Managerial Accounting Exam Solutions
Course Introduction
Managerial Accounting focuses on the internal use of accounting information by managers to facilitate decision-making, planning, and control within organizations. The course covers key topics such as cost behavior, budgeting, performance evaluation, variance analysis, and decision techniques relevant to product pricing and resource allocation. Emphasizing the interpretation and application of accounting data, students will learn how managerial accounting supports strategic business goals, enhances operational efficiency, and contributes to effective leadership in dynamic business environments.
Recommended Textbook
Financial and Managerial Accounting 12th Edition by Carl S. Warren
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4697 Verified Questions
4697 Flashcards
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Chapter 1: Introduction to Accounting and Business
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Sample Questions
Q1) Which of the following financial statements reports information as of a specific date?
A) income statement
B) retained earnings statement
C) statement of cash flows
D) balance sheet
Answer: D
Q2) Earning revenue
A) increases assets, increases stockholders' equity
B) increases assets, decreases stockholders' equity
C) increases one asset, decreases another asset
D) decreases assets, increases liabilities
Answer: A
Q3) Two factors that typically lead to ethical violations are relevance and timeliness of accounting information.
A)True
B)False
Answer: False
Q4) What are the three sections of the statement of cash flows?
Answer: Operating Activities, Investing Activities, and Financing Activities
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Chapter 2: Analyzing Transactions
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Sample Questions
Q1) When an accounts payable account is paid in cash, company expenses increase.
A)True
B)False
Answer: False
Q2) Liabilities are increased with debits and decreased with credits.
A)True
B)False
Answer: False
Q3) Supplies purchased on account were incorrectly recorded as Office Equipment. The correcting entry would be
A) Supplies, debit; Office Equipment, credit.
B) Accounts Receivable, debit; Supplies, credit.
C) Office Equipment, debit; Supplies Expense, credit.
D) Supplies, debit; Accounts Payable, credit.
Answer: A
Q4) When a business receives a bill from the utility company, no entry should be made until the invoice is paid.
A)True
B)False Answer: False
Page 4
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Chapter 3: The Adjusting Process
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Sample Questions
Q1) One of the accounting concepts upon which deferrals and accruals are based is
A) matching
B) cost
C) price-level adjustment
D) conservatism
Answer: A
Q2) Accumulated Depreciation accounts are liability accounts.
A)True
B)False
Answer: False
Q3) Which of the following is an example of a prepaid expense?
A) Supplies
B) Accounts Receivable
C) Unearned Subscriptions
D) Unearned Fees
Answer: A
Q4) Vertical analysis is useful for analyzing financial statement changes over time.
A)True
B)False
Answer: True
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Chapter 4: Completing the Accounting Cycle
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Sample Questions
Q1) A post-closing trial balance contains only asset and liability accounts.
A)True
B)False
Q2) The income summary account is also known as the clearing account.
A)True
B)False
Q3) The income summary account is closed to the retained earnings account.
A)True
B)False
Q4) Once the adjusted trial balance is in balance, the flow of accounts will now go into the financial statements.
A)True
B)False
Q5) The usual presentation of the retained earnings statement is (1) beginning retained earnings, (2) net income or loss, (3) dividends (4) ending retained earnings. A)True
B)False
Q6) If working papers are not considered part of the formal accounting records, then why are they used?
Page 6
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Chapter 5: Accounting for Merchandising Businesses
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Sample Questions
Q1) The arrangements between buyer and seller as to when payments for merchandise are to be made are called
A) credit terms
B) net cash
C) cash on demand
D) gross cash
Q2) When the perpetual inventory system is used, the inventory sold is debited to
A) supplies expense
B) cost of merchandise sold
C) merchandise inventory
D) sales
Q3) The buyer will include the sales tax as part of the cost of items purchased for use.
A)True
B)False
Q4) When companies use a perpetual inventory system, the recording of the purchase of inventory will include a debit to purchases.
