Managerial Accounting Solved Exam Questions
Course Introduction
Managerial Accounting provides students with a comprehensive understanding of how accounting information is used by managers within organizations to make informed business decisions. The course explores key topics such as cost behavior, budgeting, performance evaluation, variance analysis, and the use of accounting data in strategic planning and operational control. Emphasis is placed on the practical application of accounting techniques in managing day-to-day operations, optimizing resource allocation, and achieving organizational goals. Through case studies and real-world examples, students gain insight into how managerial accounting supports planning, decision-making, and performance measurement in a variety of business contexts.
Recommended Textbook
Financial and Managerial Accounting 10th Edition by Belverd E. Needles
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2
Chapter 1: Uses of Accounting Information and the Financial Statements
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Sample Questions
Q1) If the balance in the Cash account were used to pay part of Accounts Payable,then total liabilities and stockholders' equity would
A)decrease by $8,000.
B)increase by $8,000.
C)increase by $16,000.
D)decrease by $16,000.
Answer: A
Q2) The statement of cash flows would disclose the purchase of a building for cash A)nowhere on the statement.
B)in the operating activities section.
C)in the investing activities section.
D)in the financing activities section.
Answer: C
Q3) Companies listed on the stock exchanges must file financial statements with the A)Financial Accounting Standards Board.
B)American Institute of Certified Public Accountants.
C)Securities and Exchange Commission.
D)Internal Revenue Service.
Answer: C
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Chapter 2: Measurement Concepts: Recording Business Transactions
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Sample Questions
Q1) Which of the following accounts should be debited in a journal entry?
A)Accounts Receivable,when it has been decreased.
B)Dividends,when it has been increased.
C)Wages Payable,when it has been increased.
D)All of these choices.
Answer: B
Q2) What is the balance in cash after these transactions?
A)$302,000
B)$190,000
C)$144,000
D)$87,000
Answer: B
Q3) A transposition error will cause the trial balance to be out of balance by an amount that is evenly divisible by two.
A)True
B)False
Answer: False
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Page 4
Chapter 3: Measuring Business Income: Adjusting the Accounts
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Sample Questions
Q1) An adjusted trial balance is prepared to
A)test that the ledger is in balance after the accounts have been adjusted.
B)facilitate preparation of the adjusting entries.
C)both test that the ledger is in balance after the accounts have been adjusted and facilitate preparation of the financial statements.
D)facilitate preparation of the financial statements.
Answer: C
Q2) In applying the matching rule,revenue recognition should come before the matching (assignment)of expense.
A)True
B)False
Answer: True
Q3) Accounting periods of greater than a year are called interim periods.
A)True
B)False
Answer: False
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Page 5
Chapter 4: Foundations of Financial Reporting and the
Classified Balance Sheet
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Sample Questions
Q1) To understand accounting information,users must be familiar with the accounting conventions,or rules of thumb,used in preparing financial statements.
A)True
B)False
Q2) The asset turnover for National Textile is
A)1.00 times.
B)1.33 times.
C)0.83 times.
D)1.20 times.
Q3) The Securities and Exchange Commission instituted rules requiring the chief executive officers and chief financial officers of all publicly traded companies to certify that,to their knowledge,the quarterly and annual statements that their companies file with the SEC are
A)100 percent accurate and contain no misstatements,errors,or mistakes.
B)accurate and complete.
C)subject to interpretation due to the many accounting rules and regulations.
D)not to be used except by individuals working for the company.
Q4) Why is it important for a company to maintain the same accounting methods and practices from period to period?
Page 6
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Chapter 5: Accounting for Merchandising Operations
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Sample Questions
Q1) The terms "2/10,n/30" mean that a 2 percent discount is allowed on payments made over 10 but before 30 days after the invoice date.
A)True
B)False
Q2) An advantage of the single-step income statement is that it is less complex than the multistep form.
A)True
B)False
Q3) Freight-in is treated as an addition in the cost of goods sold section of the income statement.
A)True
B)False
Q4) Sale and purchase of goods should be recorded at their list price,less any trade discount involved.
A)True B)False
Q5) Exchange gains and losses are reported on the income statement. A)True B)False
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Chapter 6: Inventories
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Sample Questions
Q1) What is ending inventory on a FIFO basis?
A)$3,904
B)$3,984
C)$4,024
D)More information is needed.
Q2) Which costing method will produce different results under perpetual and periodic systems?
