Managerial Accounting Practice Questions
Course Introduction
Managerial Accounting focuses on the internal use of accounting information for planning, controlling, and decision-making within organizations. The course covers topics such as cost behavior analysis, budgeting, performance measurement, standard costing, and relevant costing for decision-making. Students will learn how to interpret and utilize financial data to support management objectives, improve operational efficiency, and formulate strategic business plans. Emphasis is placed on analytical thinking, problem-solving, and the practical application of management accounting concepts in real-world business scenarios.
Recommended Textbook
Financial And Managerial Accounting Principles International Edition 9th Edition by Crosson
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29 Chapters
4463 Verified Questions
4463 Flashcards
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Page 2
Chapter 1: Uses of Accounting Information and the Financial Statements
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170 Verified Questions
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Sample Questions
Q1) Management accounting focuses on external decision making.
A)True
B)False
Answer: False
Q2) Which of the following is considered by accountants to be a separate entity from its owner(s)?
A) Partnership only
B) Sole proprietorship only
C) Corporation only
D) Sole proprietorship, partnership, and corporation
Answer: D
Q3) A company's ability to attract and hold investment capital ultimately depends on its A) budgeting.
B) planning.
C) liquidity.
D) profitability.
Answer: D
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Page 3
Chapter 2: Analyzing Business Transactions
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Sample Questions
Q1) Which of the following errors will not cause the debit and credit columns of a trial balance to be unequal?
A) A debit was posted to an account as a credit.
B) A journal entry was posted twice.
C) The trial balance was incorrectly summed.
D) Only part of a journal entry was posted.
Answer: B
Q2) Despite the advantages of a computer accounting information system,posting still must be done manually.
A)True
B)False
Answer: False
Q3) If Accounts Payable has debit postings of $17,000,credit postings of $14,000,and a normal ending balance of $6,000,what was its beginning balance?
A) $9,000 Cr.
B) $3,000 Cr.
C) $9,000 Dr.
D) $3,000 Dr.
Answer: A
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Page 4
Chapter 3: Measuring Business Income
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Sample Questions
Q1) Cash is a nominal account.
A)True
B)False Answer: False
Q2) Allowance for depreciation is another term for depreciation expense.
A)True
B)False Answer: False
Q3) The carrying value of equipment is the estimated dollar amount the equipment could be sold for.
A)True
B)False Answer: False
Q4) If a company is expected to survive,it is considered a going concern.
A)True
B)False Answer: True
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Page 5
Chapter 3: Supplement - Closing Entries and the Work Sheet
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Sample Questions
Q1) Typically,formal adjusting entries
A) are prepared prior to completion of the work sheet.
B) are prepared at the same time as closing entries.
C) need not be prepared if a work sheet has been completed. D) are entered directly into the ledger.
Q2) When a company has suffered a net loss,the net loss amount is entered on the work sheet on the
A) credit side of the Income Statement columns and the debit side of the Balance Sheet columns.
B) debit side of both the Income Statement and the Balance Sheet columns.
C) credit side of both the Income Statement and the Balance Sheet columns.
D) debit side of the Income Statement columns and the credit side of the Balance Sheet columns.
Q3) The balances of the Accumulated Depreciation accounts will appear on the credit side of the work sheet's Balance Sheet columns.
A)True
B)False
Q4) Why would a large company probably benefit more from a work sheet than would a very small company?
Page 6
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Chapter 4: Financial Reporting and Analysis
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Sample Questions
Q1) State the definition of a current asset.
Q2) Which accounting convention could cause an overload of information for the financial statement user?
A) Consistency
B) Conservatism
C) Full disclosure
D) Materiality
Q3) In accounting,$1,000 is considered the dividing line between material and immaterial amounts.
A)True
B)False
Q4) Advertising expense should be included in the general and administrative expenses section of a multistep income statement.
A)True
B)False
Q5) Financial statements are generally prepared for a limited number of users.
A)True
B)False
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Chapter 5: The Operating Cycle and Merchandising Operations
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176 Verified Questions
176 Flashcards
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Sample Questions
Q1) A merchandising business will earn an income before income taxes of exactly $0 when
A) net sales equals cost of goods sold.
B) operating expenses equal net sales.
C) gross margin equals operating expenses.
D) cost of goods sold equals gross margin.
Q2) The periodic inventory system is used most commonly by companies that sell
A) low-priced, high-volume merchandise.
