Managerial Accounting Practice Exam - 3219 Verified Questions

Managerial Accounting Practice Exam https://quizplus.com/study-set/3304 30 Chapters 3219 Verified Questions

Managerial Accounting Practice Exam Course Introduction Managerial Accounting focuses on the internal use of accounting information by managers for decision-making, planning, and control within organizations. The course covers key topics such as cost behavior analysis, budgeting, performance evaluation, variance analysis, and the use of accounting information to support strategic and operational decisions. Students learn how to interpret and utilize various financial data, develop budgets, analyze cost structures, and make informed business decisions to enhance organizational efficiency and profitability. Practical case studies and real-world examples are integrated throughout the course to build analytical and critical thinking skills essential for effective managerial roles.

Recommended Textbook College Accounting Chapters 1 to 30 15th Edition by John Price

Available Study Resources on Quizplus 30 Chapters 3219 Verified Questions 3219 Flashcards Source URL: https://quizplus.com/study-set/3304

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Chapter 1: Accounting: The Language of Business Available Study Resources on Quizplus for this Chatper 84 Verified Questions 84 Flashcards Source URL: https://quizplus.com/quiz/65574

Sample Questions Q1) Management advisory services are designed to help A)employers. B)government agencies. C)clients. D)creditors. Answer: C Q2) An accounting system is designed to accumulate and classify data about a company's financial activities and summarize them in the general journal. A)True B)False Answer: False Q3) A form of business entity owned by one person is called a(n)________. Answer: sole proprietorship Q4) Managerial Accounting is any activity associated with the preparation of tax returns and the audit of those returns. A)True B)False Answer: False To view all questions and flashcards with answers, click on the resource link above. Page 3

Chapter 2: Analyzing Business Transactions Available Study Resources on Quizplus for this Chatper 100 Verified Questions 100 Flashcards Source URL: https://quizplus.com/quiz/65573

Sample Questions Q1) The amount of net income or net loss is needed to complete the statement of owner's equity. A)True B)False Answer: True Q2) Purchased a computer for cash Answer: plus Equipment; minus Cash Q3) In a business transaction, when expenses increase, owner's equity will ________. Answer: decrease Q4) Funds taken from the business by the owner for personal use are called ________. Answer: withdrawals Q5) Total assets of Douglas Fuhr Furniture Co. are $84,000 and the total liabilities are $37,000. What is the amount of the owner's equity? A)$47,000 B)$121,000 C)$84,000 D)$6,000 Answer: A Q6) Had a computer repaired; payment is due in 30 days Page 4 Answer: plus Expenses; plus Accounts Payable To view all questions and flashcards with answers, click on the resource link above.

Chapter 3: Analyzing Business Transactions Using T Accounts Available Study Resources on Quizplus for this Chatper 115 Verified Questions 115 Flashcards Source URL: https://quizplus.com/quiz/65572

Sample Questions Q1) When an owner invests assets in a business, the capital account is debited. A)True B)False Answer: False Q2) Received $2,200 in cash for copy services Answer: Debit Cash $2,200; credit Fees Income $2,200 Q3) The Net Income appears as a separate line item on what two statements? A)the statement of owner's equity and the income statement B)the trial balance and the income statement C)the income statement and the balance sheet D)the statement of owner's equity and the balance sheet Answer: A Q4) Gerald Conway makes an additional investment of $3,000 in cash to his business Answer: Debit Cash $3,000; credit G. Conway, Capital $3,000 Q5) Issued a check for $2,000 in partial payment to pay creditor for copier equipment. Answer: Debit Accounts Payable $2,000; credit Cash $2,000 Q6) The error that occurs when the number $5.00 is written as $50.00 is called Page 5 a(n)________ error. Answer: slide To view all questions and flashcards with answers, click on the resource link above.

