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MultipleChoice
a1.Thecontrollerofacompanyorotherorganizationis
a.astaffmanager.
b.anoperatingmanager.
c.anaccountant,notamanager.
d.anaturalmanager.
c2.WhichitemisNOTanIMAStandardforEthicalConduct?
a.Integrity.
b.Competence.
c.Loyalty.
d.Objectivity.
d3.Whichstatementaboutthedegreeofdetailinareportistrue?
a.Itdependsonthelevelofthemanagerreceivingthereport.
b.Itmaydependonthefrequencyofthereport.
c.Itdependsonthetypeofmanagerreceivingthereport.
d.Alloftheabove.
b4.Managerialaccountingissimilartofinancialaccountinginthat
a.botharegovernedbygenerallyacceptedaccountingprinciples.
b.bothdealwitheconomicevents.
c.bothconcentrateonhistoricalcosts.
d.bothclassifyreportedinformationinthesameway.
d5.Managerialaccountingdiffersfromfinancialaccountinginthatitis
a.moreconcernedwiththefuture.
b.moreconcernedwithsegmentsofacompany.
c.lessconstrainedbyrulesandregulations.
d.alloftheabove.
b6.Oneofthewaysmanagerialaccountingdiffersfromfinancialaccounting
isthatmanagerialaccounting
a.isboundbygenerallyacceptedaccountingprinciples.
b.classifiesinformationindifferentways.
c.doesnotusefinancialstatements.
d.dealsonlywitheconomicevents.
d7.WhichactivityisNOTnormallyperformedbymanagerialaccountants?
a.Assistingmanagerstointerpretdatainmanagerialaccounting
reports.
b.Designingsystemstoprovideinformationforinternalandexternal
reports.
c.Gatheringdatafromsourcesotherthantheaccountingsystem.
d.Decidingthebestlevelofinventorytobemaintained.
c8.Conventionalandjustintimemanufacturersboth
a.Maintainlargeinventoriesoftheirproducts.
b.Sellonlytoothermanufacturingcompanies.
c.Desiretomeetcustomers'deadlines.
d.Requireaboutthesameamountofspacetooperate.
d9.Classifyingcostsbybehavioris
a.associatedprimarilywithfinancialaccounting.
b.notrelevanttoacompanythathasonlysellingexpenses.
c.commoninreportspreparedforexternalreaders.
d.noneoftheabove.
a10.WhichisNOTacommonaccountingclassificationofcosts?
a.Bythemethodofpaymentfortheexpenditure.
b.Bytheobjectiveofexpenditure.
c.Bybehavior.
d.Bythefunctionincurringtheexpenditure.
a11.Whichclassificationofcostsismostrelevantforincomestatementsto
beusedinternally?
a.Behavior.
b.Function.
c.Methodofpayment.
d.Object.
d12.Thesetofprocessesthattransformrawmaterialsintofinishedproducts
isknownasa
a.differentiationstrategy.
b.flexiblemanufacturingsystem.
c.lowestcoststrategy.
d.valuechain.
a13.Incomestatementsclassifyingcostsbyobjectshowsuchitemsas
a.taxexpense,wagesexpense,depreciationexpense.
b.costofgoodssold,sellingexpenses,administrativeexpenses.
c.assets,liabilities,owners'equity.
d.alloftheabove.
a14.Theperiodthatbeginswiththearrivalofmaterialsandendswiththe
shipmentofacompletedgoodisthe
a.cycletime.
b.manufacturingcell.
c.computerintegratedmanufacturing.
d.performanceperiod.
a15.Whichfunctionismostdirectlyrelatedtomanagementbyobjectives?
a.Planning.
b.Control.
c.Decisionmaking.
d.Reporting.
d16.Whichconsiderationinfluencesthefrequencyofaninternalreport?
a.Thewishesofthemanagersreceivingthereport.
b.Thefrequencywithwhichdecisionsaremadethatrequirethe
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informationinthereport.
c.Thecostofpreparingthereport.
d.Alloftheabove.
a17.Ajustintimemanufacturerismorelikelythanaconventional
manufacturerto
a.receivemorefrequentdeliveriesofmaterials.