A)Specific identification
B)Average-cost
C)FIFO
D)Both FIFO and specific identification
Q3) Which of the following is an inventory valuation method?
A)First-in,first-out
B)Average-cost
C)Lower-of-cost-or-market
D)Perpetual
Q4) What is the chief objective of supply-chain management? How is it accomplished?
Q5) Why is the LIFO cost flow assumption an acceptable valuation method for merchandise inventory when it rarely matches the physical movement of the product?
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Chapter 7: Cash and Internal Control
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Sample Questions
Q1) The Sarbanes-Oxley Act has not stopped the occurrence of fraud,and additional guidance with regard to internal controls is expected to be issued.
A)True
B)False
Q2) On a balance sheet,what items normally are included in Cash?
Q3) The bonding of employees is an example of which feature of a good system of internal control?
A)Authorization of transactions
B)Sound personnel policies
C)Separation of duties
D)Limited access to assets
Q4) The Report of Management in Brighton Company's annual report states,"Management has established a system of internal controls to provide reasonable assurance that assets are maintained and accounted for in accordance with its policies and that transactions are recorded accurately on the company's books and records."
Name five control activities Townsgate could and probably does implement.
Q5) A remittance advice accompanies a check sent to a vendor or the vendor's bank.
A)True
B)False
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Chapter 8: Receivables
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Sample Questions
Q1) What is the receivables turnover?
A)1.9 times
B)3.1 times
C)3.8 times
D)5 times
Q2) Under the accounts receivable aging method,the balance in Allowance for Uncollectible Accounts must be considered prior to adjusting for estimated uncollectible accounts.
A)True
B)False
Q3) The percentage of net sales method of estimating uncollectible accounts is in violation of the matching principle.
A)True
B)False
Q4) Days' sales uncollected equals 365 days divided by A)net sales.
B)average net accounts receivable.
C)net income.
D)the receivable turnover.
Q5) Explain the two methods used to estimate uncollectible accounts.
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Chapter 9: Long-Term Assets
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Sample Questions
Q1) The cost of equipment would include the cost of test runs to see that the equipment is operating properly.
A)True
B)False
Q2) The production method is an accelerated method of depreciation.
A)True
B)False
Q3) Extraordinary repairs usually are recorded by making a debit to
A)a capital account.
B)Repair Expense.
C)a contra-asset account.
D)an asset account.
Q4) All of the following are used in estimating a depreciable asset's useful life except A)the asset's present condition.
B)the useful life required by the government for tax purposes.
C)experience with similar assets.
D)current technology and industry trends.
Q5) Present two arguments in favor of the use of accelerated depreciation.
Q6) What commitments must a company account for in determining its free cash flow?
Page 11
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Chapter 10: Current Liabilities and Fair Value Accounting
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Sample Questions
Q1) The amount of liabilities relating to payroll,other than Salaries Payable,is
A)$8,356.
B)$7,496.
C)$7,256.
D)$8,596.
Q2) If any portion of a long-term debt is to be paid in the next year,that portion should be classified as a current liability.
A)True
B)False
Q3) Which of the following statements is true regarding the time value of money?
A)Compound interest will produce equal amounts of interest each period on a fixed deposit.
B)Earning simple interest is more beneficial than earning compound interest.
C)When making a purchase,it is better to make payment as soon as possible.
D)It is better to receive $1 now than a year from now.
Q4) Novack Company has current assets of $100,000,total assets of $300,000,current liabilities of $75,000 of which accounts payable are $35,000,and total liabilities of $150,000.Calculate Novack's working capital and current ratio.
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Page 12
Chapter 11: Long-Term Liabilities
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Sample Questions
Q1) The total interest cost on forty-six (46),ten-year,6 percent,$1,000 bonds that are issued at 98 is
A)$28,520.
B)$26,680.
C)$28,060.
D)$27,600.
Q2) When there are material differences between the results of using the straight-line method and using the effective interest method of amortization,the effective interest method should be used.
A)True
B)False
Q3) The interest coverage ratio is expressed as a percentage.
A)True
B)False
Q4) Term bonds are bonds that
A)are also called serial bonds.
B)may be called in and redeemed by the issuing corporation prior to their scheduled maturity date.
C)are secured by specific assets of the issuing corporation.
D)mature in one lump sum at a single maturity date.
Page 13
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Chapter 12: Stockholders Equity
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Sample Questions
Q1) A corporation's board of directors may influence dividend policies,but the company's senior management has sole authority to declare dividends.