Chapter 4: The General Journal and the General Ledger Available Study Resources on Quizplus for this Chatper 97 Verified Questions 97 Flashcards Source URL: https://quizplus.com/quiz/65571

Sample Questions Q1) The journal entry to record the sale of services on credit should include: A)a debit to Accounts Receivable and a credit to Capital. B)a debit to Accounts Receivable and a credit to Fees Income. C)a debit to Cash and a credit to Accounts Receivable. D)a debit to Fees Income and a credit to Accounts Receivable. Q2) A ledger account contains a complete record of the individual transaction activity in each account. A)True B)False Q3) The journal entry to record the payment of salaries should include: A)a debit to Salaries Expense. B)a credit to Accounts Receivable. C)a credit to Salaries Expense. D)a debit to Salaries Payable. Q4) Transactions are entered in the journal in chronological order. A)True B)False Q5) A ledger is sometimes referred to as a record of original entry. A)True B)False

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Chapter 5: Adjustments and the Worksheet Available Study Resources on Quizplus for this Chatper 96 Verified Questions 96 Flashcards Source URL: https://quizplus.com/quiz/65570

Sample Questions Q1) On a worksheet, the adjusting entry to account for depreciation of equipment consists of: A)a debit to Accumulated Depreciation and a credit to Equipment. B)a debit to Depreciation Expense and a credit to Accumulated Depreciation. C)a debit to Depreciation Expense and a credit to Equipment. D)a debit to Accumulated Depreciation and a credit to Depreciation Expense. Q2) Read the description of following adjustments that are required at the end of the accounting period for Paulo Consulting Services. Record the necessary adjusting entries required at the end of January on page 2 of a general journal. Omit the descriptions. A. Equipment was purchased on January 1, 2019, for $60,000 and has an estimated useful life of 7 years with a salvage value of $3,720. Depreciation is computed using the straight-line method. B. Signed a 5-month contract for $4,500 of prepaid advertising on January 1, 2019. C. Prepaid rent for the year on January 1, 2019, in the amount of $22,200. D. Purchased supplies for $3,200 on January 1, 2019. Inventory of supplies was $2,800 on January 31, 2019. Q3) The account accumulated depreciation has a normal________ balance. To view all questions and flashcards with answers, click on the resource link above.

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Chapter 6: Closing Entries and Teh Postclosing Trial Balance Available Study Resources on Quizplus for this Chatper 96 Verified Questions 96 Flashcards Source URL: https://quizplus.com/quiz/65569

Sample Questions Q1) The entry to close the Depreciation Expense account would include a debit to: A)the Income Summary and a credit to Cash. B)the Income Summary account and a credit to the Depreciation Expense account. C)the Cash account and a credit to the Income Summary account. D)the Depreciation Expense account and a credit to the Income Summary account. Q2) The first two closing entries to the Income Summary account indicate a debit of $53,000 and a credit of $64,000. The third closing entry would be: A)debit Capital $11,000; credit Income Summary $11,000. B)debit Revenue $64,000; credit Expenses $53,000. C)debit Income Summary $11,000; credit Drawing $11,000. D)debit Income Summary $11,000; credit Capital $11,000. Q3) Which of the following accounts is a permanent account? A)Supplies B)Owner's drawing C)Supplies Expense D)Fees Income Q4) In the closing procedure, the total of the ________ account balances are transferred to the debit side of the Income Summary account. Page 8 Q5) The ________ entries transfer the results of operations to owner's equity. To view all questions and flashcards with answers, click on the resource link above.

Chapter 7: Accounting for Sales and Accounts Receivable Available Study Resources on Quizplus for this Chatper 97 Verified Questions 97 Flashcards Source URL: https://quizplus.com/quiz/65568

Sample Questions Q1) Ables Budget Boutique uses special journals. If a credit customer returns $40 of goods on which $3 of sales tax was charged, identify the statement below that would be correct when posting the transaction. A)A credit of $40 would be posted to the customer's account in the accounts receivable ledger. B)A debit of $43 would be posted to the customer's account in the accounts receivable ledger. C)A credit of $43 would be posted to the customer's account in the accounts receivable ledger. D)A debit of $40 would be posted to the customer's account in the accounts receivable ledger. Q2) The Sales account is classified as A)a revenue account. B)a liability account. C)a contra account. D)an asset account. Q3) When an accounts receivable subsidiary ledger is used, the Accounts Receivable account in the general ledger is considered to be a(n)________ account. To view all questions and flashcards with answers, click on the resource link above. Page 9

