Principles of Accounting Exam Practice Tests
Course Introduction
Principles of Accounting introduces students to the fundamental concepts and practices of accounting, focusing on the measurement, recording, and communication of financial information. The course covers essential topics such as the accounting cycle, preparation of financial statements, and the analysis of financial transactions for both service and merchandising businesses. Students gain a foundational understanding of Generally Accepted Accounting Principles (GAAP), internal controls, and the ethical responsibilities of accountants. Through practical exercises and case studies, learners develop the skills necessary to interpret financial data, support business decision-making, and lay the groundwork for more advanced accounting studies.
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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Chapter 1: Uses of Accounting Information and the Financial Statements
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170 Verified Questions
170 Flashcards
Source URL: https://quizplus.com/quiz/72011
Sample Questions
Q1) Equipment is an asset that is considered nonmonetary in nature.
A)True
B)False Answer: True
Q2) Which of the following is not one of the broad principles underlying the accountant's code of professional ethics?
A) Objectivity
B) Integrity
C) Loyalty
D) Independence Answer: C
Q3) Which of the following accounts is not considered an asset?
A) Accounts Receivable
B) Inventory
C) Retained Earnings
D) Trademark Answer: C
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Page 3
Chapter 2: Analyzing Business Transactions
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194 Verified Questions
194 Flashcards
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Sample Questions
Q1) Wages payable is a type of expense.
A)True
B)False
Answer: False
Q2) One might see "J2" correctly placed in the Post.Ref.column of the journal.
A)True
B)False
Answer: False
Q3) Which of the following bookkeeping techniques generally is not acceptable?
A) Dollar signs on financial statements
B) Commas and periods in ruled columns
C) A double line after final totals
D) A dash in the cents column to indicate zero cents
Answer: B
Q4) The chart of accounts makes finding accounts in the ledger easier.
A)True
B)False
Answer: True
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Page 4
Chapter 3: Measuring Business Income
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245 Verified Questions
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Sample Questions
Q1) Which of the following actions can distort company records and result in fraudulent financial reporting?
A) Prepaying an expense and recording it as an asset
B) Collecting revenue in advance of earning it
C) Recording income that has not yet been earned
D) Recording an expense that has been incurred but has not yet been paid
Answer: C
Q2) Which of the following is the most difficult to assign to specific time periods?
A) The incurrence of wages expense
B) The accrual of interest
C) The use of equipment
D) The expiration of insurance
Answer: C
Q3) When a direct cause-and-effect relationship cannot be established between revenues and costs,the costs are
A) not expensed and remain as assets on the balance sheet.
B) expensed among the accounting periods that benefit from the costs.
C) expensed immediately in their entirety.
D) expensed equally each year.
Answer: B
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Chapter 3: Supplement - Closing Entries and the Work Sheet
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Sample Questions
Q1) The work sheet should be prepared after the formal financial statements have been prepared.
A)True
B)False
Q2) Monty Milko is the only accountant employed at Gamma Enterprises,Inc.When asked by the company president if the financial statements had been prepared yet,Milko answered that he had completed all of his work except the preparation of the statements.He added that the net income that would appear on the current income statement would be $369,075.Identify the two instances where Milko would have learned the net income before he actually prepared the income statement.
Q3) An important reason to use a work sheet is to
A) aid the accountant in the daily preparation of journal entries.
B) replace the journal when making adjusting and closing entries.
C) check the accuracy of adjusting entries before they are entered formally into the accounting records.
D) accompany the financial statements in the company's annual report.
Q4) The heading of a work sheet might include the line "As of December 31,20xx."
A)True
B)False
Page 6
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Chapter 4: Financial Reporting and Analysis
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166 Verified Questions
166 Flashcards
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Sample Questions
Q1) To which account is the cost of inventory transferred when a product is sold?
A) Sales
B) Operating expenses
C) Inventory sold
D) Cost of goods sold
Q2) To obtain a slightly more accurate measure of net income,Gabrielli,Inc.,has determined that it must hire two full-time accountants.If it decides against the hiring,it has followed the convention of
A) full disclosure.
B) materiality.
C) comparability.
D) cost-benefit.
Q3) The owner's capital for a sole proprietorship is similar in nature to which of the following for corporations?
A) Stockholders' equity
B) Retained earnings
C) Common stock
D) Dividends
Q4) State the definition of a current asset.
