Managerial Accounting Final Test Solutions
Course Introduction
Managerial Accounting focuses on the internal use of accounting information by managers to inform decision-making, planning, and control within organizations. The course covers key concepts such as cost behavior, budgeting, performance evaluation, and variance analysis. Students learn how to analyze financial and non-financial data to support operational efficiency, strategic planning, and effective resource management. Emphasis is placed on tools and techniques that managers utilize for cost control, profitability analysis, and informed decision-making in a dynamic business environment.
Recommended Textbook
Financial Managerial Accounting 14th Edition by Carl Warren
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Page 2
Chapter 1: Introduction to Accounting and Business
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Sample Questions
Q1) If the liabilities owed by a business total $300,000 and stockholders' equity is equal to $300,000,then the assets also total $300,000.
A)True
B)False
Answer: False
Q2) On July 1 of the current year,the assets and liabilities of John Wong,DVM,are as follows: Cash,$27,000; Accounts Receivable,$12,300; Supplies,$3,100; Land,$35,000; Accounts Payable,$13,900.What is the amount of stockholders' equity as of July 1 of the current year?
Answer: $63,500 ($27,000 Cash + $12,300 Accounts Receivable + $3,100 Supplies + $35,000 Land $13,900 Accounts Payable = $63,500)
Q3) A business is an organization in which basic resources or inputs,like materials and labor,are assembled and processed to provide outputs in the form of goods or services to customers.
A)True
B)False Answer: True
Q4) Prepare a balance sheet for the current year ended March 31. Answer: 11ea8952_b5d8_f6da_861b_5b75de2a6d66_TB6238_00
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Chapter 2: Analyzing Transactions
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Sample Questions
Q1) On November 30,the company accountant discovers that $550 of a transaction recording the purchase of office supplies was really office equipment.Prepare the journal entry to correct this situation.
Answer: 11ea8952_b5b6_a1a9_861b_e1d0df191b84_TB6238_00
Q2) A debit signifies a decrease in A) assets
B) expenses
C) dividends
D) revenues
Answer: D
Q3) Cash was paid by Janer's Cleaning Service to creditors on account.Which of the following entries for Janer's Cleaning Service records this transaction?
A) Cash,debit; Common Stock,credit
B) Accounts Payable,debit; Cash,credit
C) Accounts Receivable,debit; Cash,credit
D) Accounts Payable,debit; Accounts Receivable,credit
Answer: B
Q4) Prepare a trial balance,listing the accounts in their proper order.
Answer: 11ea8952_b5b6_efd3_861b_e994a5741833_TB6238_00
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Chapter 3: The Adjusting Process
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Sample Questions
Q1) A company receives $360 for a 12-month trade magazine subscription on August 1.The adjusting entry on December 31 is a debit to Unearned Subscription Revenue,$150,and a credit to Subscription Revenue,$150.
A)True
B)False
Answer: True
Q2) The financial statements are prepared from the unadjusted trial balance. A)True
B)False
Answer: False
Q3) At the end of the current year,$3,700 fees have been earned but have not been billed to clients.Journalize the adjusting entry to record the accrued fees.
Answer: 11ea8952_b5af_4f33_861b_453915879c48_TB6238_00
Q4) If the adjustment to recognize expired insurance at the end of the period is inadvertently omitted,the assets at the end of the period will be understated.
A)True
B)False
Answer: False
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Page 5
Chapter 4: Completing the Accounting Cycle
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Sample Questions
Q1) If the totals of the Income Statement Debit and Credit columns of an end-of-period spreadsheet are $27,000 and $29,000,respectively,after all account balances have been extended,the amount of the net loss is $2,000.
A)True
B)False
Q2) The difference between the totals of the debit and credit columns of the Adjusted Trial Balance columns on the end-of-period spreadsheet
A) is the amount of net income or loss
B) indicates there is an error on the end-of-period spreadsheet
C) is the amount of retained earnings
D) is the difference between revenue and expenses
Q3) A end-of-period spreadsheet heading is dated for a period of time.