A)True
B)False
Q5) Discuss the following statement:
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Chapter 6: Inventories
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Sample Questions
Q1) "Market," as used in the phrase "lower of cost or market" for valuing inventory, refers to the price at which the inventory is being offered for sale by its owner.
A)True
B)False
Q2) When using a perpetual inventory system, the journal entry to record the cost of merchandise sold is:
A) debit Cost of Merchandise Sold; credit Sales
B) debit Cost of Merchandise Sold; credit Merchandise Inventory
C) debit Merchandise Inventory; credit Cost of Merchandise Sold
D) No journal entry is made to record the cost of merchandise sold.
Q3) Control of inventory should begin as soon as the inventory is received. Which of the following internal control steps is not done to meet this goal?
A) check the invoice to the receiving report
B) check the invoice to the purchase order
C) check the invoice with the person who specifically purchased the item
D) check the invoice extensions and totals
Q4) Describe three inventory cost flow assumptions and how they impact the financial statements.
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Page 8
Chapter 7: Sarbanes-Oxley, Internal Control, and Cash
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Sample Questions
Q1) Which of the following would be deducted from the balance per books on a bank reconciliation?
A) Service charges
B) Outstanding checks
C) Deposits in transit
D) Notes collected by the bank
Q2) For efficiency of operations and better control over cash, a company should maintain only one bank account.
A)True
B)False
Q3) Depositing all cash, checks, etc. in a bank and paying with checks is an internal control procedure over cash.
A)True
B)False
Q4) An element of internal control is
A) risk assessment
B) journals
C) subsidiary ledgers
D) controlling accounts
Q5) Why would a bank require a company to maintain a compensating balance?
Page 9
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Chapter 8: Receivables
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Sample Questions
Q1) Other than accounts receivable and notes receivable, name other receivables that might be included in the general ledger.
Q2) When a company uses the allowance method of accounting for uncollectible receivables, which entry would not be found in the general journal?
A) Bad Debt Expense 500 Allowance for Doubtful Accounts 500
B) Bad Debt Expense 500 Accounts Receivable - Bob Smith 500
C) Cash 300 Allowance for Doubtful Accounts 200 Accounts Receivable - Bob Smith 500
D) Cash 500 Accounts Receivable - Bob Smith 500
Q3) Both Accounts Receivable and Notes Receivable represent claims that are expected to be collected in cash.
A)True
B)False
Q4) The maturity value of a note receivable is always the same as its face value.
A)True B)False
Q5) The interest on a 6%, 60-day note for $5,000 is $300.
A)True
B)False
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Chapter 9: Fixed Assets and Intangible Assets
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Sample Questions
Q1) Residual value is not incorporated in the initial calculations for double-declining-balance depreciation.
A)True
B)False
Q2) The cost of replacing an engine in a truck is an example of ordinary maintenance.
A)True
B)False
Q3) Revising depreciation estimates does affect the amounts of depreciation expense recorded in past periods.
A)True
B)False
Q4) Expenditures that increase operating efficiency or capacity for the remaining useful life of a fixed asset are betterments.
A)True
B)False
Q5) All property, plant, and equipment assets are depreciated over time.
A)True
B)False
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Chapter 10: Current Liabilities and Payroll
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Sample Questions
Q1) Which of the following will have no effect on an employee's take-home pay?
A) Social security tax
B) Unemployment tax
C) Marital status
D) Number of exemptions claimed
Q2) The detailed record indicating the data for each employee for each payroll period and the cumulative total earnings for each employee is called the
A) payroll register
B) payroll check
C) employee's earnings record
D) employer's earnings record
Q3) Payroll entries are made with data from the
A) wage and tax statement
B) employee's earning record
C) employer's quarterly federal tax return
D) payroll register
Q4) The accounting for defined benefit plans is usually very easy and straight forward.
A)True
B)False
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Chapter 11: Corporations: Organization, Stock Transactions, and Dividends
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Sample Questions
Q1) A deficit in Retained Earnings is reported in the stockholders' equity section of the balance sheet.