Chapter 8: Accounting for Purchases and Accounts Payable Available Study Resources on Quizplus for this Chatper 109 Verified Questions 109 Flashcards Source URL: https://quizplus.com/quiz/65567

Sample Questions Q1) Explain each of the following credit terms. A)n/30 B)n/10 EOM C)2/10, n/30 D)1/10, n/20 E) 3/5, n/30 Q2) Individual creditor's accounts in the accounts payable subsidiary ledger normally have ________ balances. Q3) Nice Guys Apparel received a $200 credit memorandum as an allowance for goods that it returned to one of its suppliers. Identify the statement below that would be correct when posting the transaction. A)A credit of $200 would be posted to the Purchases account in the general ledger. B)A debit of $200 would be posted to the supplier's account in the accounts payable ledger. C)A debit of $200 would be posted to the supplier's account in the accounts receivable ledger. D)A credit of $200 would be posted to the Accounts Receivable account in the general ledger. To view all questions and flashcards withPage answers, 10 click on the resource link above.

Chapter 9: Cash Receipts, Cash Payments, and Banking Procedures Available Study Resources on Quizplus for this Chatper 91 Verified Questions 91 Flashcards Source URL: https://quizplus.com/quiz/65566

Sample Questions Q1) Read each of the following transactions. Determine the accounts and amounts to be debited and credited. A)Issued a check for $2,500 to Jaime Gomez, the owner, as a cash withdrawal for personal use. B)Issued a check for $75 to establish a petty cash fund. C)Issued a check for $50 to replenish the petty cash fund. An analysis of the payments from the fund showed the following totals: Supplies, $25; Delivery Expense, $10; Miscellaneous Expense, $15) Q2) When a bank deducts any amount other than a paid check or electronic payment from a depositor's account, it issues a form called a(n)________memorandum. Q3) The individual amounts in the Sales Credit column of the cash receipts journal are posted to the accounts receivable subsidiary ledger. A)True B)False Q4) The Petty Cash Fund account has a(n)________ balance. Q5) A(n)-------is a form received from the bank showing all transactions recorded in the depositor's account during the month. Page 11 To view all questions and flashcards with answers, click on the resource link above.

Chapter 10: Payroll Computations, Records, and Payment Available Study Resources on Quizplus for this Chatper 87 Verified Questions 87 Flashcards Source URL: https://quizplus.com/quiz/65565

Sample Questions Q1) Michael Miller is paid twice a month and had total gross earnings as of 10/15 of $116,800. His gross earnings for the period ending 10/31 were $6,000. If social security taxes are 6.2% on a maximum earnings of $122,700 per year and Medicare tax is 1.45% on all earnings, how much social security tax will be paid by Michael and how much will be paid by his employer for the period ending 10/31? A)Michael will pay $105.40 and his employer is not required to pay any social security tax. B)Michael will pay $365.80 and his employer will also pay $365.80. C)Michael will pay $372.00 and his employer will also pay $372.00. D)Michael will pay $372.00 and his employer will pay $105.40. Q2) An employee whose regular hourly rate is $20 and whose overtime rate is 1.5 times the regular rate worked 45 hours one week. The employee's gross pay was A)$950. B)$900. C)$800. D)$1,350. Q3) The overtime rate is usually one and one-half times the regular hourly rate. A)True B)False To view all questions and flashcards with answers, click on the resource link above. Page 12

Chapter 11: Payroll Taxes, Deposits, and Reports Available Study Resources on Quizplus for this Chatper 86 Verified Questions 86 Flashcards Source URL: https://quizplus.com/quiz/65564