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Chapter 5: The Operating Cycle and Merchandising Operations
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Sample Questions
Q1) The separation-of-duties feature of internal control can be negated when several employees are involved in a scheme.
A)True
B)False
Q2) Before a check authorization is issued,the following documents must be in agreement,except for the A) invoice.
B) remittance advice.
C) purchase order.
D) receiving report.
Q3) Which of the following activities is not a component of the operating cycle?
A) Payment of employees' wages
B) Sale of merchandise
C) Purchase of merchandise
D) Collection of cash from merchandise sales
Q4) Each of the following companies is a merchandising business except a A) candy store.
B) car wash.
C) wholesale parts company.
D) furniture store.
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Chapter 6: Inventories
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Sample Questions
Q1) Use this information to answer the following question. \( \begin{array}{rlrl}
\text { Feb. }&1 & \text { Inventory } & 200 \text { units @ } \$ 6.00 \\
&6 & \text { Purchase } & 300 \text { units @ } \$ 6.60 \\
&13 & \text { Purchase } & 100 \text { units @ } \$ 7.20 \\
&20 & \text { Purchase } & 200 \text { units @ } \$ 7.80 \\
&25 & \text { Purchase } & 40 \text { units @ } \$ 8.40 \\
&& \text { Total sales } & 620 \text { units } \end{array}\)
A periodic inventory system is used.
Using FIFO,the cost assigned to ending inventory is
A) $4,056.
B) $1,332.
C) $1,740.
D) $4,464.
Q2) Under the perpetual inventory system,cost of goods sold is not recorded until the end of the accounting period.
A)True
B)False
Q3) How is the matching rule applied when accounting for merchandise inventory?
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Chapter 7: Cash and Receivables
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179 Verified Questions
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Sample Questions
Q1) A discounted note represents a contingent liability because a potential liability exists.
A)True
B)False
Q2) The SEC requires companies to disclose the amount of compensating balances in a note to the financial statements.
A)True
B)False
Q3) Automated teller machines (ATMs)are used primarily by businesses rather than by consumers.
A)True
B)False
Q4) A 60-day note dated December 10 is due on February 10.
A)True
B)False
Q5) Which of the following would be added to the balance per bank?
A) Outstanding checks
B) Bank service charges
C) Collection of a note receivable by the bank
D) Deposit in transit
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Chapter 8: Current Liabilities and Fair Value Accounting
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184 Verified Questions
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Sample Questions
Q1) The lower the interest rate,the lower the future value factor.
A)True
B)False
Q2) An estimated liability is not a definite obligation of the firm because the amount cannot be definitely determined.
A)True
B)False
Q3) Which of the following is not a component of the operating cycle?
A) Sales to customers
B) Collection of accounts receivable
C) Recognition of depreciation
D) Purchases from suppliers
Q4) Gross earnings minus deductions equals take-home pay.
A)True
B)False
Q5) The theoretical value of an asset is the present value of the expected benefits.
A)True
B)False
Q6) Under what circumstances is a contingent liability reflected in the accounting records as though an actual liability exists?
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Chapter 9: Long Term Assets
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242 Verified Questions
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Sample Questions
Q1) The federal government grants patents for
A) 10 years.
B) 20 years.
C) 40 years.
D) the useful life of the patent.
Q2) Which of the following depreciation methods is the most logical for a machine that produces discrete (i.e.,separate)units?
A) Double-declining-balance
B) Straight-line
C) Group
D) Production
Q3) A $750 gain on the sale of an asset means that $750 in cash was received.
A)True
B)False
Q4) For tax purposes,small businesses may expense the first $250,000 of equipment expenditures,rather than having to allocate their costs over a number of years.
A)True
B)False
Q5) Present two arguments in favor of the use of accelerated depreciation.
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Chapter 10: Long-Term Liabilities
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Sample Questions
Q1) Crowley Corporation purchased a building on January 2 by signing a long-term $600,000 mortgage with monthly payments of $5,500.The mortgage carries an interest rate of 10 percent.The entry to record the mortgage will include a
A) debit to the Mortgage Payable account for $600,000.
B) credit to the Cash account for $600,000.
C) debit to the Cash account for $600,000.
D) credit to the Mortgage Payable account for $600,000.
Q2) Entering into a lease is an example of off-balance-sheet financing.
A)True
B)False
Q3) Bonds that contain a provision that allows the issuing corporation to buy back the bonds prior to the maturity date are called A) secured bonds.
B) callable bonds.
