Managerial Accounting Test Questions
Course Introduction
Managerial Accounting focuses on the use of accounting information by managers within organizations to inform decision-making, planning, and control. The course covers key concepts such as cost behavior, budgeting, performance evaluation, and the analysis of financial data to support operational and strategic objectives. Students will learn techniques for assigning costs to products and services, preparing and interpreting various types of budgets, and assessing information to maximize organizational efficiency and profitability. Emphasis is placed on the practical application of accounting tools to solve real-world business problems and enhance managerial effectiveness.
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) 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
Q2) Ramos Repair Company is paying a cash dividend.How does this transaction affect Ramos Repair Company's accounting equation?
A) increase in assets (Accounts Receivable)and decrease in assets (Cash)
B) decrease in assets (Cash)and decrease in stockholders' equity (Dividends)
C) decrease in assets (Cash)and decrease in liabilities (Accounts Payable)
D) increase in assets (Cash)and decrease in stockholders' equity (Dividends)
Answer: B
Q3) An account receivable is a claim against a customer resulting from a sale on account.
A)True
B)False
Answer: True
Q4) Determine the total assets at the end of the current year for Scott Industries. Answer: 11ea8952_b5d8_5a90_861b_89e613135c1c_TB6238_00
Page 3
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Chapter 2: Analyzing Transactions
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Sample Questions
Q1) In the chart of accounts,each account number has two digits.The first digit indicates the major account group to which the account belongs.Which of the following correctly identifies the major account groups typically represented by the numbers 1 through 5?
A) 1-Assets,2-Liabilities,3-Stockholders' Equity,4-Expenses,5-Revenues
B) 1-Assets,2-Liabilities,3-Stockholders' Equity,4-Revenues,5-Expenses
C) 1-Assets,2-Stockholders' Equity,3-Revenues,4-Expenses,5-Dividends
D) 1-Stockholders' Equity,2-Dividends,3-Revenues,4-Expenses,5-Common Stock
Answer: B
Q2) The increase side of an account is also the side of the normal balance.
A)True
B)False
Answer: True
Q3) A debit may signify a(n)
A) decrease in asset accounts
B) decrease in liability accounts
C) increase in the common stock account
D) decrease in the dividends account
Answer: B
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Chapter 3: The Adjusting Process
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Sample Questions
Q1) The account type and normal balance of Unearned Revenue is
A) revenue,credit
B) expense,debit
C) liability,credit
D) asset,debit
Answer: C
Q2) What is the purpose of the adjusted trial balance?
A) to verify that all of the adjusting entries have been posted
B) to verify that the net income (loss)is correctly reported
C) to verify that no adjusting journal entry has been omitted
D) to verify that the debits and credits balance
Answer: D
Q3) The adjusting entry for gym memberships earned that were previously recorded in the unearned gym memberships account is
A) debit Unearned Gym Memberships; credit Gym Memberships Revenue
B) debit Gym Memberships Revenue; credit Unearned Gym Memberships
C) debit Unearned Gym Memberships; credit Prepaid Gym Memberships
D) debit Gym Memberships Expense; credit Unearned Gym Memberships
Answer: A
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Page 5
Chapter 4: Completing the Accounting Cycle
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Sample Questions
Q1) The balances of the equity accounts from the Adjusted Trial Balance of the end-of-period spreadsheet are extended to the Retained Earnings Statement columns.
A)True
B)False
Q2) A net loss appears on the end-of-period spreadsheet in the
A) debit column of the Balance Sheet columns
B) credit column of the Balance Sheet columns
C) debit column of the Income Statement columns
D) credit column of the Adjustments columns
Q3) The Income Statement columns in the end-of-period spreadsheet show that debits are equal to $55,800 and credits are $77,520.What does this information mean to the accountant?
A) net income of $21,720
B) net loss of $21,720
C) the accounts are out of balance,indicating an error has been made
D) the accounts have not been updated
Q4) The dividends account is a temporary account.