A)True
B)False
Q2) The price/earnings (P/E)ratio is measured in terms of A)dollars.
B)a percentage. C)times. D)days.
Q3) Based on this information,what is the price/earnings ratio for Firehawk's stock?
A)96.67 times.
B)20.71 times.
C)4.83 times.
D)26.36 times.
Q4) The account Common Stock Distributable is classified as a current liability. A)True B)False
Q5) A stock dividend increases the total amount of stockholders' equity. A)True B)False
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Chapter 13: The Statement of Cash Flows
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Sample Questions
Q1) For this item extracted from the financial statements-Increase in Prepaid Expenses-indicate the effect on net income in arriving at net cash flows from operating activities by choosing one of the following:
A)Add to net income to arrive at net cash flows from operating activities.
B)Subtract from net income to arrive at net cash flows from operating activities.
C)Not used to adjust net income to calculate net cash flows from operating activities.
Q2) When preparing a statement of cash flows using the indirect method,an increase in accounts receivable is added to net income.
A)True
B)False
Q3) Noncash investing and financing transactions
A)appear as a separate schedule on the statement of cash flows.
B)appear in either the investing or financing activities section,but not both.
C)are excluded from the statement of cash flows.
D)appear in both the investing and financing activities sections.
Q4) Why does the acquisition of land in exchange for common stock qualify as a noncash investing and financing transaction?
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Chapter 14: Financial Statement Analysis
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Sample Questions
Q1) In a common-size income statement,each item is expressed as a percentage of net income.
A)True
B)False
Q2) If dividends declared per share during 20x4 (the base year),20x5,and 20x6 are $4.80,$3.60,and $4.32,respectively,the index numbers assigned to 20x5 and 20x6,respectively,are
A)75 and 90.
B)60 and 95.
C)180 and 80.
D)133.3 and 110.
Q3) The receivable turnover is useful in assessing the effectiveness of credit policies.
A)True B)False
Q4) In trend analysis,each item is expressed as a percentage of the A)net income amount.
B)total assets amount.
C)base year amount.
D)retained earnings amount.
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Chapter 15: Managerial Accounting and Cost Concepts
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Sample Questions
Q1) Which of the following account balances is not reported on the balance sheet?
A)Materials Inventory
B)Manufacturing Patents
C)Cost of Goods Sold
D)Work in Process Inventory
Q2) Which of the following is one of the integrity standards of management accountants?
A)Refraining from accepting hospitality gifts from coworkers
B)Refraining from activities that the company does not actively endorse
C)Avoiding actual or apparent conflicts of interest
D)Avoiding only those conflicts of interest that occur between coworkers
Q3) Practitioners of management accounting and financial management have a responsibility to communicate information fairly and objectively.
A)True
B)False
Q4) If a management accountant gives information about a future merger of his or her company to a relative,the accountant has acted ethically.
A)True
B)False
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Chapter 16: Costing Systems: Job Order Costing
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Sample Questions
Q1) Financial statements referred by external stakeholders compare actual unit costs with targeted unit costs.
A)True B)False
Q2) In a service organization using a job order costing system,actual overhead will be the same as applied overhead.
A)True B)False
Q3) WinLaw is a legal services provider.It is planning to extend its operations by providing tax consultancy services.Which of the following statements will be true if the company extends its operation as planned?
A)The cost of providing legal services is high as tax consultancy service will be in its initial stages.
B)The company cannot extend its operations since it requires additional staff.
C)The company should know the unit service cost of tax services before determining the fees.
D)The company should drop this service line if it makes lesser profit than legal services.
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Chapter 17: Costing Systems: Process Costing
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Sample Questions
Q1) In a process costing system,some of the increases to Department C's Work in Process Inventory account would come from Department B's
A)Finished Goods Inventory account.
B)Materials Inventory account.
C)Cost of Goods Sold account.
D)Work in Process Inventory account.
Q2) Montell Inc.produces a variety of outdoor equipment products and utilizes a process costing system.The following information was provided by the accounting department as of March 31,2014:
a.Units started during the month of March totaled 314,000.
b.Units partially complete as of March 31 equaled 76,000.
c.Ending work in process inventory as of March 31,2014,was 80 percent complete.
d.Direct materials are added at the beginning of the process,and conversion costs are incurred uniformly throughout the process.
e.No units were in process on March 1,2014.
Using the information provided,compute the equivalent units of production for direct materials and conversion costs for the month ended March 31,2014,assuming a FIFO costing flow.
