Managerial Accounting Final Exam Questions
Course Introduction
Managerial Accounting focuses on the internal use of accounting information by managers to inform business decision-making, planning, and control. This course covers concepts such as cost behavior, budgeting, performance evaluation, and decision analysis. Students learn how to interpret accounting data to develop budgets, control operations, and assess organizational performance. Practical case studies and real-world examples are used to illustrate techniques for managing costs, setting prices, and optimizing resource allocation, equipping future managers with essential financial insights for strategic planning and operational effectiveness.
Recommended Textbook College Accounting A Practical Approach 12th Canadian Edition by Jeffrey Slater
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Page 2
Chapter 1: Accounting Concepts and Procedures
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Q1) The basic accounting equation is:
A)Assets = Revenues - Expenses.
B)Assets = Liabilities - Owner's Equity.
C)Assets = Owner's Equity - Liabilities.
D)Assets = Liabilities + Owner's Equity.
Answer: D
Q2) An expense should be recorded when:
A)the bill is paid.
B)the expense is incurred.
C)a bill is received in the mail.
D)None of the above are correct.
Answer: B
Q3) Bob purchased a new computer for the company on account. The transaction will:
A)increase Computer; increase Capital.
B)decrease Cash; increase Accounts Payable.
C)decrease Cash; increase Computer.
D)increase Computer; increase Accounts Payable.
Answer: D
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3
Chapter 2: Debits and Credits: Analyzing and Recording
Business Transactions
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Q1) Expenses are recorded when paid.
A)True
B)False
Answer: False
Q2) Which of the following entries records the investment of cash by John, owner of a sole proprietorship?
A)Debit John, Capital; credit Cash
B)Debit Cash; credit John, Withdrawals
C)Debit John, Withdrawals; credit Cash
D)Debit Cash; credit John, Capital
Answer: D
Q3) What would be the effect on accounts if the business provided services to a customer on account?
A)An asset would be debited and an expense credited.
B)Capital would be debited and revenue credited.
C)An asset would be debited and revenue credited.
D)An asset would be debited and Capital credited.
Answer: C
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Chapter 3: Beginning the Accounting Cycle
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Q1) The general journal entry to record a payment to a creditor would most commonly include:
A)a debit to Accounts Payable and a credit to Cash.
B)a debit to Capital and a credit to Cash.
C)a debit to Supplies and a credit to Cash.
D)a debit to Cash and a credit to Accounts Payable.
Answer: A
Q2) A debit to the Capital account was posted to a revenue account. This would cause:
A)assets to be understated.
B)liabilities to be overstated.
C)capital to be understated.
D)revenue to be understated.
Answer: D
Q3) The first step of the accounting cycle is:
A)recording journal entries.
B)posting to the ledger.
C)preparing a trial balance.
D)analyzing business transactions.
Answer: D
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Chapter 4: The Accounting Cycle Continued
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Q1) The adjustment for wages earned, but not yet paid is:
A)Debit Wages Expense, credit Cash.
B)Debit Wages Payable, credit Wages Expense.
C)Debit Wages Payable, credit Cash.
D)Debit Wages Expense, credit Wages Payable.
Q2) If the Supplies account is not adjusted:
A)assets will be overstated and expenses will be understated.
B)assets will be overstated and expenses will be overstated.
C)assets will be understated and expenses will be overstated.
D)assets will be understated and expenses will be understated.
Q3) Debits must equal credits on the Statement of Owner's equity.
A)True
B)False
Q4) Equipment with a cost of $150,000 has an accumulated depreciation of $100,000.
What is the historical cost of the equipment?
A)$150,000
B)$50,000
C)$200,000
D)$100,000
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Chapter 5: The Accounting Cycle Completed
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Q1) The Capital account debited and the withdrawals credited would be the result of:
A)closing the Income Summary account-there is a net income.
B)closing the withdrawal account.
C)closing the Income Summary account-there is a net loss.
D)closing the expense accounts.
Q2) Of the following accounts, which might appear in the adjusted trial balance, but not in the post-closing trial balance?
A)Income Summary
B)Owner's Capital
C)Accounts Payable
D)Depreciation Expense
Q3) Which of the following accounts is not a temporary account?