A)True
B)False
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Chapter 5: Accounting for Merchandising Businesses
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Sample Questions
Q1) Purchased goods in transit should be included in the ending inventory of the buyer if the goods were shipped FOB shipping point.
A)True
B)False
Q2) Taking advantage of a 2 / 10,n / 30 purchases discount is equal to a yearly savings rate of approximately
A) 2%
B) 24%
C) 20%
D) 36%
Q3) When merchandise that was sold is returned,a credit to Customer Refunds Payable is made.
A)True B)False
Q4) Under a periodic inventory system,the accounts Purchases,Purchases Returns and Allowances,Purchases Discounts,and Freight In are found on the balance sheet. A)True
B)False
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Chapter 6: Inventories
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Sample Questions
Q1) Under a periodic inventory system
A) accounting records continuously disclose the amount of inventory
B) a separate account for each type of merchandise is maintained in a subsidiary ledger
C) a physical inventory is taken at the end of the period
D) inventory is debited when goods are returned to vendors
Q2) During periods of increasing costs,the use of the FIFO method of costing inventory will result in a greater amount of net income than would result from the use of the LIFO cost method.
A)True
B)False
Q3) Under the LIFO inventory costing method,the most recent costs are assigned to ending inventory.
A)True
B)False
Q4) Average inventory is computed by adding the inventory at the beginning of the period to the inventory at the end of the period and dividing by two.
A)True
B)False
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Chapter 7: Internal Control and Cash
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Sample Questions
Q1) Cash equivalents
A) are illegal in some states
B) will be converted to cash within two years
C) will be converted to cash within three months
D) will be converted to cash within four months
Q2) List and define each of the five elements of internal control.
Q3) Internal control does not consist of policies and procedures that
A) protect assets from misuse
B) ensure employees and managers comply with laws and regulations
C) guarantee the company will earn a profit
D) ensure that business information is accurate
Q4) The portion of an invoice that is returned with payment is a A) remittance advice
B) voucher
C) debit memo
D) credit memo
Q5) A voucher is a form on which is recorded pertinent data about a liability and the particulars of its payment.
A)True
B)False
Page 9
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Chapter 8: Receivables
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Sample Questions
Q1) Journalize the following transactions using the allowance method of accounting for uncollectible receivables.
April 1 Sold merchandise on account to Jim Dobbs,$7,200.The cost of the merchandise is $5,400.
June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder.
Oct.11 Reinstated the account of Jim Dobbs and received cash in full payment.
Q2) At the end of a period (before adjustment),Allowance for Doubtful Accounts has a debit balance of $500.Credit sales for the period total $800,000.If bad debt expense is estimated at 1% of credit sales,the amount of bad debt expense to be recorded in the adjusting entry is $8,500.
A)True
B)False
Q3) The party promising to pay a note at maturity is the maker.
A)True
B)False
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Page 10
Chapter 9: Long-Term Assets: Fixed and Intangible
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Sample Questions
Q1) Xtra Company purchased a business from Argus for $96,000 above the fair value of its net assets.Argus had developed the goodwill over 12 years.How much would Xtra amortize the goodwill for its first year?
A) $7,000
B) $8,000
C) goodwill is not amortized
D) not enough information to calculate amortization
Q2) For income tax purposes,most companies use an accelerated deprecation method called double declining balance.
A)True
B)False
Q3) The term applied to the amount of cost to transfer to expense resulting from a decline in the utility of intangible assets is
A) amortization
B) depletion
C) depreciation
D) allocation
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11
Chapter 10: Liabilities: Current,installment Notes,and
Contingencies
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Sample Questions
Q1) For a current liability to exist,the liability must be due usually within a year and must be paid out of current assets.
A)True
B)False
Q2) The journal entry a company uses to record fully funded pension rights for its salaried employees at the end of the year is
A) debit Salary Expense; credit Cash
B) debit Pension Expense; credit Unfunded Pension Liability
C) debit Pension Expense; credit Unfunded Pension Liability and Cash
D) debit Pension Expense; credit Cash
Q3) For proper matching of revenues and expenses,the estimated cost of fringe benefits must be recognized as an expense of the period during which the employee earns the benefits.