B) low-priced, low-volume merchandise.
C) high-priced, low-volume merchandise.
D) high-priced, high-volume merchandise.
Q3) A purchase on account with an invoice price of $750 has been made.The entry to record the payment after the 2 percent discount period would include a(n)
A) decrease to Accounts Payable for $750.
B) decrease to Purchases Discounts for $15.
C) increase to Accounts Payable for $735.
D) decrease to Cash for $735.
Q4) The net cost of purchases is found by deducting freight-in from net purchases. A)True B)False
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Chapter 6: Inventories
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Sample Questions
Q1) An understatement of year 1's ending inventory will
A) cause year 2's cost of goods sold to be overstated.
B) result in an understatement of year 2's beginning inventory.
C) not affect year 2's ending owner's equity.
D) have no effect on year 2's gross margin.
Q2) Supply-chain management helps companies maintain higher levels of inventory.
A)True
B)False
Q3) Goods held on consignment are
A) kept for sale on the premises of the consignor.
B) included as part of no one's ending inventory.
C) never owned by the consignee.
D) included in the consignee's ending inventory.
Q4) Why will an understated beginning inventory produce an overstated income before income taxes for the same period? Will the understatement have a favorable or unfavorable effect on current year income taxes?
Q5) In general,in times of rising prices,using FIFO has a favorable effect on cash flows.
A)True B)False
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Chapter 7: Cash and Receivables
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Sample Questions
Q1) Which of the following bank reconciliation items would result in a journal entry on the company's books?
A) Bank error
B) Interest income
C) Deposit in transit
D) Outstanding checks
Q2) On a bank reconciliation,an NSF check would be deducted from the balance per bank.
A)True
B)False
Q3) Interest on a six-month,7 percent,$2,000 note is calculated by multiplying $2,000 \(\times\) 7/100 \(\times\) 6/12.
A)True
B)False
Q4) A company's acceptance of credits cards,like MasterCard,is an example of factoring with recourse.
A)True
B)False
Q5) On a balance sheet,what items normally are included in Cash?
Q6) What is a compensating balance? By whom is it required?
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Chapter 8: Current Liabilities and Fair Value Accounting
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Sample Questions
Q1) The payables turnover is measured
A) in days.
B) as a percentage.
C) in dollars.
D) in times.
Q2) A liability for dividends exists only when the board of directors declares them.
A)True
B)False
Q3) Potential vacation pay should be accounted for as a commitment.
A)True
B)False
Q4) Working capital equals current assets plus current liabilities.
A)True
B)False
Q5) Accrued liabilities often arise as a result of the passage of time. A)True
B)False
Q6) There is no limit to the amount of income subject to the Medicare tax. A)True
B)False
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Chapter 9: Long Term Assets
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Sample Questions
Q1) A copyright is obtained for what becomes a very successful book.The publisher expects the book to generate sales for ten years.The copyright should be
A) amortized over the author's life plus 70 years.
B) expensed immediately.
C) amortized over 10 years.
D) amortized over a reasonable life.
Q2) On November 1,2008,Rob's Auto Repair purchased diagnostic equipment for $18,000.The equipment had an estimated residual value of $3,000 and a five-year life and was sold on May 1,2010.Assuming that the company depreciates the asset on a straight-line basis and reports on a calendar-year basis,journalize the following independent transactions in the journal provided.(Omit explanations.)
a. The entry to update depreciation to May 1, 2010
b. The entry to record the sale for $15,000
c. The entry to record the sale instead for $11,000
d. The entry to record the sale instead for $13,500
Q3) Leasehold improvements are not subject to any form of cost allocation.
A)True
B)False
Q4) What is goodwill and when may it be recorded?
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Chapter 10: Long-Term Liabilities
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Sample Questions
Q1) Issuing bonds at a discount has the effect of decreasing interest expense below the face amount of interest.
A)True B)False
Q2) Lassen Corporation issued ten-year term bonds on January 1,2010,with a face value of $800,000.The face interest rate is 6 percent and interest is payable semi-annually on June 30 and December 31.The bonds were issued for $690,960 to yield an effective annual rate of 8 percent.The effective interest method of amortization is to be used.The carrying value of the bonds payable on the December 31,2010,balance sheet date should be (rounded to the nearest dollar)
A) $696,412.
B) $698,236.
C) $698,382.
D) $690,960.