C) convertible bonds.
D) debenture bonds.
Q4) The interest coverage ratio is expressed as a percentage.
A)True
B)False
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Chapter 11: Contributed Capital
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Sample Questions
Q1) Indicate on the blanks below the net effect (I = increase,D = decrease,NE = no effect)of each of the following entries on working capital.
_____ 1.To record the declaration of a cash dividend
_____ 2.To record the payment of a previously declared and recorded cash dividend
_____ 3.To close the Dividends account at the end of the accounting period
Q2) The liability of a stockholder is usually limited to the stockholder's investment in the corporation.
A)True
B)False
Q3) The balance in the Additional Paid-in Capital account must be added to the balance of the Common Stock account to compute the amount of legal capital for a corporation with a par value common stock.
A)True
B)False
Q4) Callable preferred stock is preferred stock that may be redeemed or retired at the option of the stockholder.
A)True
B)False
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14
Chapter 12: Investments
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Sample Questions
Q1) Distinguish between the financial statement presentation of unrealized gains and losses related to trading securities and the financial statement presentation of unrealized gains and losses related to available-for-sale securities.
Q2) Investments are valued on the balance sheet at the original purchase price,even if the price has changed since the date of purchase.
A)True
B)False
Q3) The Allowance to Adjust Long-Term Investments to Market account is placed in the asset section of the balance sheet.
A)True
B)False
Q4) A controlling investment is defined as ownership of 100 percent of the stock of another company.
A)True
B)False
Q5) When a company receives a dividend from its investee,what will be the effect on the financial statements of the investing company if it uses the equity method?
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Page 15
Chapter 13: The Corporate Income Statement and the Statement of Stockholders Equity
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Sample Questions
Q1) A company with stock options is considered to have a simple capital structure.
A)True
B)False
Q2) The write-off of goodwill that has been impaired is a component of income from operations.
A)True
B)False
Q3) For an item to be treated as extraordinary,it must be unusual in nature and occur infrequently.
A)True
B)False
Q4) A company with no potentially dilutive securities is considered to have a complex capital structure.
A)True
B)False
Q5) Income tax allocation procedures are applied to comply with the matching principle.
A)True B)False
Q6) Distinguish between cash and retained earnings. Page 16
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Page 17
Chapter 14: The Statement of Cash Flows
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149 Verified Questions
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Sample Questions
Q1) When a statement of cash flows is prepared using the indirect method,
A) net income is the starting point in determining cash flows from operations.
B) cash paid for dividends is not included.
C) the increase in cash is different than when the direct method is used.
D) the amount of cash collected from customers is calculated.
Q2) Royer Corporation engaged in this transaction: Abandoned fully depreciated equipment.
Indicate which section,if any,the above transaction would appear in,or relate to,on a statement of cash flows.
A) Investing activities section
B) Operating activities section
C) Does not represent a cash flow
D) Financing activities section
Q3) Royer Corporation engaged in this transaction: Paid employee wages.
Indicate which section,if any,the above transaction would appear in,or relate to,on a statement of cash flows.
A) Financing activities section
B) Investing activities section
C) Does not represent a cash flow
D) Operating activities section
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Chapter 15: The Changing Business Environment - a Managers Perspective
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131 Verified Questions
131 Flashcards
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Sample Questions
Q1) Support services,such as legal services,are critical to making an efficient and effective value chain.
A)True
B)False
Q2) Services that support the primary processes in the value chain are
A) human resources, legal services, information systems, and management accounting.
B) research and development, design, supply, production, marketing, distribution, and customer service.
C) research and development, marketing, supply, design, production, distribution, and information systems.
D) marketing, legal, and accounting services.
Q3) Management accounting and financial accounting are similar in which of the following respects?
A) Both use the same unit of measurement.
B) Both rely heavily on the double-entry system.
C) Both produce almost all of their respective informational reports on a routine monthly basis.
D) Both provide relevant and useful information to management.
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Chapter 16: Cost Concepts and Cost Allocation
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Sample Questions
Q1) Product costs could be reported as assets.
A)True
B)False
Q2) Period cost and product cost are synonymous terms.
A)True
B)False
Q3) Costs that are identified with and traced to one product or a batch of products are called
A) overhead costs.
B) indirect costs.
C) direct costs.
D) fixed costs.
Q4) Which of the following would not be included in the cost of a manufactured product?