A)True
B)False
Q4) Form W-4 is a form authorizing employers to withhold a portion of employee earnings for payment of an employee's federal income taxes.
A)True
B)False
Page 12
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Chapter 11: Liabilities: Bonds Payable
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Sample Questions
Q1) The journal entry a company records for the payment of interest,interest expense,and amortization of bond premium is
A) debit Interest Expense,credit Cash and Premium on Bonds Payable
B) debit Interest Expense,credit Cash
C) debit Interest Expense and Premium on Bonds Payable,credit Cash
D) debit Interest Expense,credit Interest Payable and Premium on Bonds Payable
Q2) Franklin Corporation issues $50,000,10%,5-year bonds on January 1,for $52,100.Interest is paid semiannually on January 1 and July 1.If Franklin uses the straight-line method of amortization of bond premium,the amount of bond interest expense to be recognized on July 1 is
A) $10,290
B) $2,710
C) $2,500
D) $2,290
Q3) The market interest rate related to a bond is also called the A) stated interest rate
B) effective interest rate
C) contract interest rate
D) straight-line rate
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Page 13
Chapter 12: Corporations: Organization, stock Transactions, and Dividends
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Sample Questions
Q1) A corporation has 10,000 shares of $100 par stock outstanding.If the corporation issues a 5-for-1 stock split,the number of shares outstanding after the split will be 40,000.
A)True
B)False
Q2) Nebraska Inc.issues 3,000 shares of common stock for $45,000.The stock has a stated value of $10 per share.The journal entry to record the stock issuance would include a credit to Common Stock for
A) $30,000
B) $45,000
C) $15,000
D) $3,000
Q3) Par value
A) is the monetary value assigned per share in the corporate charter
B) represents what a share of stock is worth
C) represents the original selling price for a share of stock
D) is established for a share of stock after it is issued
Q4) Paid-in capital may originate from real estate transactions.
A)True
B)False
Page 14
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Chapter 13: Statement of Cash Flows
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Sample Questions
Q1) Accounts receivable resulting from sales to customers amounted to $40,000 and $31,000 at the beginning and end of the year,respectively.Income reported on the income statement for the year was $120,000.Exclusive of the effect of other adjustments,the net cash flows from operating activities to be reported on the statement of cash flows using the indirect method is
A) $120,000
B) $129,000
C) $151,000
D) $111,000
Q2) Cash payments for merchandise were
A) $39,000
B) $33,000
C) $29,000
D) $23,000
Q3) Net income was $51,000 for the year.The accumulated depreciation balance increased by $14,000 over the year.There were no sales of fixed assets or changes in noncash current assets or liabilities.Under the indirect method,the cash flow from operations is $37,000.
A)True
B)False
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Chapter 14: Financial Statement Analysis
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Sample Questions
Q1) A common measure of liquidity is
A) the asset turnover ratio
B) dividends per share of common stock
C) the accounts receivable turnover
D) the profit margin
Q2) The ability of a business to pay its debts as they come due and to earn a reasonable net income is
A) solvency and leverage
B) solvency and profitability
C) solvency and liquidity
D) solvency and equity
Q3) Using the balance sheets for Kellman Company,if net income is $250,000 and interest expense is $20,000 for Year 2,and the market price of common shares is $30,what is the price-earnings ratio on common stock for Year 2? (Round intermediate calculation to two decimal places and final answers to one decimal place.)