Q3) When bonds are converted to common stock,what is the basis for recording (valuing)the stock issued?
Q4) Unamortized Bond Premium is added to Bonds Payable on the balance sheet.
A)True B)False
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Chapter 11: Contributed Capital
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Sample Questions
Q1) Financing a business with common stock is less risky than financing it with bonds.
A)True
B)False
Q2) To evaluate the amount of dividends they receive,investors use the ratio called
A) Price Earning ratio
B) Dividend yield ratio
C) Return on Equity
D) Current ratio
Q3) Beckham Corporation has 3,000 shares of $100 par value,7 percent cumulative preferred stock,and 10,000 shares of $10 par value common stock outstanding during its first five years of operation.Beckham Corporation paid cash dividends as follows: 2006,$17,000; 2007,$0; 2008,$65,000; 2009,$30,000; 2010,$15,000.The amount of dividends received by the preferred stockholders during 2008 was
A) $65,000.
B) $46,000.
C) $25,000.
D) $18,000.
Q4) How is it possible for a corporation to have more shares issued than it has outstanding?
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Chapter 12: Investments
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Sample Questions
Q1) All intercompany transactions resulting in revenues and/or expenses require elimination entries in the preparation of a consolidated income statement.
A)True B)False
Q2) Unless there is evidence to the contrary,an investor owning 25 percent of the stock of an investee is assumed to have significant influence.
A)True
B)False
Q3) Held-to-maturity securities are valued on the balance sheet at A) market value.
B) cost, adjusted for the effects of interest. C) cost.
D) lower of cost or market.
Q4) When the market value of available-for-sale securities exceeds cost,an unrealized gain appears in stockholders' equity as an addition. A)True
B)False
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Chapter 13: The Corporate Income Statement and the Statement of Stockholders Equity
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Sample Questions
Q1) Net income is a component of comprehensive income.
A)True
B)False
Q2) Earnings per share information need not be shown for extraordinary gains and losses.
A)True
B)False
Q3) Gains and losses caused by the passage of a new law should be classified as extraordinary on the income statement.
A)True
B)False
Q4) One objective of the corporate income statement is to separate the results of continuing operations from those of discontinued operations.
A)True
B)False
Q5) A stock dividend will cause an increase in total contributed capital at the date the dividend is declared.
A)True
B)False
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Chapter 14: The Statement of Cash Flows
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Sample Questions
Q1) Which of the following is reported as a noncash investing and financing transaction on the statement of cash flows?
A) Conversion of bonds payable to stock
B) Purchase of treasury stock
C) Payment of long-term debt
D) Sale of preferred stock
Q2) During 2010,Heckart Corporation had sales of $250,000,net income of $25,000,average total assets of $350,000,dividend payments of $17,500,net cash flows from operating activities of $43,000,purchases of plant assets of $37,500,and sales of plant assets of $45,000.Cash flows to sales equals (Round amounts to one decimal place)
A) 12.3 percent.
B) 14.3 percent.
C) 21.5 percent.
D) 17.2 percent.
Q3) Management could use the statement of cash flows to determine whether short-term financing is necessary to pay current liabilities.
A)True
B)False
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Page 17
Chapter 15: The Changing Business Environment - a Managers Perspective
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Sample Questions
Q1) Financial accounting's main emphasis is on full and accurate accounting for and disclosure of a company's operating results.
A)True
B)False
Q2) When unable to resolve an ethical conflict,the accountant should consider consulting with an attorney as to the legal obligations and rights concerning the ethical conflict.
A)True
B)False
Q3) Performance measures are used in
A) the "perform" stage of the management process.
B) the "evaluate" stage of the management process.
C) the "communicate" stage of the management process.
D) all stages of the management cycle.
Q4) Assume you are the president of the business club at your school.You are thinking about creating a fundraising project to generate money for next year's operations.Develop an outline of your ideas using the various stages of the management process.
Q5) List three characteristics of a JIT operating environment.
Q6) Give two examples of nonfinancial performance measures. Page 18
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Page 19
Chapter 16: Cost Concepts and Cost Allocation
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Sample Questions
Q1) An example of a period cost is
A) advertising costs.
B) indirect materials.
C) product design costs.
D) direct materials.
Q2) The two primary types of cost behavior are fixed and variable.
A)True
B)False
Q3) In the traditional manufacturing environment,overhead costs cannot be traced directly to products.