Sample Questions Q1) Form 940 is used to report ________ taxes. Q2) The frequency of deposits of federal income taxes withheld and social security and Medicare taxes is determined by the amount owed. A)True B)False Q3) Form 940 must be filed________time(s)a year. Q4) Identify the list of accounts below that would normally all have a credit balance. A)Social Security Tax Payable, Medicare Tax Payable, Employee Income Tax Payable. B)Worker's Compensation Insurance Expense, Prepaid Insurance, Medicare Tax Payable. C)Worker's Compensation Insurance Payable, Salaries Payable, Salaries Expense. D)Payroll Taxes Expense, State Unemployment Tax Payable, Wages Payable. Q5) Orleans Manufacturing estimates that its office employees will earn $87,000 next year and its factory employees will earn $272,000. The firm pays the following rates for workers' compensation insurance: $0.55 per $100 of wages for the office employees and $4.75 per $100 of wages for the factory employees. Compute the estimated premiums for the office and factory employees. To view all questions and flashcards with answers, click on the resource link above.

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Chapter 12: Accruals, Deferrals, and the Worksheet Available Study Resources on Quizplus for this Chatper 92 Verified Questions 92 Flashcards Source URL: https://quizplus.com/quiz/65563

Sample Questions Q1) The net income for an accounting period appears on the worksheet in the A)Income Statement Credit column only. B)Income Statement Credit and the Balance Sheet Debit columns. C)Income Statement Debit and the Balance Sheet Credit columns. D)Income Statement Debit column only. Q2) The adjusting entry for uncollectible accounts requires a A)a debit to Accounts Receivable and a credit to Uncollectible Accounts Expense. B)debit to Allowance for Doubtful Accounts and a credit to Uncollectible Accounts Expense. C)a debit to Uncollectible Accounts Expense and a credit to Accounts Receivable. D)a debit to Uncollectible Accounts Expense and a credit to Allowance for Doubtful Accounts. Q3) On November 1, 2019, a firm accepted a 5-month, 10 percent note for $1,200 from a customer with an overdue balance. The accrued interest recorded for this note for the year ended December 31, 2019, is A)$60. B)$120. C)$10. D)$20. Q4) Uncollectible Accounts Expense is a(n)________ account. Page 14 To view all questions and flashcards with answers, click on the resource link above.

Chapter 13: Financial Statements and Closing Procedures Available Study Resources on Quizplus for this Chatper 90 Verified Questions 90 Flashcards Source URL: https://quizplus.com/quiz/65562

Sample Questions Q1) Which of the following should be classified as a General and Administrative Expense on a Multi-Step Income Statement: A)Delivery Expense B)Sales Salaries Expense C)Advertising Expense D)Insurance Expense Q2) Jeannine Coulson is the owner of a book store. During the year she made withdrawals of cash totaling $9,000. What accounts are debited and credited to close the owner's drawing account? Q3) The beginning capital balance shown on a statement of owner's equity is $80,000. Net income for the period is $37,000. The owner made no additional investments during the period. The owner's capital balance at the end of the period is $96,000. The amount the owner withdrew for personal use during the period is A)$37,000. B)$16,000. C)$80,000. D)$21,000. Q4) All accounts appearing in the ________section of the worksheet are closed to the Income Summary account. To view all questions and flashcards with answers, click on the resource link above. Page 15

Chapter 14: Accounting Principles and Reporting Standards Available Study Resources on Quizplus for this Chatper 91 Verified Questions 91 Flashcards Source URL: https://quizplus.com/quiz/65561

Sample Questions Q1) Which of the following statements is not correct? A)The Financial Accounting Standards Board is an independent organization. B)The Securities and Exchange Commission (SEC)issues the Statements of Financial Accounting Standards. C)An act of law gave the SEC the authority to determine the form and content of accounting reports filed by companies under its jurisdiction. D)Statements issued by the Financial Accounting Standards Board (FASB)are binding on the members of the American Institute of Certified Public Accountants (AICPA). Q2) An accountant who records revenue when a credit sale is made rather than waiting for the receipt of cash from the customer is A)violating generally accepted accounting principles. B)following the accrual principle. C)following the conservatism constraint. D)following the consistency principle. Q3) What is meant by the concept of neutrality in accounting? Q4) What two tests must be met in order for revenues to be recognized? Q5) How are the concepts of materiality and cost-benefit related? Q6) Define the two aspects of the monetary unit assumption. To view all questions and flashcards withPage answers, 16 click on the resource link above.

