The owners' contribution of capital to open the business bank account will result in which of the following?
A)An increase in both revenue and equity
B)An increase in revenue and a decrease in equity
C)An increase in cash and a decrease in equity
D)An increase in cash and an increase in equity
Answer: D
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Chapter 4: Recording Transactionsthe Journal and Ledger Accounts
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44 Verified Questions
44 Flashcards
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Sample Questions
Q1) Explain the purpose of the closing off process and identify which accounts will remain after the process is completed.
Q2) When the owner of a business withdraws money from the business for her own use:
A)the cash account is debited.
B)the cash account is credited.
C)the drawings account is credited.
D)the equity account is credited.
Q3) After adjustments are completed, the next step is to prepare:
A)the balance sheet.
B)the profit and loss statement.
C)the trial balance.
D)the adjusted trial balance.
Q4) With a computerised accounting system, there is no need for an audit trail.
A)True
B)False
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Chapter 5: Accounting Systems and Internal Control
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39 Verified Questions
39 Flashcards
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Sample Questions
Q1) An organisation determines that any check for an amount greater than $5 000 must require approval from the controller. This is an example of:
A)segregation of duties.
B)approval authority.
C)rotating key jobs.
D)reconciling the bank statement.
Q2) In a cash payments journal, the total column would be:
A)credited to the cash account.
B)credited to the purchases account.
C)debited to the sales account.
D)credited to the sales returns account
Q3) The owner of a business withdraws $100 from the ATM and neglects to let anyone know so that the transaction can be recorded. This results in an error of commission and does not affect the agreement of the trial balance.
A)True
B)False
Q4) A sales book is used to record sales returns.
A)True
B)False
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Chapter 6: Introduction to Limited Companies
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64 Verified Questions
64 Flashcards
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Sample Questions
Q1) Additional regulations that may apply to limited companies (depending on their classification)do not include requirements relating to:
A)the audit of annual reports by a registered auditor.
B)a limited number of employees.
C)the submission of annual reports to ASIC.
D)preparation of annual reports in accordance with accounting standards.
Q2) Which report is specifically designed to provide an assessment of the credibility and reliability of the financial statements a company issues for external use?
A)Audit report
B)Director's statement
C)Director's report
D)Trustee statement
Q3) If a company has a share capital of $150 000, revenue reserves of $25 000 and retained profits of $50 000, what is the maximum amount it can legally distribute as cash dividends?
A)$130 000
B)$75 000
C)$145 000
D)$30 000
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Page 8
Chapter 7: Regulatory Framework for Companies
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40 Verified Questions
40 Flashcards
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Sample Questions
Q1) Which of the following financial statements does not have to be prepared by a publicly listed company?
A)Statement of comprehensive income
B)Statement of changes in equity
C)Statement of cash flows
D)All of the above must be prepared
Q2) Each ASX Corporate Governing Principle is supported by several recommendations. If the board of a listed company decides that a recommendation is not appropriate for their company:
A)the company will immediately be suspended from listing.
B)the company must explain why it has not adopted the recommendation.
C)the company can just ignore the recommendation.
D)the company board of directors will be dismissed.
Q3) A set of principles designed to guide the development of financial statements is:
A)International Financial Reporting Standards (IFRS).
B)the conceptual framework.
C)generally accepted accounting principles.
D)Australian Accounting Standards Board.
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9
Chapter 8: Measuring and Reporting Cash Flows
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70 Verified Questions
70 Flashcards
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Sample Questions
Q1) In the reconciliation attached to the statement of cash flows, operating cash flow is reconciled to:
A)operating profit after tax.
B)operating profit before tax.
C)operating profit before interest and tax.
D)gross profit.
Q2) In a healthy business, cash flow from operations will normally be:
A)negative.
B)less than the profit.
C)positive.
D)None of the above
Q3) What does the statement of cash flows allow management to assess?
A)Efficiency in earning profit
B)Efficiency in controlling expenses
C)Efficiency in managing cash flows
D)Efficiency in managing industrial relations
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Chapter 9: Corporate Social Responsibility and Sustainability Accounting
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58 Verified Questions
58 Flashcards
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Sample Questions
Q1) Which of the following would not be seen as a positive CSR disclosure?