b.spendlessmoneyonadvertising.
c.needworkerswithfewerskills.
d.alloftheabove.
c18.Aconventionalmanufacturerismorelikelythanajustintime
manufacturerto
a.haveashortproductioncycle.
b.producegoodsinsmallbatches.
c.holdlargeinventoriestoserveasbuffers.
d.noneoftheabove.
a19.Theprofessionalcertificationmostrelevantformanagerialaccountants
isthe
a.CMA.
b.CPA.
c.CSA.
d.MAS.
d20.Afirmthatiscompetingusinga_______________________strategyis
attemptingtocreateaperceptionofuniquenessthatwillpermita
highersellingprice.
a.valuechain
b.lowestcost
c.leadtime
d.differentiation
b21.Planningandcontrolare
a.differentnamesforthesamething.
b.thebasicfunctionsofmanagement.
c.describedequallywellbytheterms"decisionmaking"and
"performanceevaluation."
d.exemplifiedby,respectively,financialstatementsandbudgeting.
a22.Incontrasttoabalancesheet,anincomestatement
a.isforaperiodoftime,abalancesheetisatapointintime.
b.givesinformationaboutcashandabalancesheetdoesnot.
c.ispreparedafterthestatementofretainedearnings.
d.hastwocolumns,whileabalancesheethasmorethantwo.
c23.Onecharacteristicoftheconventionalmanufacturingenvironmentis
a.flexiblemanufacturingsystems.
b.manufacturingcells.
c.ajustincasephilosophy.
d.ahighdegreeofqualitycontrol.
d24.Acharacteristicofthejustintimemanufacturingenvironmentis
a.frequentdeliveriesofmaterials.
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b.manufacturingcells.
c.littleornoinventoryoffinishedproduct.
d.alloftheabove.
d25.Conventionalandjustintimemanufacturersdifferinthatthe
conventionalmanufacturerislikelyto
a.beanewentrantintoitsindustry.
b.needlessstoragespacethanitsJITcompetitors.
c.givelesscredibilitytomanagementaccountingreports.
d.havealongerproductioncyclethanitsJITcompetitors.
TrueFalse
F1.Publishedfinancialstatementsshowcostsclassifiedbybehavior.
T2.Generallyacceptedaccountingprinciplesgovernfinancialaccountingbut
notmanagerialaccounting.
T3.Economiceventsaretherawdataforbothfinancialandmanagerial
accounting.
F4.Internalfinancialstatementsmustbepreparedusinggenerallyaccepted
accountingprinciples.
T5.Theformandcontentofreportscaninfluencedecisionsmadeby
managers.
F6.Managementbyobjectivesandmanagementbyexceptionaretwonamesfor
thesamegeneralmanagementprinciple.
F7."Proforma"isthenamegiventoanincomestatementthatclassifies
costsbyfunction.
T8.Somemanagerialaccountingreportscontaincostsnotincorporatedinthe
basicaccountingsystem.
F9.Aprofessionalexaminationexiststotestthecompetenceoffinancial
accountants,butnotofmanagerialaccountants.
F10.Managerialaccountantsshould,buthavenoobligationto,maintaintheir
professionalskills.
Problems
1.Basedonthefollowing,computetotalowners'equity.
Cash$8,000Totalnoncurrentliabilities$0
Totalassets$64,000Retainedearnings$16,000
Totalcontributed
capital$12,000Currentliabilities$36,000
SOLUTION:
$28,000($16,000RE+$12,000contributedcapital)
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2.Basedonthefollowing,computetotalnoncurrentassets.
Totalcurrentassets$600,000
Totalcurrentliabilities$240,000
Retainedearnings$162,000
Totalnoncurrentliabilities$710,000
Totalcontributedcapital$360,000
SOLUTION:
$872,000($240,000+$710,000+$360,000+$162,000$600,000)
3.Basedontheinformationprovided,computeaccruedwagespayableattheend
of20X4.
Accruedwagespayable,beginningof20X4$14,000
Wagesexpensefor20X4$45,000
Cashpaidin20X4forwages$42,500
SOLUTION:
16,500($14,000+$45,000$42,500)
4.Usingthefollowingdata,findthemissingitems.