Q3) How are costs recognized,matched,and measured in a process costing system?
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Page 19
Chapter 18: Value-Based Systems: Activity-Based Costing and Lean Accounting
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Sample Questions
Q1) Which of the following statements is incorrect in comparing activity-based management (ABM)and lean operations?
A)Both identify value-adding and nonvalue-adding activities
B)ABM uses a simpler accounting system
C)Both are activity-based systems
D)Lean manufacturing reorganizes production activities into workcells
Q2) Unit level,batch level,and service level are examples of cost drivers.
A)True
B)False
Q3) President/CEO to her Controller:
"On the golf course yesterday I overheard John Jeffers,the CEO for Octal,say that the problem with many manufacturing companies today is their antiquated manufacturing cost accounting systems.It appears to me that our cost accounting system has served us well as our company has grown and should continue to serve us well as we move into JIT production with our new flexible manufacturing system." As the Controller,respond to the President/CEO.
Q4) Activity-based management is an extension of activity-based costing.
A)True
B)False
Page 20
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Chapter 19: Cost-Volume-Profit Analysis
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Sample Questions
Q1) A project breaks even when total revenues less variable costs equals fixed costs.
A)True
B)False
Q2) How many total dollars of sales must Windblow Company sell to break even,if the selling price per unit is $10,variable costs are $5.00 per unit,and fixed costs are $10,000?
A)$20,000
B)$6,667
C)$10,000
D)$12,000
Q3) Which of the following would not require the use of cost behavior analysis?
A)Recording the transfer of production costs from one department to another
B)Projecting anticipated costs of a new project
C)Buying an existing business
D)Changing an existing product or service
Q4) The point at which the total cost line intersects with the total revenue line is the breakeven point.
A)True
B)False
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Chapter 20: The Budgeting Process
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Sample Questions
Q1) It is necessary to know the budgeted number of unit sales to prepare production budget.
A)True
B)False
Q2) Budgeting is the process of identifying,gathering,summarizing,and communicating financial and nonfinancial information about an organization's future activities.
A)True B)False
Q3) Budgets assign resources and the responsibility to use them wisely to managers who are held accountable for their results.
A)True
B)False
Q4) Which of the following is true of the cash budget?
A)It is prepared first in the master budget.
B)It is also called budgeted balance sheet.
C)It consists of cash receipts and cash payments.
D)It is the base for the preparation of the sales budget.
Q5) Describe three benefits budgeting provides to an organization's success.
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Chapter 21: Flexible Budgets and Performance Analysis
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Sample Questions
Q1) A responsibility accounting system ensures that
A)generally accepted accounting principles reporting requirements are met.
B)managers will not be held responsible for items they cannot change.
C)99 percent of businesses utilizing such a system will be profitable.
D)easy correlations between revenues and costs can be drawn.
Q2) What is the direct labor variance between the actual results and the flexible budget?
A)$10 (U)
B)$10 (F)
C)$60 (U)
D)$60 (F)
Q3) How effective a performance management and evaluation system is depends on how well the goals of individual responsibility centers,the entire company,and managers are coordinated.
A)True
B)False
Q4) The concern of responsibility accounting is limited to nonmonetary information.
A)True
B)False
Q5) Write a brief note on the performance-based pay.
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Chapter 22: Standard Costing and Variance Analysis
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Q1) Blue Bull Inc.uses direct labor hours to allocate variable and fixed overhead costs.Under which of the following circumstances would the base used to calculate the variable overhead rate be the same as that used for the fixed overhead rate?
A)When actual labor hours are the same as budgeted labor hours
B)When standard indirect labor hours agree with standard direct labor hours
C)In all circumstances the base used for each calculation is the same
D)When the number of labor hours expected to be incurred for the period is the same as normal capacity direct labor hours
Q2) During the current month,Thompson Company started 40,000 units of product and transferred 25,000 fully completed units to finished goods.The final work in process inventory was 50 percent complete as to labor operations.There was no initial work in process,and actual labor hours were 150,000 for the period.Each unit should have required 3 direct labor hours to be produced at standard.The total standard hours allowed for the period are
A)75,000 hours.
B)97,500 hours.
C)120,000 hours.
D)150,000 hours.
Q3) Mention a few reasons for an unfavorable direct labor cost variance.
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Page 24
Chapter 23: Short-Run Decision Analysis
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Q1) What are the two steps in the analysis of a sales mix decision?