Chapter 15: Accounts Receivable and Uncollectible Accounts Available Study Resources on Quizplus for this Chatper 91 Verified Questions 91 Flashcards Source URL: https://quizplus.com/quiz/65560

Sample Questions Q1) When the allowance method of recognizing losses from uncollectible accounts is used, the entry to record the write-off of a particular customer's account includes a debit to Uncollectible Accounts Expense. A)True B)False Q2) At the end of the current year, the trial balance of Kerry Hardware included the accounts and balances shown below. Credit sales were $7,560,000. Returns and allowances on these sales were $62,000. Assume that the firm bases its estimate of the loss from uncollectible accounts on 0.4 percent of net credit sales. Accounts Receivable $ 590,000 Dr. Allowance for Doubtful Accounts 3,700 Cr. 1. What is the estimated loss from uncollectible accounts for the current year? 2. What is the amount of the adjusting entry for the estimated loss from uncollectible accounts? Q3) The practice of estimating losses from uncollectible accounts before specific accounts become uncollectible is referred to as the ________ method. Q4) The longer an account is past due, the ________ likely it is to be collected. Page 17 To view all questions and flashcards with answers, click on the resource link above.

Chapter 16: Notes Payable and Notes Receivable Available Study Resources on Quizplus for this Chatper 99 Verified Questions 99 Flashcards Source URL: https://quizplus.com/quiz/65559

Sample Questions Q1) Which of the following statements is correct? A)To be considered a negotiable instrument, a promissory note must specify an interest rate. B)The amount stated on a note is called the face value. C)A company that issued a 6-month note payable would report its face value on the balance sheet as a long-term liability. D)A note payable must be payable at a specific time in the future. Q2) To obtain cash on delivery, goods may be shipped with a sight draft attached to a(n)----------. Q3) The amount of cash received at maturity for a $5,000, 90-day, 6 percent note receivable is $75. A)True B)False Q4) The due date of a 60-day note dated October 15, is A)December 12. B)December 13. C)December 14. D)December 16. Q5) The maturity date of a 90-day note issued May 10 is--------- . 18 click on the resource link above. To view all questions and flashcards withPage answers,

Chapter 17: Merchandise Inventory Available Study Resources on Quizplus for this Chatper 114 Verified Questions 114 Flashcards Source URL: https://quizplus.com/quiz/65558

Sample Questions Q1) In applying the lower of cost or net realizable value rule, "net realizable value" is defined as the price at which the last unit was purchased. A)True B)False Q2) Under a periodic inventory system, cost of goods sold is calculated based on the cost of available-for-sale units less the cost of ending inventory as identified through a physical inventory. A)True B)False Q3) With the onset of universal product codes and bar-code scanners that track inventory purchased and sold, a physical inventory is no longer necessary to verify inventory on hand. A)True B)False Q4) What is RFID? What is the benefit to RFID? Q5) The price the business would have to pay to buy an item of inventory through usual channels in usual quantities is defined as--------- cost. To view all questions and flashcards with answers, click on the resource link above. Page 19

Chapter 18: Property, Plant, and Equipment Available Study Resources on Quizplus for this Chatper 123 Verified Questions 123 Flashcards Source URL: https://quizplus.com/quiz/65557

Sample Questions Q1) The full disclosure principle requires businesses to show balance information in the depreciable asset accounts, accumulated depreciation amounts and methods used to compute depreciation expense. A)True B)False Q2) In 2019, Lucky Mining Company paid $1,200,000 for mining rights. It is estimated that a total of 1,000,000 kilograms of ore are available to be extracted. During 2019, 135,000 kilograms of ore were mined. What is the amount of Depletion Expense recorded in the adjusting entry for 2019? Q3) Using the information shown, prepare the journal entry for the purchase of the Office Furniture assuming it was purchased on credit by signing a note and prepare the journal entry for the Office Equipment purchase assuming that a check was written for it. Q4) All costs incurred to purchase an asset and get it in proper working condition, such as net purchase price, transportation costs, installation costs, and costs of adjustments or modifications are referred to as------------- . Q5) The Modified Accelerated Cost Recovery System (MACRS)is required for----------purposes. To view all questions and flashcards with answers, click on the resource link above. Page 20