A) 7.5
B) 13.4
C) 12.1
D) 8.5
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Page 16
Chapter 15: Introduction to Managerial Accounting
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Sample Questions
Q1) Accounting designed to meet the needs of decision makers inside the business is
A) general accounting
B) financial accounting
C) managerial accounting
D) external accounting
Q2) Conversion costs are
A) direct materials and direct labor
B) direct materials and factory overhead
C) factory overhead and direct labor
D) direct materials and indirect labor
Q3) Managerial accountants could prepare all of the following reports except
A) a performance report identifying amounts of scrap
B) a control report comparing direct material usage over time
C) a sales report targeting monthly sales and potential bonuses
D) an annual report for external regulators such as the SEC
Q4) Prime costs are the combination of direct labor costs and factory overhead costs.
A)True
B)False
Q5) Differentiate between a line department and a staff department.
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Chapter 16: Job Order Costing
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Sample Questions
Q1) Direct labor cost is an example of a period cost.
A)True
B)False
Q2) As product costs are incurred in the manufacturing process,they are accounted for as assets and reported on the balance sheet as inventory.
A)True
B)False
Q3) Discuss the use of job order costing for professional services businesses.What are the similarities and differences between service and manufacturing business job order costing?
Q4) serves as the basis for recording direct labor on a job cost sheet
A)job cost sheets
B)materials requisitions
C)receiving report
D)time tickets
E)cost allocation
Q5) Job order cost accounting systems may be used to evaluate a company's efficiency.
A)True
B)False
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Chapter 17: Process Cost Systems
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Sample Questions
Q1) What is the total number of units to be assigned cost on the cost of production report for Department W?
A) 12,000 units
B) 13,600 units
C) 18,500 units
D) 17,800 units
Q2) Industries that typically use process cost systems include chemicals,oil,metals,food,paper,and pharmaceuticals.
A)True
B)False
Q3) Kramer Company started its production operations on August 1.During August,the Printing Department completed 17,600 units.There were 4,400 units in ending inventory which were 80% complete with respect to materials and 10% complete with respect to conversion costs.During August,the department accumulated materials costs of $45,408 and conversion costs of $76,670.
Required:
(a)Calculate the cost of the goods transferred out.
(b)What is the value of the ending inventory?
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Chapter 18: Activity-Based Costing
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Q1) 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
Q2) Explain why it is imperative that proper factory overhead be allocated in factories that produce multiple products.
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) 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
Q5) Calculate the cost of services for a highlight.
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Page 20
Chapter 19: Cost-Volume-Profit Analysis
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Sample Questions
Q1) Which of the following conditions would cause the break-even point to decrease?
A) total fixed costs increase
B) unit selling price decreases
C) unit variable cost decreases
D) unit variable cost increases
Q2) A firm operated at 80% of capacity for the past year,during which fixed costs were $330,000,variable costs were 70% of sales,and sales were $1,000,000.Operating profit (loss)was
A) $140,000
B) $(30,000)
C) $370,000
D) $670,000
Q3) If variable costs per unit decreased because of a decrease in utility rates,the break-even point would
A) decrease
B) increase
C) remain the same
D) increase or decrease,depending upon the percentage increase in utility rates
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21
Chapter 20: Variable Costing for Management Analysis
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Q1) The systematic examination of the differences between planned and actual contribution margin is
A) gross profit analysis
B) contribution margin analysis
C) sales mix analysis
D) volume variance analysis
Q2) If variable selling and administrative expenses totaled $120,000 for the year (80,000 units at $1.50 each)and the planned variable selling and administrative expenses totaled $136,500 (78,000 units at $1.75 each),the effect of the unit cost factor on the change in contribution margin is:
A) $19,500 decrease
B) $19,500 increase
C) $20,000 decrease
D) $20,000 increase
Q3) In variable costing,the cost of products manufactured is composed of only those manufacturing costs that increase or decrease as the volume of production rises or falls.
A)True
B)False
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22
Chapter 21: Budgeting
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Q1) Budget preparation is best determined in a top-down managerial approach. A)True B)False
Q2) The master budget of a small manufacturer would normally include all component budgets that impact on the financial statements.
A)True
B)False
Q3) After the sales budget is prepared,the production budget is normally prepared next.