Q2) "Variable costs are relevant and fixed costs are irrelevant." Explain why you agree or disagree with this statement.
Q3) Sales commission expenses are included in special order decision analysis even if the customer approached the company directly.
A)True
B)False
Q4) Kyle Inc.manufactures automobiles.In recent past,the company started buying brake shoes from an external vendor.Which of the following decisions was made by the company in this example?
A)Special order decision
B)Segment profitability decision
C)Make-or-buy decision
D)Sales mix decision
Q5) Irrelevant costs
A)do not differ among alternatives.
B)can be avoided by a business.
C)are the same as opportunity costs.
D)are costs that will be incurred in the future.
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Chapter 24: Capital Investment Analysis
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Q1) Which of the following is true of the net present value method?
A)It measures a project's time-adjusted rate of return.
B)It discounts cash flows at the minimum desired rate of return.
C)It ignores cash flows beyond the payback period.
D)It applies only to mutually exclusive investment proposals.
Q2) Which of the following evaluation methods ignores the time value of money?
A)The accounting rate-of-return and discounted cash flow methods
B)The net present value and discounted cash flow methods
C)The payback period and net present value methods
D)The accounting rate-of-return and payback period methods
Q3) Evaluating capital investment proposals prior to making a decision falls under which stage of the management process?
A)Planning
B)Performing
C)Evaluating
D)Communicating
Q4) In what situations is the payback period method especially useful?
Q5) The company's minimum rate of return is also referred to as its profit margin.
A)True
B)False
Page 26
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Chapter 25: Pricing Decisions, including Target Costing and Transfer Pricing
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Q1) When using traditional,cost-based pricing,the pricing decision is made after products have been put into production.
A)True B)False
Q2) When a buying division elects to purchase from an outside supplier,
A)the impact on overall company profits is usually not considered in the decision. B)only fixed costs should be included in the decision analysis.
C)the price from the outside supplier is likely to be more than the incremental cost to the supplying division.
D)overall company profits should be enhanced.
Q3) What are the four pricing rules managers must follow to stay in business?
Q4) Target costing reverses the procedure used by cost-based pricing methods. A)True B)False
Q5) Auction-based pricing is a pricing method used primarily on the Internet where price is determined by willing buyers and sellers. A)True B)False
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Chapter 26: Quality Management and Measurement
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Sample Questions
Q1) Compute delivery cycle time for Week 2.
A)3.0 days
B)6.4 days
C)8.7 days
D)7.0 days
Q2) The overall objective of controlling the costs of quality is to eliminate
A)appraisal costs.
B)costs of nonconformance.
C)costs of conformance.
D)the costs of quality.
Q3) As a result of the ISO-certification process,ISO-certified companies have detailed documentation of their operations.
A)True
B)False
Q4) Which of the following is awarded to businesses and organizations in Europe that excel in quality management?
A)EFQM Excellence Award
B)Deming Prize
C)Malcolm Baldrige National Quality Award
D)ISO 9000 Award
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Chapter 27: Accounting for Unincorporated Businesses
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Q1) When a withdrawing partner withdraws assets less than his or her capital balance,the excess is treated as a bonus to the remaining partners.
A)True
B)False
Q2) Income can be allocated to partners based solely on average capital balances.
A)True
B)False
Q3) Which of the following statements is correct regarding partnerships?
A)Accounting for a partnership is similar to accounting for a sole proprietorship.
B)If the partnership assumes a liability related to an asset invested in the partnership,the asset is debited,the partner's capital account is credited and a liability account is credited.
C)It is necessary to maintain separate Capital and Withdrawals accounts for each partner.
D)All of these choices.
Q4) Chelsea,Jack,and Connor have a partnership.Chelsea wishes to withdraw from the partnership by removing assets that represent less than her current capital balance.Discuss who,if anyone,receives a bonus.
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Chapter 28: Accounting for Investments
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Q1) If a long-term investment suffers a permanent decline in value,a loss only has to be recorded if the investment is sold.
A)True
B)False
Q2) A controlling investment is defined as ownership of more than 50 percent of the stock of another company.
A)True
B)False
Q3) Which of the following categories of investments can be debt but not equity securities?
A)Trading securities
B)Held-to-maturity securities
C)Available-for-sale securities
D)Both trading and available-for-sale securities
Q4) An influential but noncontrolling investment is defined as ownership of between 20 to 50 percent of the stock of another company.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 30