A)True
B)False
Q2) When Bayou Corporation was formed on January 1, 20xx, the corporate charter provided for 100,000 share of $10 par value common stock. The following transaction was among those engaged in by the corporation during its first month of operation: The corporation issued 9,000 shares of stock at a price of $23 per share. The entry to record the above transaction would include a
A) debit to Cash for $90,000
B) credit to Common Stock for $207,000
C) credit to Paid in Capital in Excess of Par for $117,000
D) debit to Common Stock for $90,000
Q3) The par value of common stock must always be equal to its market value on the date the stock is issued.
A)True
B)False
Q4) Match the value to the appropriate account. For the year ended 2012 ABC had the following transactions:
Page 13
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Chapter 12: Long-Term Liabilities: Bonds and Notes
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Sample Questions
Q1) A bond is simply a form of an interest bearing note.
A)True
B)False
Q2) The interest portion of an installment note payment is computed by multiplying the interest rate by the carrying amount of the note at the end of the period.
A)True
B)False
Q3) At 12/31/2009, the cash and securities held in a sinking fund to redeem bonds in 2011 are classified on the balance sheet as current assets.
A)True
B)False
Q4) If bonds are sold for a discount, the carrying value of the bonds is equal to the face value less the unamortized discount.
A)True
B)False
Q5) The issue price of zero-coupon bonds is the present value of their face amount.
A)True
B)False
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Chapter 13: Investments and Fair Value Accounting
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Sample Questions
Q1) The equity method causes the investment account to mirror the proportional changes in book value of the investee.
A)True
B)False
Q2) When a corporation owns less than 20% of the stock of another company, dividends received are not treated as income.
A)True
B)False
Q3) All of the following are disadvantages of fair value use except:
A) fair values may not be readily obtainable.
B) fair values may cause more fluctuations as change occurs from period to period.
C) comparability between companies may be impacted by different fair value measurement.
D) fair values can only be used on balance sheet accounts.
Q4) The investor carrying an investment by the equity method records cash dividends received as an increase in the carrying amount of the investment.
A)True
B)False
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Page 15
Chapter 14: Statement of Cash Flows
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Sample Questions
Q1) Cash paid for preferred stock dividends should be shown on the statement of cash flows under
A) investing activities
B) financing activities
C) noncash investing and financing activities
D) operating activities
Q2) A major disadvantage of the indirect method of reporting cash flows from operating activities is that the difference between the net amount of cash flows from operating activities and net income is emphasized.
A)True
B)False
Q3) On the statement of cash flows prepared by the indirect method, the cash flows from operating activities section would include
A) receipts from the sale of investments
B) amortization of premium on bonds payable
C) payments for cash dividends
D) receipts from the issuance of capital stock
Q4) Fortune Corporation's comparative balance sheet for current assets and liabilities was as follows:
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Chapter 15: Financial Statement Analysis
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Sample Questions
Q1) The ratio of fixed assets to long-term liabilities provides a measure of a firm's ability to pay dividends.
A)True
B)False
Q2) Factors which reflect the ability of a business to pay its debts and earn a reasonable amount of income are referred to as solvency and profitability.
A)True
B)False
Q3) Which of the following should be classified as an extraordinary item on the income statement?
A) Gain on a sale of a long term investment.
B) Loss due to discontinued operations.
C) Restructuring charges.
D) Loss resulting from an infrequent natural disaster.
Q4) Reporting unusual items separately on the income statement allows investors to isolate the effects of these items on income and cash flows.
A)True
B)False
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Page 17
Chapter 16: Managerial Accounting Concepts and Principles
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Sample Questions
Q1) A performance report that identifies the amount of employee downtime is a financial accounting report.
A)True
B)False
Q2) Allen Company used $71,000 of direct materials and incurred $37,000 of direct labor costs during 2011. Indirect labor amounted to $2,700 while indirect materials used totaled $1,600. Other operating costs pertaining to the factory included utilities of $3,100; maintenance of $4,500; supplies of $1,800; depreciation of $7,900; and property taxes of $2,600. There was no beginning or ending finished goods inventory, but work in process inventory began the year with a $5,500 balance and ended the year with a $7,500 balance.