A)True
B)False
Q4) The ending balance of retained earnings is
A) $53,000
B) $47,000
C) $3,000
D) $50,000
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Chapter 5: Accounting for Merchandising Businesses
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Sample Questions
Q1) Because many companies use computerized accounting systems,periodic inventory is widely used.
A)True
B)False
Q2) President's salaries,depreciation of office furniture,and office supplies are
A) selling expenses
B) miscellaneous expenses
C) administrative expenses
D) inventory expenses
Q3) Under the periodic inventory system,the cost of goods sold is recorded when sales are made.
A)True
B)False
Q4) A sales discount encourages customers to pay accounts more quickly than if a discount were not available.
A)True
B)False
Q5) In retail businesses,inventory is reported as a current asset.
A)True
B)False
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Chapter 6: Inventories
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Sample Questions
Q1) The specific identification inventory method should be used when the inventory consists of identical,low-cost units that are purchased and sold frequently.
A)True
B)False
Q2) If ending inventory for the year is overstated,stockholders' equity reported on the balance sheet at the end of the year is understated.
A)True
B)False
Q3) Under the periodic inventory system,a physical inventory is taken to determine the cost of the inventory on hand and the cost of the goods sold.
A)True
B)False
Q4) "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 the company.
A)True B)False
Q5) Average cost periodic (round average to nearest cent)
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Chapter 7: Internal Control and Cash
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Sample Questions
Q1) Which of the following would be added to 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) A necessary element of internal control is
A) database
B) systems design
C) systems analysis
D) information and communication
Q3) Entries are made to the petty cash account when
A) making payments out of the fund
B) recording shortages in the fund
C) replenishing the petty cash fund
D) establishing the fund
Q4) Sarbanes-Oxley's purpose is to maintain public confidence and trust in the financial reporting of companies.
A)True
B)False
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) Which statement is not true?
A) Current assets are normally reported in order of their liquidity.
B) Disclosures related to receivables are reported on the financial statement notes.
C) Cash and cash equivalents are the first items reported under current assets.
D) All receivables that are expected to be realized in cash beyond 265 days are reported in the non-current assets section.
Q3) The equation for computing interest on an interest-bearing note is as follows: Interest = Maturity Value × Interest Rate × Time.
A)True
B)False
Q4) The accounts receivable turnover measures
A) how frequently during the year the accounts receivable are converted to cash
B) the number of days of accounts receivable outstanding
C) the fair market value of accounts receivable
D) the efficiency of the accounts payable function
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Chapter 9: Long-Term Assets: Fixed and Intangible
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Sample Questions
Q1) On December 31,Strike Company sold one of its batting cages for $55,000.The equipment had an initial cost of $310,000 and has accumulated depreciation of $260,000.Depreciation has been taken up to the end of the year.What is the amount of the gain or loss on this transaction?
A) loss of $55,000
B) loss of $5,000
C) gain of $5,000
D) gain of $55,000
Q2) The entry to record the disposal of fixed assets will include a credit to accumulated depreciation.
A)True
B)False
Q3) A machine costing $57,000 with a 6-year life and $54,000 depreciable cost was purchased January 1.Compute the yearly depreciation expense using straight-line depreciation.
Q4) Which of the following is included in the cost of land?
A) cost of paving a parking lot
B) brokerage commission
C) outdoor parking lot lighting attached to the land
D) fences on the land
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Chapter 10: Liabilities: Current,installment Notes,and
Contingencies
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Sample Questions
Q1) Aqua Construction installs swimming pools.It calculates that warranty obligations are 5% of sales.For the year just ending,Aqua's sales were $1,500,000.Previous quarterly entries debiting Product Warranty Expense totaled $48,700.Determine the estimated warranty expense for the year and make the journal entry necessary to bring the account to the needed balance.