A) Cost to ship products to a customer
B) Cost of factory machinery used in production
C) Cost to design the product
D) Plant supervisor's salary
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Page 20
Chapter 17: Costing Systems- Job Order Costing
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Sample Questions
Q1) Accounting for the incurrence of __________ does not change significantly between job order costing and process costing.
A) selling expenses
B) direct materials and conversion costs
C) direct materials costs
D) conversion costs
Q2) Applied overhead exceeds actual overhead when the
A) Overhead account has a credit balance.
B) journal entry to account for the difference involves a debit to Cost of Goods Sold.
C) Overhead account has a debit balance.
D) company has overspent in the overhead cost area.
Q3) In a job order costing system,product costs are traced to work cells.
A)True B)False
Q4) Regardless of the cost accounting system used,when the products are completed,they are transferred from work in process inventory to finished goods inventory.
A)True B)False
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Chapter 18: Costing Systems- Process Costing
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Sample Questions
Q1) Which method assumes that all units in beginning work in process (WIP)are completed in the current period?
A) LIFO
B) Average cost
C) FIFO
D) Direct
Q2) Conversion costs are defined as the combined total of direct materials costs and direct labor costs incurred by a production department.
A)True
B)False
Q3) The amount of equivalent production units for direct materials is always the same as that for conversion costs.
A)True
B)False
Q4) Equivalent production is also called
A) conversion costs.
B) completed work cell unit.
C) equivalent units.
D) percentage-of-completion.
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Chapter 19: Value-Based Systems- Abm and Lean
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Sample Questions
Q1) Lean's primary goal is to eliminate waste in business processes.
A)True
B)False
Q2) In a just-in-time environment using backflush costing,the entry to record the use of materials for the month's production is debit __________ and credit __________.
A) Work in Process Inventory; Materials Inventory
B) Cost of Goods Sold; Finished Goods Inventory
C) Conversion Costs; Accounts Payable
D) No entry
Q3) Distinguish between a supply chain and a value chain.How do they relate to each other?
Q4) How does pull-through production help minimize inventories in a just-in-time operating environment?
A) Products are made in anticipation of customer demand.
B) Products are made only when customer orders are received.
C) Products are made in large production runs.
D) Products are made identically.
Q5) Why is process value analysis not part of the general ledger accounting system?
Q6) How do managers measure an activity's performance?
Page 23
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Chapter 20: Cost Behavior Analysis
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Sample Questions
Q1) The breakeven formula adjusted for profits may be stated as
A) S = VC - FC + P.
B) S = VC - FC - P.
C) VC + FC - P = S.
D) S = VC + FC + P.
Q2) The delivery trucks of Italiana's Pizzeria incurred maintenance costs of $2,400 during its busiest month of 20xx,in which 8,000 miles were driven collectively.During its slowest month,$1,800 in maintenance costs were incurred,resulting from 5,000 miles being driven.Using the high-low method,what maintenance cost would the company expect to incur at 6,800 miles of driving?
A) $2,160
B) $2,060
C) $2,310
D) $2,010
Q3) Contribution Margin Income Statement divides costs into product and period costs.
A)True B)False
Q4) Is breakeven analysis a tool that can be used for a service-oriented business? Explain your answer.
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Chapter 21: The Budgeting Process
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Sample Questions
Q1) Which of the following is prepared directly after the cash budget?
A) Overhead budget
B) Production budget
C) Budgeted balance sheet
D) Capital expenditures budget
Q2) Budgets facilitate congruence between organizational and personal goals.
A)True
B)False
Q3) Participative budgeting involves only personnel at top levels of the organization.
A)True
B)False
Q4) The main difference in the master budget process for the three types of organizations involves the preparation of the
A) cash budget.
B) capital expenditures budget.
C) financial budgets.
D) operating budgets.
Q5) Describe three benefits budgeting provides to an organization's success.
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Chapter 22: Performance Management and Evaluation
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Sample Questions
Q1) What are some of the limitations of utilizing ROI,residual income,and EVA to measure the performance of investment centers?
Q2) Variable costing is a method of reporting that deals only with a manager's controllable,variable costs.
A)True
B)False
Q3) Manufacturing companies rarely utilize responsibility accounting.
A)True
B)False
Q4) Which of the following represents a basic stakeholder of an organization?
A) The account receivable clerk of the organization
B) A vice president of the organization
C) A line supervisor of the organization
D) All of these choices
Q5) A variable costing income statement is essentially the same as a traditional income statement.