A)True
B)False
Q4) The capital expenditures budget details future plans for acquisition of fixed assets.
A)True
B)False
Q5) The first budget to be prepared is usually the cash budget. A)True
B)False
Q6) Describe at least five benefits of budgeting.
Q7) What is a capital expenditures budget?
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Chapter 22: Evaluating Variances From Standard Costs
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Q1) The fixed factory overhead volume variance is
A) $1,701.00 favorable
B) $4,866.75 unfavorable
C) $1,701.00 unfavorable
D) $4,866.75 favorable
Q2) Favorable fixed factory overhead volume variances are never harmful,since achieving them encourages managers to run the factory above normal capacity.
A)True
B)False
Q3) Standard costs are divided into which of the following components?
A) variance standard and quantity standard
B) materials standard and labor standard
C) quality standard and quantity standard
D) price standard and quantity standard
Q4) Calculate the direct labor rate variance.
A) $4,488.75 unfavorable
B) $6,851.25 favorable
C) $4,488.75 favorable
D) $6,851.25 unfavorable
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Chapter 23: Evaluating Decentralized Operations
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Q1) Responsibility accounting reports that are given to lower level managers are usually very detailed,in turn,higher level managers will be given a summary report.
A)True
B)False
Q2) The profit margin for Division C is 6% and the investment turnover is 1.2.What is the rate of return on investment for Division B?
A) 20%
B) 6.7%
C) 7.3%
D) 7.2%
Q3) The minimum accepted divisional income from operations is set by top management by establishing a maximum rate of return considered acceptable for invested assets.
A)True
B)False
Q4) The DuPont formula uses financial and nonfinancial information to measure the performance of a business.
A)True B)False
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Chapter 24: Differential Analysis and Product Pricing
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Q1) Keating Co.is considering disposing of equipment that cost $50,000 and has $40,000 of accumulated depreciation to date.Keating Co.can sell the equipment through a broker for $25,000 less 5% commission.Alternatively,Gunner Co.has offered to lease the equipment for five years for a total of $48,750.Keating will incur repair,insurance,and property tax expenses estimated at $8,000 over the five-year period.At lease-end,the equipment is expected to have no residual value.The net differential income from the lease alternative is
A) $17,000
B) $7,000
C) $27,000
D) $14,500
Q2) The unit selling price for the company's product is
A) $15.00
B) $13.82
C) $15.79
D) $14.76
Q3) Under the total cost concept,manufacturing cost plus desired profit is included in the total cost per unit.
A)True
B)False
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Chapter 25: Capital Investment Analysis
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Q1) Which method of evaluating capital investment proposals uses the concept of present value to compute a rate of return?
A) average rate of return
B) accounting rate of return
C) cash payback period
D) internal rate of return
Q2) T-Bone company is contemplating investing in a new piece of manufacturing machinery.The amount to be invested is $150,000.The present value of the future cash flows is $141,000.Should the company invest in this project?
A) yes,because net present value is +$9,000
B) yes,because net present value is -$9,000
C) no,because net present value is +$9,000
D) no,because net present value is -$9,000
Q3) Recognizes that a dollar today is worth more than a dollar tomorrow
A)Capital investment analysis
B)Time value of money concept
C)Net present value method
D)Average rate of return
E)Cash payback period
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Chapter 26: Lean Manufacturing and Activity Analysis
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Q1) Setups are a significant time-consuming activity in traditional production environments.
A)True
B)False
Q2) From the above schedule,calculate the (a)prevention and (b)appraisal costs.
Q3) Traditional manufacturing emphasizes all of the following except
A) team oriented employee involvement
B) process-oriented layout
C) push manufacturing
D) cost accumulation by department
Q4) Which of the following is not a prevention cost?
A) preventive maintenance
B) operator training
C) design engineering
D) testing finished products
Q5) Employee involvement does not include performing any indirect manufacturing functions.
A)True
B)False
Q6) From the above schedule,calculate the internal failure costs.
Page 28
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