A)Withdrawals
B)Fees Earned
C)Cash
D)Income Summary
Q4) The goal of closing is to clear all temporary accounts and update Capital.
A)True
B)False
Q5) What are the major goals of the closing process?
Page 7
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Chapter 6: Banking Procedure and Control of Cash
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Q1) The credit recorded in the journal entry to establish the petty cash fund is to:
A)Cash.
B)Petty Cash.
C)Postage Expense.
D)Withdrawals.
Q2) The petty cash overage was not recorded. This would cause:
A)revenues to be overstated.
B)revenues to be understated.
C)expenses to be overstated.
D)expenses to be understated.
Q3) The bank statement included bank charges. On the bank reconciliation, the item is:
A)an addition to the balance per company books.
B)an addition to the balance per bank statement.
C)a deduction from the balance per bank statement.
D)a deduction from the balance per company books.
Q4) The Petty Cash account should always be debited when the fund is replenished.
A)True
B)False
Q5) ________ Establishment of petty cash
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Chapter 7: Calculating Pay and Payroll Taxes: The
Beginning of the Payroll Process
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Q1) The College Credit Card Services has a significant increase in business each spring due to a large increase in new applicants from graduating college students. Subsequently, each spring 40 temporary workers are hired for a 12-week period, working 40 hours per week at $10 per hour and then they are laid off. College's permanent employment total is 350 workers. Because of these yearly layoffs, College's state unemployment merit tax rate is 9%. If the number of layoffs could be reduced, the merit tax rate could be reduced to 4.1%.
As the payroll specialist for College, you have been asked to evaluate the following and determine the pros/cons of each decision:
1. Should College stop hiring temporary employees and ask its full-time workers to work overtime to handle the extra load?
2. Should College get its temporary employees from a temporary employment agency and therefore not be subject to the extra taxes?
Q2) Payroll taxes include all of the following except:
A)federal income tax.
B)state income tax.
C)FICA-OASDI.
D)All of the above are payroll taxes.
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Chapter 8: Paying, Recording, and Reporting Payroll and Payroll Taxes: the Conclusion of the Payroll Process
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Q1) The 940 is filed annually.
A)True
B)False
Q2) Premiums for worker's compensation insurance may be adjusted based on actual payroll amounts at the end of the year.
A)True
B)False
Q3) If Wages and Salaries Payable is debited, what account would most likely be credited?
A)Cash
B)Wages and Salaries Expense
C)Payroll Expense
D)SUTA Payable
Q4) An employer must always use a calendar year for payroll purposes.
A)True
B)False
Q5) Form 941 is completed annually.
A)True
B)False
Q6) Compute the employees' FICA-Medicare. ________ Page 10
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Chapter 9: Sales and Cash Receipts
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Q1) Sue's Jewelry sold 20 necklaces for $25 each to a credit customer. The invoice included a 6% sales tax and payment terms of 2/10, n/30. In addition, 5 necklaces were returned prior to payment. The entry to record the original sale would include:
A)a debit to Accounts Receivable for $530.
B)a debit to Accounts Receivable for $500.
C)a debit to Sales for $530.
D)a debit to Sales for $500.
Q2) If cash flow is so important to merchandisers, why do they extend credit to their customers?
Q3) The return of merchandise by a credit customer was recorded with a debit to Accounts Payable and a credit to Accounts Receivable and the subsidiary ledger. This error will cause:
A)the net income for the period to be overstated.
B)the net income for the period to be understated.
C)the control account to not agree with the subsidiary ledger.
D)the assets to be overstated.
Q4) Explain why the account Sales Tax Payable is credited when a sale is made subject to a sales tax?
Q5) Compare and discuss a discount period versus a credit period.
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Chapter 10: Purchases and Cash Payments
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Q1) The term F.O.B. means:
A)free on board.
B)freight or bill.
C)freight order billing.
D)found on base.
Q2) The account Freight-In accumulates the shipping costs to the seller.
A)True
B)False
Q3) If a display rack was purchased for the store, which of the following accounts would be increased?