Chapter 19: Accounting for Partnerships Available Study Resources on Quizplus for this Chatper 116 Verified Questions 116 Flashcards Source URL: https://quizplus.com/quiz/65556

Sample Questions Q1) An association of two or more persons to carry on, as co-owners, a business for profit is called a(n)----------. Q2) When the owner of a sole proprietorship accepts a partner, the assets of the proprietorship A)must be transferred to the partnership at the values reflected in the financial records of the proprietorship. B)must be converted to cash and used to pay any debts of the proprietorship, with excess cash available for investment in the new partnership. C)may be adjusted to reflect current values before being transferred to the partnership. D)cannot be invested in the new partnership. Q3) If an individual invests more cash for an interest in an existing partnership than the book value of his or her interest, the old partners are said to receive a(n)------------ . Q4) Investments by a partner are credited to that partner's capital account. A)True B)False Q5) Each general partner has--------- liability for the debts of a partnership. To view all questions and flashcards with answers, click on the resource link above.

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Chapter 20: Corporations: Formation and Capital Stock Transactions Available Study Resources on Quizplus for this Chatper 104 Verified Questions 104 Flashcards Source URL: https://quizplus.com/quiz/65555

Sample Questions Q1) When common stock is issued, the par value, or stated value, of the shares issued is recorded in the Common Stock account. A)True B)False Q2) A corporation has 1,000 shares of 12 percent, $60 par-value preferred stock and 20,000 shares of $2 par-value common stock outstanding. If the board of the directors declares dividends totaling $50,000, the preferred stockholders will receive a dividend of: A)$60.00 a share. B)$12.00 a share. C)$6.00 a share. D)$7.20 a share. Q3) If a corporation sells 700 shares of 8 percent, $80 par-value preferred stock for $96 a share, the entry to record the transaction will include a credit of------------- to the Preferred Stock account. Q4) The stockholders of a corporation are agents of the corporation empowered to act for the firm. A)True B)False Page 22 To view all questions and flashcards with answers, click on the resource link above.

Chapter 21: Corporate Earnings and Capital Transactions Available Study Resources on Quizplus for this Chatper 116 Verified Questions 116 Flashcards Source URL: https://quizplus.com/quiz/65554

Sample Questions Q1) Corporations are subject to the same tax filing deadlines as individual taxpayers. A)True B)False Q2) A corporation paid estimated income taxes of $62,800 during 2019. At the end of the year, the corporation's tax bill is computed to be $58,000. Record the entry to adjust the Income Tax Expense account on page 6 of a general journal. Omit the description. Q3) A declaration and distribution of a 20 percent stock dividend on common stock will: A)increase the liabilities of the corporation. B)increase the assets of the corporation. C)result in an increase in the book value of each share of common stock outstanding. D)not change the total stockholders' equity. Q4) A corporation may report a net income amount for federal income tax purposes that differs from the amount reported for financial accounting purposes. A)True B)False To view all questions and flashcards with answers, click on the resource link above.

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Chapter 22: Long-Term Bonds Available Study Resources on Quizplus for this Chatper 110 Verified Questions 110 Flashcards Source URL: https://quizplus.com/quiz/65553

Sample Questions Q1) Warren Company issued $900,000 of 8%, 5-year bonds dated January 1, 2019, for $891,000. Interest is paid on January 1 and July 1. What is the total amount of interest expense for the bonds for 2019, using the straight-line method of amortization? A)$72,000 B)$71,280 C)$70,200 D)$73,800 Q2) If a bond is a registered bond, it can NOT be a bond. A)discount B)callable C)convertible D)coupon Q3) Galoot Corporation pays and records the semiannual interest on its $500,000, 10-year, 6% bonds outstanding on July 1, 2019. On the same date, amortization of the discount of $10,000 received on $200,000 of those bonds is recorded. Prepare the journal entries recorded by Galoot Corporation. Q4) In the interest formula (I = Prt)the Prt stands for---------- . Q5) The ---------------amortization method amortizes an equal amount of the discount or premium each month. 24 click on the resource link above. To view all questions and flashcards withPage answers,