Totalassets,beginningofyear.......$160
Totalassets,endofyear..........$240
Totalliabilities,beginningofyear....$120
Totalowners'equity,endofyear......$60
Netincomeforyear............$24
Additionalinvestmentduringyear......$16
Contributedcapital,beginningoftheyear.$30
a.Totalowners'equityatthebeginningoftheyear.
b.Totalliabilitiesattheendoftheyear.
c.Retainedearningsatthebeginningoftheyear.
d.Endoftheyearretainedearnings.
e.Dividendsdeclaredduringtheyear.
SOLUTION:
a.TotalOE,$40($160$120)
b.Totalliabilities,$180($240$60)
c.BeginningRE,$10($40beginningowners'equity$30)
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d.EndingRE,$14[$60($30+$16)]
e.Dividendsdeclared,$20($10ofbegRE+$24$14endingRE)
5.Basedonthefollowing,computetotalowners'equity.
Cash$30,000Totalnoncurrentliabilities$18,000
Totalassets$126,000Retainedearnings$24,000
Currentliabilities$56,000
SOLUTION:
$52,000(126,000Totalassets$56,000currentliabilities$18,000total
noncurrentliabilities)
6.Basedonthefollowing,computetotalnoncurrentassets.
Totalcurrentassets$135,000
Totalcurrentliabilities$70,000
Retainedearnings$47,500
Totalnoncurrentliabilities$182,500
Totalowners'equity$125,000
SOLUTION:
$242,500($70,000+$182,500+$125,000$135,000)
7.Basedontheinformationprovided,computeaccruedtaxespayableattheend
of20X3.
Accruedtaxes,beginningof20X3$244,000
Taxesexpensefor20X3$760,000
Cashpaidin20X3fortaxes$750,000
SOLUTION:
$254,000($244,000+$760,000$750,000)
8.Basedontheinformationprovided,computeprepaidsuppliesattheendof
20X5.
Prepaidsupplies,beginningof20X5$10,000
Suppliesexpensefor20X5$210,000
Cashpaidin20X5forsupplies$216,000
SOLUTION:
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$16,000($10,000+$216,000$210,000)
9.Usingthefollowingdata,findthemissingitems.
Totalassets,beginningofyear.......$1,050
Totalassets,endofyear..........$1,200
Totalliabilities,beginningofyear....$630
Totalowners'equity,endofyear......$480
Netincomeforyear............$164
Additionalcapitalinvestedduringyear...$50
Contributedcapital,beginningoftheyear.$200
a.Totalowners'equityatthebeginningoftheyear.
b.Totalliabilitiesattheendoftheyear.
c.Retainedearningsatthebeginningoftheyear.
d.Endoftheyearretainedearnings.
e.Dividendsdeclaredduringtheyear.
SOLUTION:
a.TotalOE,$420($1,050$630)
b.Totalliabilities,$720($1,200$480)
c.BeginningRE,$220($420beginningowners'equity$200)
d.EndingRE,$230[$480($200+$50)]
e.Dividendsdeclared,$154($220ofbegRE+$164$230endingRE)
10.Usingthefollowingdata,findthemissingitems.
Totalliabilities,beginningofyear.....$440
Totalliabilities,endofyear........$490
Totalowners'equity,beginningofyear....$340
Totalassets,endofyear...........$950
Dividendsdeclaredduringtheyear.......$74
Additionalcapitalinvestedduringyear....$90
Contributedcapital,beginningoftheyear..$240
a.Totalassetsatthebeginningoftheyear.
b.Totalowners'equityattheendoftheyear.
c.Retainedearningsatthebeginningoftheyear.
d.Endoftheyearretainedearnings.
e.Netincomeforyear.
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SOLUTION:
a.Totalassets,$780($440+$340)
b.Totalowners'equity,$460($950$490)
c.BeginningRE,$100($340beginningowners'equity$240)
d.EndingRE,$130[$460($240+$90)]
e.Netincome,$104($130ofendingRE+$74$100beginningRE)
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