A)Store Equipment
B)Purchases
C)Cash
D)Capital
Q4) Compare and contrast the controlling account Accounts Payable to the accounts payable subsidiary ledger. Discuss why the balance of the controlling account, Accounts Payable, does not equal the sum of the accounts payable ledger during the month.
Q5) Explain the difference between F.O.B. shipping point and F.O.B. destination.
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Chapter 11: Preparing a Worksheet for a Merchandise Company
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Q1) When completing a worksheet:
A)the ending inventory amount appears in the income statement debit column.
B)the beginning inventory amount appears in the adjustment credit column.
C)the ending inventory amount appears in the unadjusted trial balance debit column of the worksheet.
D)the beginning inventory amount appears in the balance sheet debit column of the worksheet.
Q2) Doug paid $1,200 on a one-year insurance policy on March 1. The entry included a debit to Prepaid Insurance. The adjusting entry on December 31 would include a:
A)debit to Prepaid Insurance for $1,000; and a credit to Cash for $1,000.
B)debit to Insurance Expense for $1,000; and a credit to Prepaid Insurance for $1,000.
C)debit to Insurance Expense for $1,200; and credit to Prepaid Insurance for $1,200.
D)debit to Cash for $1,200; and credit to Prepaid Insurance for $1,200.
Q3) The amount for beginning inventory is needed when calculating Cost of Goods Sold.
A)True
B)False
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Chapter 12: Completion of the Accounting Cycle for a Merchandise Company
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Q1) Determine the ending Capital balance of a business having:
Beginning Capital of $50,000
No investments or withdrawals
Beginning inventory of $10,000
Net Purchases of $90,000
Ending inventory of $12,000
Operating expenses of $72,000
Net sales $190,000
$ ________
Q2) If beginning inventory is $5,000, ending inventory is $3,000, net purchases is $12,000 and Freight-in is $400, what is the Cost of Goods Sold?
A)$17,400
B)$17,000
C)$14,400
D)$14,000
Q3) A balance sheet where assets and liabilities are broken down into more detail is called a comprehensive balance sheet.
A)True
B)False
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Chapter 13: Accounting for Bad Debts
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Q1) The entry to adjust for bad debts was ignored. This error would cause:
A)total assets to be overstated.
B)total liabilities to be understated.
C)net income to be understated.
D)None of these are correct.
Q2) Collected a partial payment from a bad debt under the allowance method. The account had been reinstated.
Debit account ________ Credit account ________
Q3) A detailed analysis of Accounts Receivable to determine how long each account has been outstanding is called:
A)analyzing the Accounts Receivable.
B)aging the uncollectible accounts.
C)aging the Accounts Receivable.
D)taking a percentage of sales on account.
Q4) The Allowance for Doubtful Accounts may have a debit balance before adjustment. A)True B)False
Q5) The Allowance for Doubtful accounts is shown on the income statement.
A)True
B)False
Page 16
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Chapter 14: Notes Receivable and Notes Payable
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Q1) A written promise to pay a certain sum of money to another person or company is a:
A)Promissory Accounts Payable.
B)Promissory Note Payable.
C)Promissory Accounts Receivable.
D)Promissory Note Receivable.
Q2) Chase Hunford negotiated a $40,000 bank loan for 240 days at a bank rate of 10%.
The bank deducted the interest in advance.
Required (show your calculations):
a)Calculate the amount of interest charged by the bank.
b)Calculate the amount of cash Chase received from the bank.
c)Calculate the effective interest rate charged by the bank.
d)Prepare Chase's journal entry for the transaction.
Q3) A note that is not paid on the maturity date is considered dishonored. A)True
B)False
Q4) The formula for calculating interest on a note is: principal x rate x time. A)True
B)False
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Chapter 15: Accounting for Merchandise Inventory
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Questions
Q1) Compute the cost of ending inventory using the retail method when goods available for sale at cost are $15,000, retail is $25,000, and sales at retail equal $20,000. What will the cost ratio be? What will the ending inventory be?
A)Cost ratio 60%; ending inventory $5,000
B)Cost ratio 75%; ending inventory $10,000
C)Cost ratio 70%; ending inventory $12,000
D)Cost ratio 60%; ending inventory $3,000
Q2) Under the perpetual inventory system, which of the following accounts would not be used?