Chapter 23: Financial Statement Analysis Available Study Resources on Quizplus for this Chatper 131 Verified Questions 131 Flashcards Source URL: https://quizplus.com/quiz/65552

Sample Questions Q1) A company has total assets of $120,000, current assets of $63,000, total liabilities of $50,000, and current liabilities of $36,000. What amount of working capital is available to meet its obligations? A)$13,000 B)$43,000 C)$70,000 D)$27,000 Q2) The acid-test ratio is computed by dividing------------- by current liabilities. Q3) Aston Corporation has a .7 to 1 ratio of stockholders' equity to total equities. If stockholders' equity is $420,000, then its total liabilities are $180,000. A)True B)False Q4) Aston Corporation has a .7 to 1 ratio of stockholders' equity to total liabilities. If stockholders' equity is $420,000, then its total liabilities are $180,000. A)True B)False Q5) Cost of goods sold divided by average inventory equals the----------- . Q6) In horizontal analysis, the earlier period is called the ----------period. To view all questions and flashcards withPage answers, 25 click on the resource link above.

Chapter 24: The Statement of Cash Flows Available Study Resources on Quizplus for this Chatper 150 Verified Questions 150 Flashcards Source URL: https://quizplus.com/quiz/65551

Sample Questions Q1) increase in Prepaid Expense A)source B)use C)neither Q2) The Financial Accounting Standards Board prefers the indirect method of preparing the statement of cash flows. A)True B)False Q3) A corporation received $45,000 in cash from the sale of a building and paid $96,000 in cash for the purchase of new machinery. As a result, the statement of cash flows would report: A)$45,000 as the net cash used in financing activities. B)$45,000 as the net cash provided by investing activities. C)$96,000 as the net cash used in investing activities. D)$51,000 as the net cash used by investing activities. Q4) pay interest expense A)(O)operating B)(I)investing C)(F)financing, or a significant D)(N)noncash financing and investing activity. Page 26 To view all questions and flashcards with answers, click on the resource link above.

Chapter 25: Departmentalized Profit and Cost Centers Available Study Resources on Quizplus for this Chatper 118 Verified Questions 118 Flashcards Source URL: https://quizplus.com/quiz/65550

Sample Questions Q1) Operating expenses that cannot be easily assigned to particular departments at the time transactions occur and are recorded are------------ expenses. Q2) Contribution margin figures are provided in traditional financial reports such as the Income Statement. A)True B)False Q3) For accounting purposes, both revenue and cost data are accumulated for a profit center. A)True B)False Q4) Using the information provided, determine and present in good form, the Cost of Goods Sold section of the Income Statement for Cody's Conundrums. Q5) Departmental financial statements are internal assessment tools used to assign responsibility for profits or losses. A)True B)False Q6) When total revenues equal total expenses, a business is said to----------- . To view all questions and flashcards with answers, click on the resource link above. Page 27

Chapter 26: Accounting for Manufacturing Activities Available Study Resources on Quizplus for this Chatper 112 Verified Questions 112 Flashcards Source URL: https://quizplus.com/quiz/65549

Sample Questions Q1) All manufacturing costs, except those for direct labor and direct materials, are included in-----------. Q2) Wages paid to the factory maintenance and repair personnel of a manufacturing business are shown: A)as part of Manufacturing Overhead on the statement cost of goods manufactured. B)as Direct Labor on the statement of cost goods manufactured. C)in the Operating Expenses section of the income statement. D)as a part of the Cost of Goods Sold section of the income statement. Q3) The raw materials inventory is shown in the------------ section of the balance sheet of a manufacturing business. Q4) The Cost of Goods Sold section of the income statement for a manufacturing business shows the balance of the work in process inventory. A)True B)False Q5) Reversing entries for a manufacturing business are: A)made prior to preparing the post-closing trial balance. B)made for the inventory accounts only. C)closed into the Manufacturing Summary account. D)made for accrual adjustments. 28 click on the resource link above. To view all questions and flashcards withPage answers,