A)True
B)False
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Chapter 23: Standard Costing and Variance Analysis
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Sample Questions
Q1) The formula used to compute budgeted total cost at any level of activity is presented in the
A) flexible budget.
B) performance report.
C) static budget.
D) cash flow forecast.
Q2) A purpose of standard costing is to
A) control costs.
B) allocate costs more accurately.
C) replace subjective decision making.
D) compute the breakeven point.
Q3) Standard costs are useful for all but which of the following?
A) Determining actual costs
B) Preparing budgets and forecasts
C) Evaluating the performance of workers and management
D) Helping to develop appropriate selling prices
Q4) If actual capacity used exceeds expected capacity,the fixed overhead volume variance is favorable.
A)True
B)False
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Chapter 24: Short Run Decision Analysis
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Sample Questions
Q1) The common costs shared by two or more products before they are split off are called joint costs.
A)True
B)False
Q2) Why is the book value of equipment irrelevant when considering the replacement of equipment?
Q3) Segment profitability analysis includes the preparation of a segmented income statement.
A)True
B)False
Q4) If the incremental costs are greater than the incremental revenue,the product should not be processed further and should be sold at the split-off point.
A)True
B)False
Q5) What are the two steps in the analysis for a sales mix decision?
Q6) Managers rely strictly on financial information when faced with decisions.
A)True
B)False
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Chapter 25: Capital Investment Analysis
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Sample Questions
Q1) The six steps of capital investment analysis can be used for both long-term as well as short-term planning purposes.
A)True
B)False
Q2) Annual net cash flows are defined as
A) annual cash inflows minus annual cash outflows.
B) annual cash inflows minus annual cash outflows minus depreciation expense.
C) annual revenues minus expenses.
D) annual cash inflows minus capital investment.
Q3) The company's minimum rate of return is also referred to as its cost of capital.
A)True
B)False
Q4) The method of project selection that brings the time value of money into capital investment analysis is the
A) rate of return on initial investment.
B) net present value method.
C) payback method.
D) accounting rate-of-return method.
Q5) Why the residual value of equipment is relevant when considering the replacement of equipment?
29
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Chapter 26: Pricing Decisions, incltarget Costing and Transfer Pricing
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Sample Questions
Q1) A company that produces standard items for a competitive market should have the same pricing strategies as a company that makes unique items custom-designed for its customers.
A)True
B)False
Q2) A negotiated transfer price is often used for internal pricing.
A)True
B)False
Q3) Development of a transfer price involves A) legal agreements.
B) increases in insurance premiums.
C) redistribution.
D) negotiation.
Q4) Return on assets pricing is based on the estimated number of units to be sold. A)True
B)False
Q5) Committed costs are engineered into a product or service at the design stage of product development.
A)True
B)False
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Chapter 27: Quality Management and Measurement
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Sample Questions
Q1) Total quality management seeks continuous improvement on product quality and analyzes performance using nonfinancial measures.
A)True
B)False
Q2) Maxine Lavon is the controller for Prater Industries.She has been asked to develop a plan for installing a management information system in her company.She will need to do all of the following to help managers except A) evaluate.
B) perform.
C) repeat.
D) plan.
Q3) The Six Sigma quality standard was used by Motorola to improve its performance. A)True
B)False
Q4) Identify and describe three traits that differentiate management information systems (MIS)from traditional management accounting techniques.
Q5) Discuss how the importance of product and service quality is recognized in industry today.Site examples of awards and organizations in your discussion.
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Chapter 28: Financial Analysis of Performance
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Sample Questions
Q1) If sales for 2008 (the base year),2009,and 2010 are $20,000,$15,600,and $26,000,respectively,the index numbers assigned to 2009 and 2010,respectively,are
A) 62.4 and 135.
B) 156 and 125.
C) 128.2 and 140.
D) 78 and 130.
Q2) Per the Sarbanes-Oxley Act of 2002,a compensation committee,comprised of a public corporation's top executives,must be established to determine the salaries and wages of its employees.
A)True
B)False
Q3) Which of the following must be reported by diversified companies for each of their operating segments?
A) Segment profit or loss, expenses, and earnings per share
B) Segment profit or loss, certain revenue and expense items, and segment assets
C) Assets, liabilities, and earnings per share
D) Segment profit or loss, expenses, and unidentifiable assets
Q4) Does the existence of conglomerates make financial performance evaluation easier or more difficult? Why?
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