A)True
B)False
Q4) Predetermined overhead rates generally are useful for all but which of the following?
A) Price determination
B) Estimating production levels
C) Inventory valuation
D) Product costing
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20
Chapter 17: Costing Systems- Job Order Costing
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Sample Questions
Q1) In a job order costing system,indirect labor costs incurred are charged to the Work in Process Inventory account.
A)True
B)False
Q2) The _________ provide(s)the most direct means of calculating unit costs for a job.
A) job order cost card
B) Finished Goods Inventory account
C) general ledger
D) Overhead and Work in Process Inventory accounts
Q3) Product costs appear on the income statement in the form of A) cost of goods sold.
B) materials inventory.
C) sales commissions.
D) none of these.
Q4) The type of product costing system used by a company is dictated by the A) project manager.
B) production process.
C) company president.
D) plant supervisor.
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Chapter 18: Costing Systems- Process Costing
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Sample Questions
Q1) During October,Department A started 320,000 units of product in a particular manufacturing process.The beginning work in process inventory was 50,000 units,and the ending inventory was 30,000 units.Direct materials are introduced at the start of processing,and beginning and ending inventories are considered to be 50 percent complete with respect to conversion costs.Department A uses the FIFO costing method. The number of equivalent units for conversion costs was
A) 345,000.
B) 330,000.
C) 360,000.
D) 375,000.
Q2) A process costing system is used by companies that manufacture large amounts of similar products or liquid products.
A)True
B)False
Q3) Because process costing is normally associated with a continuous production flow,products that are in process at the beginning of the period are assumed to be the first completed during the current period.
A)True
B)False
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Page 22
Chapter 19: Value-Based Systems- Abm and Lean
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Sample Questions
Q1) Nonproduction costs are not included in full product cost.
A)True
B)False
Q2) A work cell is an autonomous production line that can perform only one required operation efficiently at a time.
A)True
B)False
Q3) Product throughput time refers to the amount of time that a product spends in a production cell.
A)True
B)False
Q4) Unit level,batch level,and service level are examples of cost drivers.
A)True
B)False
Q5) What would a company using an activity-based management approach attempt to do in regard to activities that add value to the product and those that do not?
Q6) Only value-adding activities are included in the cost hierarchy.
A)True
B)False
Page 23
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Chapter 20: Cost Behavior Analysis
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Sample Questions
Q1) Tigor Enterprises has sales revenue of $340,000 for 20xx.Its product sells for $12 and has a 20 percent contribution margin.Fixed costs are $32,000.What is Tigor Enterprises' operating income for 20xx?
A) $45,000
B) $29,000
C) $41,000
D) $36,000
Q2) If fixed costs are increased,then a breakeven analysis with an adjustment for profit will yield an increase in the number of sales or targeted sales units.
A)True
B)False
Q3) Which of the following is a fixed cost?
A) Direct materials
B) Personnel manager's salary
C) Operating supplies
D) Direct labor
Q4) Within the relevant range,fixed and variable costs behave differently.
A)True
B)False
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Chapter 21: The Budgeting Process
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Sample Questions
Q1) The cash budget is derived exclusively from the sales and production budgets.
A)True
B)False
Q2) The Budget Committee oversees each stage in the preparation of a master budget.
A)True
B)False
Q3) Chad has been making skateboards for his friends and now has more orders than he can handle.He has decided to turn the business into a full-time venture and plans to develop the company into a Fortune 500 company.However,he does not have enough cash and has decided to apply for a Small Business Administration loan.The loan officer informed him that she will need to see projected financial statements with supporting schedules for the next 12 months of operations.
a. Identify the financial statements and supporting schedules you believe are appropriate.
b. What information will you need to include in the budgeted financial statements, and where will you get this information?
Q4) Participative budgeting seeks to motivate employees.
A)True
B)False
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Chapter 22: Performance Management and Evaluation
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Sample Questions
Q1) Tying compensation incentives to performance targets decreases the likelihood that the goals of responsibility centers,managers,and the entire organization will be well coordinated.
A)True
B)False
Q2) Awards are often used to encourage
A) intermediate performance.
B) short-term performance.
C) long-term performance.
D) both short-term and long-term performance.
Q3) Like ROI,residual income is a performance measure displayed as a ratio.
A)True
B)False
Q4) A flexible budget is derived by multiplying actual unit output by the standard unit costs.
