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Course 171004 - Accounting for Management
  Final Exam
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Total Questions 60
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1.   The primary internal group that uses accounting information is: (Chapter 1 )

2.   The area of accounting that is concerned with providing information for external users is referred to as: (Chapter 1 )

3.   The major areas of accounting are private, independent, and commercial accounting (Chapter 1 )

4.   Which of the following is not one of the three primary financial statements? (Chapter 1 )

5.   Generally accepted accounting principles (GAAP) are: (Chapter 1 )

6.   The current standard-setting board for accounting in the private sector is the: (Chapter 1 )

7.   The basic accounting equation is: (Chapter 1 )

8.   The three major types of business entities are: (Chapter 1 )

9.   Which of the following is true of the balance sheet? (Chapter 2 )

10.   The income statement portrays the financial position of a company at a particular point in time. (Chapter 2 )

11.   Which of the following is the correct way to date an income statement? (Chapter 2 )

12.   Which of the following financial statements shows an entity's cash receipts and payments? (Chapter 2 )

13.   The idea that an increase or decrease on one side of the accounting equation must be offset exactly by an increase or decrease on the other side of the accounting equation is: (Chapter 3 )

14.   Double entry accounting is a system in which each business transaction affects and is recorded in two or more accounts with equal debits and credits. (Chapter 3 )

15.   The basic accounting equation is: (Chapter 3 )

16.   The basic accounting equation: (Chapter 3 )

17.   A Chart of Accounts is a graphic display of expenses and income. (Chapter 3 )

18.   Which of the following would usually not happen in a single transaction? (Chapter 3 )

19.   If a company purchased equipment for cash, the accounting equation would show a(n): (Chapter 3 )

20.   If a company paid off a loan, the accounting equation would show a(n): (Chapter 3 )

21.   In assessing the financial prospects for a firm, financial analysts use various techniques. An example of vertical, common-size analysis is (Chapter 4 )

22.   In financial statement analysis, expressing all financial statement items as a percentage of base-year amounts is called (Chapter 4 )

23.   A measure of long-term debt-paying ability is a company’s (Chapter 4 )

24.   Financial statement analysis includes area and vector analysis. (Chapter 4 )

25.   If a company is profitable and is effectively using leverage, which one of the following ratios is likely to be the largest? (Chapter 4 )

26.   What ratio is used to measure a firm's leverage? (Chapter 4 )

27.   What ratio is used to measure a firm's liquidity? (Chapter 4 )

28.   What ratio is used to measure a firm's efficiency at managing its inventory? (Chapter 4 )

29.   What ratio is used to measure the profit earned on each dollar sold? (Chapter 4 )

30.   What ratio represents an indication of investors' expectations concerning a firm's growth potential? (Chapter 4 )

31.   In JIT manufacturing, each operation produces: (Chapter 5 )

32.   Depreciation of the factory building would be classified as: (Chapter 5 )

33.   Managerial accounting is concerned with providing historical aspects of external reporting. (Chapter 5 )

34.   Total quality management (TQM) focuses attention on all of the following except the (Chapter 5 )

35.   Management accounting is important because it helps (Chapter 5 )

36.   The predetermined overhead rate is calculated as (Chapter 6 )

37.   Activity-based costing (ABC) does not include (Chapter 6 )

38.   Activity-based costing (ABC) is an alternative to job costing. (Chapter 6 )

39.   A basic assumption of activity-based costing (ABC) is that (Chapter 6 )

40.   Engineering analysis measures cost behavior by what costs have been. (Chapter 7 )

41.   Cost-volume-profit analysis can be done on: (Chapter 7 )

42.   The first step in the budgeting process is the preparation of the: (Chapter 8 )

43.   When preparing a flexible budget, costs must be classified as: (Chapter 8 )

44.   Financial budgeting refers to: (Chapter 8 )

45.   The budget is classified as zero-based budgeting and capital budgeting. (Chapter 8 )

46.   Which of the following is considered a financial budget? (Chapter 8 )

47.   A budget is: (Chapter 8 )

48.   A standard cost is a(an) (Chapter 8 )

49.   Return on investment may be calculated by multiplying asset turnover by (Chapter 9 )

50.   Responsibility accounting is a system for delegating activities and oversight activities by senior officers. (Chapter 9 )

51.   Which of the following responsibility centers may be evaluated on the basis of residual income? (Chapter 9 )

52.   If a division generates a positive residual income then the division's (Chapter 9 )

53.   ABC Co. had the following 20x3 financial statement relationships: Asset Turnover 5; Profit Margin on Sales 0.02. What was ABC's 2002 percentage return on assets? (Chapter 9 )

54.   A joint product should be processed beyond split-off if: (Chapter 10 )

55.   With regard to impact on decision making, accountants classify costs as (Chapter 10 )

56.   A binding constraint can limit a company’s profitability. (Chapter 10 )

57.   Jago Co. has two products that use the same manufacturing facilities and cannot be subcontracted. Each product has sufficient orders to utilize the entire manufacturing capacity. For short-run profit maximization, Jago should manufacture the product with (Chapter 10 )

58.   Accounting Rate of Return (ARR) is called the unadjusted rate of return. (Chapter 11 )

59.   Which of the following methods uses income instead of cash flows? (Chapter 11 )

60.   A capital investment project requires an investment of $50,000 and has an expected life of 4 years. Annual cash flows at the end of each year are expected to be as follows: Year 1, $20,000; Year 2 $24,000; Year 3 $38,000; Year 4 $28,000. Payback for the project would be: (Chapter 11 )