Q2) Assuming a 360-day year,the interest charged by the bank,at the rate of 6%,on a 90-day,discounted note payable of $100,000 is
A) $6,000
B) $1,500
C) $500
D) $3,000
Q3) Blast sells portable CD players and each unit carries a one-year replacement warranty.The cost of repair defects under the warranty is estimated at 10% of the sales price.During May,Blast sells 650 portable CD players for $50 each.For what amount in May would Blast debit Product Warranty Expense?
A) $3,250
B) $1,625
C) $650
D) $1,300
Page 12
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Chapter 11: Liabilities: Bonds Payable
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Sample Questions
Q1) Discount on Bonds Payable is a contra liability account.
A)True
B)False
Q2) Dylan Corporation issues for cash $2,000,000 of 8%,15-year bonds,interest payable annually,at a time when the market rate of interest is 9%.The straight-line method is adopted for the amortization of bond discount or premium.Which of the following statements is true?
A) The amount of annual interest paid to bondholders remains the same over the life of the bonds.
B) The amount of annual interest expense decreases as the bonds approach maturity. C) The amount of annual interest paid to bondholders increases over the 15-year life of the bonds.
D) The carrying amount decreases from its amount at issuance date to $2,000,000 at maturity.
Q3) The price of a bond is equal to the sum of the interest payments and the face amount of the bonds.
A)True
B)False
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Chapter 12:
Corporations: Organization, stock Transactions, and Dividends
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Sample Questions
Q1) Alma Corp.issues 1,000 shares of $10 par common stock at $14 per share.When the transaction is recorded,credit(s)are made to
A) Common Stock,$14,000
B) Common Stock,$10,000,and Paid-In Capital in Excess of Par,$4,000
C) Common Stock,$4,000,and Paid-In Capital in Excess of Stated Value,$10,000
D) Common Stock,$10,000,and Retained Earnings,$4,000
Q2) Which one of the following would not be considered an advantage of the corporate form of organization?
A) government regulation
B) separate legal existence
C) continuous life
D) limited liability of stockholders
Q3) How is treasury stock shown on the balance sheet?
A) as an asset
B) as a decrease in stockholders' equity
C) as an increase in stockholders' equity
D) treasury stock is not shown on the balance sheet
Q4) The retained earnings statement may be combined with the income statement.
A)True
B)False
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Chapter 13: Statement of Cash Flows
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Sample Questions
Q1) If a gain of $11,000 is realized in selling (for cash)office equipment having a book value of $55,000,the total amount reported in the cash flows from investing activities section of the statement of cash flows is
A) $44,000
B) $11,000
C) $55,000
D) $66,000
Q2) Which of the following would not be on the statement of cash flows?
A) cash flows from investing activities
B) cash flows from financing activities
C) cash flows from operating activities
D) cash flows from contingent activities
Q3) Which of the following should be added to net income in calculating net cash flow from operating activities using the indirect method?
A) a gain on the sale of land
B) a decrease in accounts payable
C) an increase in accrued liabilities
D) dividends paid on common stock
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15
Chapter 14: Financial Statement Analysis
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Sample Questions
Q1) When you are interpreting financial ratios,it is useful to compare a company's ratios to the same ratios from a prior period or to the ratios of another company in the same industry.
A)True
B)False
Q2) A company with working capital of $720,000 and a current ratio of 2.2 pays a $125,000 short-term liability.The amount of working capital immediately after payment is
A) $845,000
B) $595,000
C) $720,000
D) $125,000
Q3) The number of days' sales in receivables is one means of expressing the relationship between average daily sales and accounts receivable.
A)True
B)False
Q4) What information is generally included in the Management Discussion and Analysis (MD&A)section of a corporate annual report?
Q5) Define solvency and profitability.How are they alike?
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Chapter 15: Introduction to Managerial Accounting
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Sample Questions
Q1) Which of the following costs are conversion costs?