A)Sales
B)Purchases
C)Cost of Goods Sold
D)Merchandise Inventory
Q3) Paid for merchandise after the discount period expired. - Perpetual Debit ________ & ________ Credit ________ & ________
Q4) This method assumes that the most recently acquired goods are sold first.
A)LIFO
B)FIFO
C)Specific invoice method
D)Weighted-average method
Page 18
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Chapter 16: Accounting for Property, Plant, Equipment, and Intangible Assets
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Q1) A company expanded its manufacturing facility by adding an additional 15,000 square feet to the building. This is an example of a(n):
A)addition.
B)betterment.
C)extraordinary repair
D)revenue expenditure.
Q2) Capital expenditures would include:
A)additions.
B)betterments.
C)extraordinary repairs.
D)All of these answers are correct.
Q3) Patents, copyrights, and franchises are intangible assets with the same number of years of useful life.
A)True
B)False
Q4) The write-off of intangible assets is called:
A)depreciation.
B)amortization.
C)depletion.
D)deterioration.
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Chapter 17: Partnership
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Q1) The average capital balances of partners Bridget and Emily are $3,000 and $6,000, respectively. Bridget and Emily work full time in the business. The business earned net income of $12,000 for the period. The partners have agreed to share earnings based upon the percentage of original investment. Bridget's share of the net income is:
A)$4,000.
B)$6,000.
C)$8,000.
D)indeterminable.
Q2) Closed the income summary, there is a net loss.
Debit ________ & ________ & ________ Credit ________ & ________ &
Q3) Cory, Brooke, and Amy share profits and losses in a 2:1:1 ratio, respectively, in their partnership. The assets are to be reduced $15,000 in value when Brooke wishes to leave the partnership. If each partner had a capital balance of $30,000 before Brooke's notification of withdrawal, what amount should Brooke be allowed to withdraw from the partnership?
A)$25,000
B)$27,000
C)$26,250
D)$33,000
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Chapter 18: Corporations: Organizations and Stock
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Q1) Dividends in arrears occur when the company does not pay dividends to:
A)cumulative preferred stockholders.
B)non-cumulative preferred stockholders.
C)participating preferred stockholders.
D)non-participating common stockholders.
Q2) To calculate dividends on par-value preferred stock:
A)multiply the number of shares times rate.
B)multiply rate times par-value.
C)multiply number of shares outstanding times rate times par-value.
D)None of these answers are correct.
Q3) Exchanged common stock for services of corporation organizers (valued at par).
Debit ________ & ________ & ________
Q4) Corporations are subject to more government regulations than sole proprietorships and partnerships.
A)True
B)False
Q5) Exchanged common stock for machinery when the stock was selling at a premium.
21
Q6) Sold preferred stock at a price equal to par value.
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Chapter 19: Corporations: Stock Values, Dividends, Treasury
Stocks, and Retained Earnings
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Q1) The entry to record the declaration of a stock dividend would include:
A)a credit to Retained Earnings.
B)a credit to Cash.
C)a credit to Common Stock.
D)None of these answers are correct.
Q2) A dividend is declared by:
A)the board of directors.
B)president of the corporation.
C)CFO of the corporation.
D)stockholders.
Q3) An appropriation to retained earnings reduces total assets.
A)True
B)False
Q4) On the date of record, the journal entry would include:
A)a debit to Dividend Payable.
B)a credit to Dividend Payable.
C)a credit to Cash.
D)no entry.
Q5) Paid a cash dividend.
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Chapter 20: Corporations and Bonds Payable
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Q1) The real or actual rate of interest to the borrowing corporation is called the:
A)market rate of interest.
B)effective rate of interest.
C)discount rate of interest.
D)premium rate of interest.
Q2) Plaza Corporation issued $350,000 of 8%, 10-year bonds for 98. The entry to record the issuance of the bonds includes a:
A)debit to Discount on Bonds Payable for $7,000.
B)credit to Bonds Payable for $343,000.
C)debit to Bonds Payable for $350,000.
D)credit to Cash for $343,000.