Prepare a statement of cost of goods manufactured.
Q3) Factory overhead includes all manufacturing costs except direct materials and direct labor.
A)True
B)False
Q4) Product costs include direct labor and advertising expense.
A)True
B)False
Page 18
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Chapter 17: Job Order Costing
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Sample Questions
Q1) A manufacturer may employ a job order cost system for some of its products and a process cost system for others.
A)True
B)False
Q2) Period costs are costs that are incurred for the production requirements of a certain period.
A)True
B)False
Q3) The recording of the application of factory overhead costs to jobs would include a credit to:
A) Factory Overhead
B) Wages Payable
C) Work in Process
D) Cost of Goods Sold
Q4) Job order cost systems can be used to compare unit costs of similar jobs to determine if costs are staying within expected ranges.
A)True
B)False
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Page 19
Chapter 18: Process Cost Systems
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Sample Questions
Q1) Kamin Company's mixing department had a beginning inventory of 4,000 units which had accumulated conversion costs of $55,000. During the period, the mixing department accumulated conversion costs of $92,000 and started 8,000 new units. Ending inventory was 2,500 units which were 40% complete with respect to conversion costs. Kamin uses the average cost method to cost inventories.
Required:
Calculate the cost per equivalent unit for conversion costs in the mixing department.
Q2) The Bottling Department of Mountain Springs Water Company had 5,000 liters in beginning work in process inventory (20% complete). During the period, 58,000 liters were completed. The ending work in process inventory was 3,000 liters (90% complete). What are the equivalent units for conversion costs under the FIFO method?
Q3) Yield measures the ratio of the materials output quantity to the materials input quantity.
A)True
B)False
Q4) In a process costing system, indirect materials are charged to Work in Process. A)True B)False
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Page 20
Chapter 19: Cost Behavior and Cost-Volume-Profit Analysis
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Sample Questions
Q1) Even if a business sells six products, it is possible to estimate the break-even point.
A)True
B)False
Q2) Given the following:
Variable cost as a percentage of sales = 60%
Unit Variable cost = $30
Fixed costs = $200,000
What is the break-even point in units?
Q3) Assuming no other changes, operating income will be the same under both the variable and absorption costing methods when the number of units manufactured equals the number of units sold.
A)True
B)False
Q4) The contribution margin ratio is the same as the profit-volume ratio.
A)True
B)False
Q5) Cordell, Inc. has an operating leverage of 3. Sales are expected to increase by 9% next year. What is the expected change in operating income next year?
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Chapter 20: Variable Costing for Management Analysis
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Sample Questions
Q1) Variable costing is also known as direct costing.
A)True
B)False
Q2) The contribution margin and the manufacturing margin are usually equal.
A)True
B)False
Q3) Which of the following causes he difference between the planned and actual contribution margin?
A) an increase or decrease in the amount of sales
B) an increase in the amount of variable costs and expenses
C) a decrease in the amount of variable costs and expenses
D) all of the above
Q4) For a period during which the quantity of product manufactured was less than the quantity sold, income from operations reported under absorption costing will be smaller than income from operations reported under variable costing.
A)True
B)False
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Chapter 21: Budgeting
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Sample Questions
Q1) Principal components of a master budget include which of the following?
A) Production budget
B) Sales budget
C) Capital expenditures budget
D) All of the above
Q2) A series of budgets for varying rates of activity is termed a(n):
A) flexible budget
B) variable budget
C) master budget
D) activity budget
Q3) The budgeted direct materials purchases is based on the sum of (1) the materials needed for production and (2) the desired ending materials inventory, less (3) the estimated beginning materials inventory.
A)True
B)False
Q4) The budgeting process does not involve which of the following activities:
A) Specific goals are established
B) Periodic comparison of actual results to goals
C) Execution of plans to achieve goals
D) Increase in sales by increasing marketing efforts.
