Managerial Accounting Exam Practice Tests
Course Introduction
Managerial Accounting focuses on the processes and techniques used by managers to make informed business decisions based on financial data. The course covers topics such as budgeting, forecasting, cost analysis, performance measurement, and internal financial reporting. Students will learn to interpret accounting information for planning, controlling, and evaluating organizational activities, as well as supporting strategic business initiatives. Emphasis is placed on the application of accounting methods to real-world management problems, enabling students to analyze costs, assess operational efficiency, and contribute to effective business leadership.
Recommended Textbook
Payroll accounting 2016 2nd Edition by Jeanette Landin
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6 Chapters
424 Verified Questions
424 Flashcards
Source URL: https://quizplus.com/study-set/3043
Page 2
Chapter 1: Payroll Practices and System Functions
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70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/60480
Sample Questions
Q1) What is the effect of payroll-related legislation on payroll practice?
A) Legislation explicitly dictates the activities of payroll accountants.
B) Legislation has prescribed the format and delivery of a payroll system.
C) Legislation has alleviated the need for a company to design its own payroll system.
D) Legislation highlights the need for firms to create well-designed payroll systems.
Answer: D
Q2) Many large companies have website portals in which employees may view and change payroll data.Which of the following is the most significant concern about such websites?
A) Accuracy of employee-entered data.
B) Employer oversight of stored data.
C) Employee website navigation issues.
D) Security of personnel data.
Answer: D
Q3) The IRS uses EINs to track employers for tax purposes.
A)True
B)False
Answer: True
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3
Chapter 2: Payroll System Procedures
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70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/60479
Sample Questions
Q1) Form I-9 is issued by the _________________________________to verify employment eligibility in the United States.
A) Internal Revenue Service
B) Department of Homeland Security
C) Federal Bureau of Investigation
D) Department of Labor
Answer: B
Q2) Employers may choose to omit the employees' Social Security numbers in their employee files.
A)True
B)False
Answer: False
Q3) Payroll records that contain evidence of fraud or other illegal action must be ______________________.
A) retained for two years.
B) destroyed immediately.
C) retained indefinitely.
D) released to law enforcement officials.
Answer: C
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Page 4
Chapter 3: Gross Pay Computation
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70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/60478
Sample Questions
Q1) Compensatory time is only Federally mandated for public salaried exempt employees.
A)True
B)False
Answer: True
Q2) Piece-rate pay is used for employees who participate materially in the sale of manufacturing components.
A)True
B)False
Answer: False
Q3) Clark is a piece rate worker who earns $8.25 per completed unit.During a 40-hour workweek,Clark completed 57 units.What is Clark's hourly rate?
A) $15.21 per hour
B) $11.76 per hour
C) $13.98 per hour
D) $12.22 per hour
Answer: B
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Page 5
Chapter 4: Employee Net Pay and Pay Methods
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70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/60477
Sample Questions
Q1) Maile is a full-time exempt employee who earns $1,370.15 per biweekly payday.She is married with seven withholding allowances,so her Federal income tax is $0.She contributes 4% of her gross pay to her 401(k) and has her health insurance premium of $50 deducted on a pre-tax basis.She has $10 deducted per pay period for a Salvation Army contribution and has union dues of $40 per pay period.What is her net pay? (Do not round interim calculations,only round final answer to two decimal points.)
A) $1,160.53
B) $1,114.35 )35.35
C) $1,124.23
D) $1,137.93
Q2) The purpose of the wage base used for the Social Security tax is ______________________________.
A) To determine when to start withholding the tax from an employee's pay
B) To establish a maximum salary level after which the tax does not apply to the employee's pay
C) To determine the amount of Social Security tax to withhold from an employee's pay
D) To compute the total amount of Social Security tax that a firm must pay
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6
Chapter 5: Employer Payroll Taxes and Labor Planning
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72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/60476
Sample Questions
Q1) Which of the following tasks would not use the information from the Benefit Analysis Report?
A) Budgeting
B) Benchmarking
C) Departmental Reporting
D) Labor Planning
Q2) An employer files Form 941 on either a quarterly basis or when they deposit payroll taxes,whichever is more frequent.
A)True
B)False
Q3) Jamie earns $232,000 annually.Compute the FICA taxes for both the employee and employer share.The Social Security wage base is $118,500.What is the total annual FICA tax liability for Jamie's pay?
A) $15,510
B) $14,270
C) $18,160
D) $17,872
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Chapter 6: Payroll Register, Employee Earning Records, and Accounting System Entries
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72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/60475
Sample Questions
Q1) What are the General Journal entries that should appear on each pay date?
A) Employee pay accrual and employee pay disbursement
B) Employee pay remittance and voluntary deduction remittance
C) Employee pay recording and employer share payroll taxes recording
D) Employee pay disbursement and voluntary deduction remittance
Q2) When journalizing the employees' pay accrual,the _______________ is/are the debit(s),and the _____________ is one of the credits.
A) Net pay; gross pay
B) Payroll tax liabilities; gross pay
C) Gross pay; net pay
D) Cash account; net pay
Q3) What is true about the trial balance?
A) It contains a detailed listing of every transaction during a period.
B) It may contain whatever accounts the accountant wishes to include.
C) Payroll accounts do not appear on it because of their changeable nature.
D) The total of the debits must equal the total of the credits.
Q4) Payroll accruals reflect the amount of payroll paid but not earned at the end of the financial period.
A)True
B)False
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