Q3) A $1,000 bond quoted at 96.5 would sell for:
A)$1,000.
B)$965.
C)$96.50.
D)None of the above.
Q4) Issued bonds at face value in exchange for buildings and land.
Debit ________ & ________ & ________ Credit ________ & ________ &
Q5) The formal written agreement for issuing bonds is called a(n)________.
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Q6) A premium bond's ________ decreases over time until it reaches face value.
Chapter 21: Statement of Cash Flows
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Q1) Loaning cash to borrowers would result in:
A)an increase of cash flow from investing activities.
B)a decrease of cash flow from investing activities.
C)an increase of cash flow from financing activities.
D)a decrease of cash flow from financing activities.
Q2) To determine cash received from customers for the cash flow statement using the direct method, a decrease in accounts receivable is added to sales.
A)True
B)False
Q3) Transactions dealing with the exchange of cash between the firm and its owners (stockholders)and creditors are called:
A)planning activities.
B)financing activities.
C)investing activities.
D)operating activities.
Q4) An example of operating activities is the payment of dividends.
A)True
B)False
Q5) Discuss the purpose of a statement of cash flows, and describe its components.
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Chapter 22: Analyzing Financial Statements
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Q1) For vertical analysis purposes, the base item on an income statement is:
A)net income.
B)net sales.
C)total expenses.
D)total sales.
Q2) The acid test ratio is the best test to determine the ability to pay short-term debt.
A)True
B)False
Q3) What was the percentage of decrease in the Accounts Receivable account if the receivables were $80,000 in Year 1, and $60,000 in Year 2?
A)(25%)
B)33.33%
C)(33.33%)
D)25%
Q4) The debt in relation to the risk taken by stockholders is measured by:
A)debt to stockholders' equity.
B)gross profit ratio.
C)rate of return to stockholders.
D)None of these answers are correct.
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Chapter 23: The Voucher System
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Q1) The separation of duties among the employees of the accounting department is an example of a(n):
A)internal control system.
B)document system.
C)voucher system.
D)check paying system.
Q2) Which of the following sequences of events is in the correct order for a voucher system?
A)Recording, preparing, posting, and paying the voucher
B)Posting, preparing, paying, and recording the voucher
C)Preparing, paying, posting, and recording the voucher
D)None of the above is the correct order.
Q3) Emily purchased $2,000 of merchandise on April 1 and recorded it in the voucher register. On April 8, $400 of the merchandise proved to be defective. The entry would be to:
A)reduce the original voucher.
B)record a purchase return in the general journal.
C)cancel the original voucher and record a revised voucher.
D)None of these answers are correct.
Q4) Any change in an already recorded voucher dictates the ________ of that voucher.
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Chapter 24: Departmental Accounting
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Q1) To calculate departmental gross profit, separate accounts should be set up for Sales, Purchases, etc., for each department.
A)True
B)False
Q2) Which of the following indirect expenses would most likely be allocated on the basis of gross sales?
A)Rent expense
B)Utilities expense
C)Miscellaneous expense
D)None of the above
Q3) A company has four departments (A, B, C and D)and the net sales are $35,000; $40,000; $60,000 and $25,000 respectively. The cost of goods sold per department are $25,000; $15,000; $40,000 and $15,000 respectively. What department has the highest gross profit? A)A
Q4) Explain the difference between a "cost center" and a "profit center."
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Chapter 25: Manufacturing Accounting
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Q1) A manufacturing company will have a new set of columns on the worksheet for the:
A)statement of finished goods.
B)statement of work-in-process inventories.
C)statement of cost of goods sold.
D)statement of cost of goods manufactured.
Q2) The Overhead-Applied account is used for the:
A)application of overhead to production and it has a credit balance.
B)accumulation of all actual overhead costs and it has a credit balance.
C)application of overhead to production and it has a debit balance.
D)accumulation of all actual overhead costs and it has a debit balance.
Q3) Raw Material is credited and Work-in-Process is debited when raw material is transferred to production.
A)True
B)False
Q4) Which is not an example of a source document?
A)Clock card
B)Bill of lading
C)Lot ticket
D)All are source documents.
Q5) Describe the three elements of manufacturing cost.
Page 30
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