A)Recycling materials
B)Rehabilitating mining sites
C)Admission of excessive pollution emissions
D)Using environmental audits
Q2) Australia:
A)has most companies reporting on social responsibilities.
B)has some companies who report on social responsibilities.
C)has no companies who report on social responsibilities.
D)None of the above
Q3) For a business to be seen as socially responsible, the business must:
A)assess the social costs and benefits of the actions it takes.
B)develop and implement policies and practices in the area of social responsibility.
C)ensure the media is aware that it takes social responsibility seriously, even though there may be no real indicators.
D)Both A and B
Q4) Briefly outline the essence of the balance scorecard approach.
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Chapter 10: Analysis and Interpretation of Financial Statements
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67 Verified Questions
67 Flashcards
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Sample Questions
Q1) The price-earnings ratio per ordinary share is:
A)1.8:1
B)7.2:1
C)5.0:1
D)3.0:1
Q2) Which of these is not a limitation of ratio analysis?
A)Different accounting methods used by competitors
B)Firms of different size cannot be compared
C)One ratio is not enough information to make an overall judgement
D)All are limitations
Q3) Dividend yield on ordinary shares is calculated as:
A)dividends per share divided by market price per share.
B)annual dividend divided by issued capital.
C)annual dividend divided by earnings.
D)None of the above
Q4) If the earnings yield is 6.67%, the price-earnings ratio is:
A)12:1
B)15:1
C)6:1
D)6.7:1
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Chapter 11: Costvolumeprofit Analysis and Relevant Costing
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70 Verified Questions
70 Flashcards
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Sample Questions
Q1) How is the break-even point represented graphically?
A)The intersection of total costs and total revenue lines
B)Starting at zero and increasing as a straight line as activity increases
C)Starting at a given point and increasing as a straight line as activity increases
D)A horizontal line, staying the same irrespective of the level of activity
Q2) A spreadsheet that includes various possible changes in prices is an example of which of the following?
A)Sensitivity analysis
B)Cost-volume-profit analysis
C)Regression analysis
D)Double-entry bookkeeping
Q3) Preparing a CVP or break-even chart under various assumptions using a spreadsheet is:
A)worthwhile.
B)necessary.
C)unhelpful.
D)expensive.
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13
Chapter 12: Full Costing
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Sample Questions
Q1) Refer to the table above. The overhead recovery rate for stringing and finishing based on direct labour hours is:
A)$6; $11
B)$4; $10
C)$10; $22
D)$5; $ 3
Q2) Refer to the table above. The direct unit cost per racquet for April is:
A)$17.00
B)$9.60
C)$16.70
D)$11.60
Q3) Which of the following statements is correct?
A)Full costing takes into account all resources sacrificed to achieve a specific objective.
B)Full costing only takes into account manufacturing costs.
C)Only variable costs are required to determine the selling price for a product.
D)Full costing cannot be used in the service industries.
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14
Chapter 13: Planning and Budgeting
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86 Flashcards
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Sample Questions
Q1) Xon Company is planning to purchase fixed assets at a cost of $200 000. The planned delivery date is 1st February 2018. A deposit of $20 000 is to be paid on 1/11/17. The amount that will appear in the cash budget for November 2017 is:
A)$190 000 outflow.
B)$200 000 outflow.
C)$20 000 outflow.
D)$20 000 inflow.
Q2) Refer to the table above. What is the total cash expected to be collected from all sales in March?
A)$50 000
B)$58 000
C)$62 000
D)$36 000
Q3) A budget system that always provides plans for a full 12 months into the future is known as:
A)advance budget.
B)yearly budget.
C)future budget.
D)rolling budget.
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Page 15
Chapter 14: Capital Investment Decisions
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68 Flashcards
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Sample Questions
Q1) Which of these costs would not be relevant to an investment decision to replace an existing asset with a newer model capable of increasing production?
A)Disposal value of existing asset
B)Future operating costs of existing asset
C)Trade-in value of existing asset
D)Carrying amount of asset to be replaced
Q2) On what should the decision to invest in a project be based?
A)Both financial and quantitative information
B)Both non-financial and qualitative information
C)Both financial and non-financial information
D)None of the above
Q3) What is the formula for net present value per $1 of investment?
A)Net Present Value/Investment
B)Net cash flows/ Investment
C)Present value of inflows/Initial investment
D)Present values of inflows/Present value of outflows
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