A)True
B)False
Q5) Incentive awards are utilized mainly to encourage long-term performance.
A)True
B)False
26
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Chapter 23: Standard Costing and Variance Analysis
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Sample Questions
Q1) Sweet Dreams manufactures candy.Its records revealed the following data: \[\begin{array} { l l }
\text { Standard variable overhead rate } & \$ 2 \text { per machine hour } \\
\text { Standard fixed overhead rate } & \$ 1 \text { per machine hour } \\
\text { Actual variable overhead costs } & \$ 361,000 \\
\text { Actual fixed overhead costs } & \$ 175,000 \\
\text { Budgeted fixed overhead costs } & \$ 190,000 \\
\text { Standard machine hours per unit produced } & 10 \\
\text { Good units produced } & 18,000 \\
\text { Actual machine hours } & 200,000
\end{array}\]
The total variable overhead variance is
A) $3,200 (U).
B) $3,200 (F).
C) $3,600 (F).
D) $0.
Q2) The direct materials price variance is the difference between the actual price and the standard price,multiplied by the standard quantity.
A)True
B)False
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Page 27
Chapter 24: Short Run Decision Analysis
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Sample Questions
Q1) Sunk costs are not relevant for decisions based on incremental analysis.
A)True
B)False
Q2) The difference in total costs between two alternatives is referred to as the A) incremental cost.
B) sunk cost.
C) opportunity cost.
D) direct cost.
Q3) In choosing among alternatives,managers are guided by historical cost information.
A)True
B)False
Q4) The cost of a previously purchased machine is an example of a sunk cost.
A)True
B)False
Q5) The costs incurred beyond the split-off point are called A) split-off point costs.
B) incremental costs.
C) joint product costs.
D) by-product costs.
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Chapter 25: Capital Investment Analysis
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Sample Questions
Q1) The proposals with the highest rank are funded first in the capital investment decisions.
A)True
B)False
Q2) Smile Industries capital structure consists of $1,000,000 of debt at 6 percent interest and 1,500,000 of stockholders equity at 2 percent. The proportion of Equity in the total capital structure is
A) 40%
B) 60%
C) 100%
D) 15%
Q3) The proposals that will produce poor returns will have a positive impact on the organization's profitability.
A)True
B)False
Q4) What criteria must be met for accepting any capital expenditure proposal with respect to minimum rate of return on investment?
Q5) Why is the book value of equipment irrelevant when considering the replacement of equipment?
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Chapter 26: Pricing Decisions, incltarget Costing and Transfer Pricing
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Sample Questions
Q1) Target costing is a variation of cost-based pricing models that reverses the normal procedure for a cost-based pricing model.
A)True
B)False
Q2) Using a market transfer price would cause the selling division manager to sell directly to an outside customer rather than transferring goods to a buying division manager.
A)True
B)False
Q3) The denominator of the gross margin markup percentage is total production costs. A)True B)False
Q4) In a competitive market,prices can be reduced to gain market share by displacing the sales of competing companies.
A)True B)False
Q5) Cost and price information are irrelevant to transfer prices. A)True B)False
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Chapter 27: Quality Management and Measurement
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Sample Questions
Q1) Which of the following specific measures of vendor quality would be used when evaluating vendors that supply a company with direct materials?
A) Defect-free material as a percentage of total materials received
B) Number of customer complaints
C) Time it takes to make a product
D) All would be considered to assess vendor quality of direct materials.
Q2) At present,very few countries belong to the ISO.
A)True
B)False
Q3) The primary focus of a management information system is on the management of A) people.
B) costs.
C) activities.
D) time.
Q4) The Baldrige performance criteria focus on a single aspect of quality. A)True B)False
Q5) The Malcolm Baldrige Quality Award was created by the U.S.Congress. A)True
B)False
31
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Chapter 28: Financial Analysis of Performance
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Sample Questions
Q1) A company that is leveraged is one that
A) contains debt financing.
B) contains equity financing.
C) has a high earnings per share.
D) has minimized its risk of loss by acquiring a portfolio of investments.
Q2) Within a few days of certain major events,a report must be issued by publicly held corporations to
A) stockholders.
B) the SEC.
C) Dun & Bradstreet.
D) creditors.
Q3) A common measure of liquidity is
A) profit margin.
B) receivable turnover.
C) return on assets.
D) asset turnover.
Q4) Days' payable measures the relative size of accounts payable.
A)True
B)False
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