A) direct labor cost and factory overhead cost
B) direct materials cost and direct labor cost
C) factory overhead cost
D) direct materials cost and factory overhead cost
Q2) The plant manager's salary in a manufacturing business would be considered an indirect cost.
A)True
B)False
Q3) Labor costs that are directly traceable to the product are part of factory overhead.
A)True
B)False
Q4) For an automotive repair shop,the wages of mechanics would be classified as direct labor cost.
A)True B)False
Q5) Controlling deals with choosing goals and deciding how to achieve them. A)True
B)False
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Chapter 16: Job Order Costing
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Sample Questions
Q1) In a job order cost accounting system used by a service business,which of the following items would normally not be included as part of overhead?
A) materials
B) direct labor
C) rent
D) supplies
Q2) The job order costing system is used by service firms to determine revenues,expenses,and ultimately profit.
A)True
B)False
Q3) The journal entry to record the purchase of $45,000 of raw materials is
A) Materials 45,000
Accounts Receivable 45,000
B) Materials 45,000
Accounts Payable 45,000
C) Inventory 45,000
Accounts Receivable 30,000
D) Inventory 45,000
Cash 45,000
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Page 18
Chapter 17: Process Cost Systems
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Q1) One of the differences in accounting for a process costing system compared to a job order system is that the amounts used to transfer goods from one department to the next comes from the cost of production report instead of job cost cards.
A)True
B)False
Q2) The direct materials costs and direct labor costs incurred by a production department are referred to as conversion costs.
A)True
B)False
Q3) Industries that typically use process cost systems include chemicals,oil,metals,food,paper,and pharmaceuticals.
A)True
B)False
Q4) In a just-in-time system,processing functions are combined into work centers,sometimes called departments.
A)True
B)False
Q5) Discuss how equivalent units are computed under the average cost method.
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Chapter 18: Activity-Based Costing
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Sample Questions
Q1) Determine the activity rate for product development per change.
A) $73,000
B) $8,588
C) $30,417
D) $16,222
Q2) 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
Q3) Common allocation bases are
A) direct labor dollars,direct labor hours,direct material dollars
B) direct labor dollars,direct labor hours,machine hours
C) direct labor dollars,direct labor hours,machine dollars
D) machine dollars,direct labor dollars,direct labor hours
Q4) If the budgeted factory overhead cost is $460,000,the budgeted direct labor hours is 80,000,and the actual direct labor hours is 6,700 for the month,the amount of factory overhead to be allocated is $38,525 (if the allocation is based on direct labor hours).
A)True B)False
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Chapter 19: Cost-Volume-Profit Analysis
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Sample Questions
Q1) If fixed costs are $500,000 and variable costs are 60% of break-even sales,profit is zero when sales revenue is $930,000.
A)True
B)False
Q2) For the coming year,River Company estimates fixed costs at $109,000,the unit variable cost at $21,and the unit selling price at $85.Determine (a)the break-even point in units of sales,(b)the unit sales required to realize operating income of $150,000 and (c)the probable operating income if sales total $500,000.
Round units to the nearest whole number and percentage to one decimal place.
Q3) What was Carter Co.'s unit contribution margin of E?
A) $24
B) $60
C) $92
D) $20
Q4) Companies with large amounts of fixed costs will generally have a high operating leverage.
A)True
B)False
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Chapter 20: Variable Costing for Management Analysis
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Q1) Electricity purchased to operate factory machinery would be included as part of the cost of products manufactured under the absorption costing concept.
A)True
B)False
Q2) In determining cost of goods sold,two alternate costing concepts can be used: direct costing and variable costing.
A)True
B)False
Q3) In the variable costing income statement,deduction of variable selling and administrative expenses from manufacturing margin yields:
A) differential margin
B) contribution margin
C) gross profit
D) marginal expenses
Q4) Property tax expense is an example of a controllable cost for the supervisor of a manufacturing department.