Page 23
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Chapter 22: Performance Evaluation Using Variances From
Standard Costs
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Sample Questions
Q1) A company should only use nonfinancial performance measures when financial measures cannot be calculated.
A)True B)False
Q2) 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
Q3) An unfavorable cost variance occurs when budgeted cost at actual volumes exceeds actual cost.
A)True B)False
Q4) An unfavorable volume variance may be due to a failure of supervisors to maintain an even flow of work.
A)True B)False
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Chapter 23: Performance Evaluation for Decentralized Operations
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Sample Questions
Q1) The costs of services charged to a profit center on the basis of its use of those services are called:
A) operating expenses
B) noncontrollable charges
C) service department charges
D) activity charges
Q2) If Division Q's income from operations was $30,000 on invested assets of $200,000, the rate of return on investment is 15%.
A)True
B)False
Q3) The major advantage of residual income as a performance measure is that it gives consideration to not only a minimum rate of return on investment but also the total magnitude of income from operations earned by each division.
A)True
B)False
Q4) Developing and retaining quality managers is an advantage of decentralization.
A)True
B)False
Page 25
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Chapter 24: Differential Analysis and Product Pricing
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Sample Questions
Q1) A cost that will not be affected by later decisions is termed an opportunity cost.
A)True
B)False
Q2) A business is operating at 90% of capacity and is currently purchasing a part used in its manufacturing operations for $15 per unit. The unit cost for the business to make the part is $20, including fixed costs, and $12, not including fixed costs. If 30,000 units of the part are normally purchased during the year but could be manufactured using unused capacity, what would be the amount of differential cost increase or decrease from making the part rather than purchasing it?
A) $150,000 cost increase
B) $ 90,000 cost decrease
C) -$150,000 cost increase
D) $ 90,000 cost increase
Q3) An unfinished desk is produced for $36.00 and sold for $65.00. A finished desk can be sold for $75.00. The additional processing cost to complete the finished desk is $5.95. Provide a differential analysis for further processing.
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Chapter 25: Capital Investment Analysis
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Q1) A qualitative characteristic that may impact upon capital investment analysis is the impact of investment proposals on product quality.
A)True
B)False
Q2) The cash payback method of capital investment analysis is one of the methods referred to as a present value method.
A)True
B)False
Q3) A series of equal cash flows at fixed intervals is termed a(n):
A) present value index
B) price-level index
C) net cash flow
D) annuity
Q4) A company is considering purchasing a machine for $21,000. The machine will generate income from operations of $2,000; annual cash flows from the machine will be $3,500. The payback period for the new machine is 10.5 years.
A)True
B)False
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Chapter 26: Cost Allocation and Activity-Based Costing
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Q1) The total factory overhead for Big Light Company is budgeted for the year at $403,750. Big Light manufactures two different products - night lights and desk lamps. Night lights is budgeted for 30,000 units. Each night light requires 1/2 hour of direct labor. Desk lamps is budgeted for 40,000 units. Each desk lamp requires 2 hours of direct labor. Determine (a) the total number of budgeted direct labor hours for year, (b) the single plantwide factory overhead rate using direct labor hours as the allocation base, and (c) the factory overhead allocated per unit for each product using the single plantwide factory overhead rate calculated in (b).
Q2) Product costing consists of only direct materials and direct labor.
A)True
B)False
Q3) If selling and administrative expenses are allocated to different products, they should be reported as a A) product cost
B) factory overhead cost
C) period cost
D) cost of goods sold
Q4) Explain why it is imperative that proper factory overhead be allocated in factories that produce multiple products.
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Chapter 27: Cost Management for Just-In-Time
Environments
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Sample Questions
Q1) Just-in-Time (JIT) manufacturing is also called make-to-order manufacturing. A)True
B)False
Q2) 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
Q3) Under a JIT environment, employees have the responsibility and authority to A) purchase inventory.
B) determine output amounts.
C) make decisions about operations, rather than waiting for management.
D) make engineering changes.
Q4) Reducing wait time is directly linked to reducing inventory. A)True B)False
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