Chapter 27: Job Order Cost Accounting Available Study Resources on Quizplus for this Chatper 109 Verified Questions 109 Flashcards Source URL: https://quizplus.com/quiz/65548

Sample Questions Q1) During the year, a firm's direct labor costs were $96,000. The firm applies overhead at the rate of 72% of direct labor costs. The firm's actual overhead costs for the year were $72,315. 1. What was the amount of overhead applied? 2. Did the firm have overapplied or underapplied overhead for the year? 3. What amount was overapplied or underapplied? Q2) Martinez Manufacturing applies overhead based on direct labor hours. The company estimates that their overhead for the year will be $180,000, and that they will use 72,000 direct labor hours. Martinez Manufacturing actually used 71,000 direct labor hours. The journal entry to record manufacturing overhead would include a: A)Debit to Work in Process Inventory for $180,000. B)Credit to Manufacturing Overhead Applied for $180,000. C)Debit to Work in Process Inventory for $177,500. D)Debit to Manufacturing Overhead Applied for $177,500. Q3) The process cost accounting system is used when homogenous products are manufactured in a continuous process. A)True B)False Q4) Record the necessary entries on page 8 of a general journal. Omit descriptions. To view all questions and flashcards with answers, click on the resource link above. Page 29

Chapter 28: Process Cost Accounting Available Study Resources on Quizplus for this Chatper 97 Verified Questions 97 Flashcards Source URL: https://quizplus.com/quiz/65547

Sample Questions Q1) If 1,100 units were completed and transferred to the next department and ending work in process inventory consisted of 720 units that were 35 percent complete, the total equivalent units of production for the period is----------- . Q2) The equivalent units of production are calculated on the Units of Production report. A)True B)False Q3) In the process cost accounting system, the -----------of the ending work in process is estimated. Q4) What is the cost of the completed units? A)$11,984. B)$12,384. C)$21,672. D)$14,280. Q5) The entry to record the transfer of goods from Department A to Department B would include a debit to the Work in Process account for Department B. A)True B)False Q6) Prepare a cost of production report for the Fabricating Department. To view all questions and flashcards withPage answers, 30 click on the resource link above.

Chapter 29: Controlling Manufacturing Costs: Standard Costs Available Study Resources on Quizplus for this Chatper 122 Verified Questions 122 Flashcards Source URL: https://quizplus.com/quiz/65546

Sample Questions Q1) Direct factory labor is usually considered to be A)a semi-variable cost. B)a fixed cost. C)a variable cost. D)a mixed cost. Q2) The standard quantity of materials for a product was 62 pounds per unit at the standard price of $3)10 per pound. The actual price per pound of materials was $3.25, and the actual quantity used was 67 pounds. An analysis would indicate A)a $15.5 favorable quantity variance. B)a $16.25 unfavorable quantity variance. C)a $9.30 favorable price variance. D)a $10.05 unfavorable price variance. Q3) Semi-variable costs are sometimes called mixed costs. A)True B)False Q4) Which of the following would NOT be considered a fixed manufacturing cost? A)depreciation using straight-line. B)insurance. C)utilities. D)taxes.

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Chapter 30: Cost-Revenue Analysis for Decision Making Available Study Resources on Quizplus for this Chatper 124 Verified Questions 124 Flashcards Source URL: https://quizplus.com/quiz/65545

Sample Questions Q1) Using the absorption costing method, the value of ending inventory of finished goods is: A)$100,000 B)$140,000 C)$120,000 D)$220,000 Q2) Using the absorption costing method, the cost of goods sold is: A)$540,000 B)$550,000 C)$480,000 D)$450,000 Q3) The direct costing procedure is used for financial reporting. A)True B)False Q4) Which of the following costs can be found in a firm's accounting records? A)opportunity costs B)sunk costs C)incremental costs D)differential costs Q5) The difference in cost between two alternatives is called a(n)------------cost. Page 32 To view all questions and flashcards with answers, click on the resource link above.