A)True
B)False
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Page 22
Chapter 21: Budgeting
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Q1) 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.
Q2) Willow Valley's April sales forecast projects that 7,000 units will sell at a price of $10.50 per unit.The desired ending inventory is 30% higher than the beginning inventory,which was 1,000 units.Budgeted production in April would be
A) 8,000 units
B) 7,000 units
C) 7,300 units
D) 6,300 units
Q3) Flexible budgeting requires all levels of management to start from zero and estimate sales,production,and other operating data as though operations were being started for the first time.
A)True
B)False
Q4) What is a capital expenditures budget?
Q5) Why is the sales budget usually prepared first?
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Chapter 22: Evaluating Variances From Standard Costs
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Q1) Because accountants have financial expertise,they are the only ones that are able to set standard costs for the production area.
A)True
B)False
Q2) The unfavorable volume variance may be due to all of the following factors except
A) failure to maintain an even flow of work
B) machine breakdowns
C) unexpected increases in the cost of utilities
D) failure to obtain enough sales orders
Q3) A company should only use nonfinancial performance measures when financial measures cannot be calculated.
A)True
B)False
Q4) Standards are more widely used for nonmanufacturing activities than for manufacturing activities.
A)True
B)False
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Chapter 23: Evaluating Decentralized Operations
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Q1) Assume that Division Blue has achieved a yearly income from operations of $110,000 using $900,000 of invested assets.If management has set a minimum acceptable rate of return of 11%,the residual income is
A) $99,000
B) $691,000
C) $209,000
D) $11,000
Q2) The investment turnover is the ratio of
A) income from operations to sales
B) income from operations to invested assets
C) assets to liabilities
D) sales to invested assets
Q3) A manager is responsible for costs only in a(n)
A) profit center
B) investment center
C) volume center
D) cost center
Q4) Developing and retaining quality managers are advantages of decentralization.
A)True
B)False
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Chapter 24: Differential Analysis and Product Pricing
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Q1) Make-or-buy decisions should be made only with related parties.
A)True
B)False
Q2) When a bottleneck occurs between two products,the company must determine the contribution margin for each product and manufacture the product that has the highest contribution margin per bottleneck hour.
A)True
B)False
Q3) What pricing concept considers the price that other providers charge for the same product?
A) demand-based concept
B) total cost concept
C) cost-plus concept
D) competition-based concept
Q4) What is the contribution margin per machine hour for Tales?
A) $4
B) $7
C) $28
D) $35
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Chapter 25: Capital Investment Analysis
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Q1) The average rate of return method of capital investment analysis gives consideration to the present value of future cash flows.
A)True
B)False
Q2) A company is contemplating investing in a new piece of manufacturing machinery.The amount to be invested is $100,000.The present value of the future cash flows at the company's desired rate of return is $105,000.The IRR on the project is 12%.Which of the following statements is true?
A) The project should not be accepted because the net present value is negative.
B) The desired rate of return used to calculate the present value of the future cash flows is less than 12%.
C) The desired rate of return used to calculate the present value of the future cash flows is more than 12%.
D) The desired rate of return used to calculate the present value of the future cash flows is equal to 12%.
Q3) Determine the average rate of return for a project that is estimated to yield total income of $250,000 over 4 years,cost $480,000,and has a $20,000 residual value.
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Chapter 26: Lean Manufacturing and Activity Analysis
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Q1) Lead time includes both value-added time and non-value-added time.
A)True
B)False
Q2) What do lean manufacturers demand from their vendors?
A) High quality materials
B) Low cost materials
C) On-time deliveries
D) All of the above
Q3) Which of the following is an example of a nonfinancial measure?
A) lead time
B) setup time
C) units scrapped
D) all of the above
Q4) Lean manufacturing is also called make-to-order manufacturing.
A)True
B)False
Q5) Costs of failing to control quality include prevention costs and external failure costs.
A)True
B)False
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