General Accounting Multiple Choice Questions Homework Help
- August 28, 2017
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- Category: Accounting QA
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1. Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for
A. taxing authorities.
B. internal users of accounting information.
C. external users of accounting information.
D. the Securities and Exchange Commission (SEC).
2. The goal of managerial accounting is to provide information that managers need for
A. planning.
B. control.
C. decision making.
D. All of the above answers are correct.
3. The financial plans prepared by managerial accountants are referred to as
A. budgets.
B. financial statements.
C. treasurer s reports.
D. controller s opinions.
4. Which of the following is not a reason that actual results may differ from the company s plan?
A. The plan may not have been followed properly.
B. The plan may not have been well thought-out.
C. Changing circumstances may have made the plan out of date.
D. All of the above are reasons that actual results may differ from the company s plan.
5. It is possible for a manager to receive a positive evaluation when the operation receives a(n)
A. favorable evaluation.
B. neutral or mixed evaluation.
C. unfavorable evaluation.
D. All of the above answers are correct.
6. The last step in the planning and control process is to
A. implement the plan.
B. construct the plan.
C. make decisions based on the evaluation of the results.
D. compare actual results to the planned results.
7. Performance reports often compare current period performance with
A. performance in a prior period.
B. planned (budgeted) performance.
C. Both A and B are correct.
D. Neither A nor B is correct.
8. A difference between actual costs and planned costs
A. should be investigated if the amount is exceptional.
B. indicates that the planned cost was poorly estimated.
C. indicates that the manager is doing a poor job.
D. should be ignored unless it involves the cost of ingredients.
9. The principle that managers follow when they only investigate departures from the plan that appear to be significant is commonly known as
A. small amounts don t matter.
B. management by exception.
C. only labor and materials deserve attention.
D. exceptional costs yield exceptional results.
10. Below is a performance report that compares budgeted and actual profit of Mandarin Smoothie for the month of June:
Budget Actual Difference
Sales $180,000 $182,000 $2,000
Less:
Cost of ingredients 142,000 146,000 (4,000)
Salaries 11,000 11,200 (200)
Controllable profit $27,000 $24,800 ($2,200)
In evaluating the department in terms of its increases in sales and expenses, what will be most important to investigate?
A. Sales
B. Cost of ingredients
C. Salaries
D. All three components have equal importance.
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11. Managerial accounting
A. is primarily directed at external users of accounting information.
B. is required by taxing authorities such as the IRS.
C. must follow GAAP.
D. is optional.
12. The fundamental difference between managerial and financial accounting is that
A. all financial accounting information is audited by Certified Public Accountants whereas managerial accounting information is not audited by anyone.
B. managerial accounting is concerned principally with determining the cost of inventory (ending inventory and cost of goods sold), whereas financial accounting is concerned with a wider range of the organization s activities.
C. managerial accounting provides information for decision-makers within the organization, whereas financial accounting provides information for individuals and institutions external to the organization.
D. financial accounting information follows U.S. Generally Accepted Accounting Principles, whereas managerial accounting information generally follows rules set forth by the Institute of Management Accountants.
13. Which of the following is not a difference between financial accounting and managerial accounting?
A. Financial accounting is primarily concerned with reporting the past, while managerial accounting is more concerned with the future.
B. Managerial accounting uses more nonmonetary information than is used in financial accounting.
C. Managerial accounting is primarily concerned with providing information for external users while financial accounting is concerned with internal users.
D. Financial accounting must follow GAAP while managerial accounting is not required to follow GAAP.
14. Which of the following is most likely to make use of Spruce Company s managerial accounting information?
A. the IRS
B. an individual contemplating an investment in Spruce Company
C. a company that is one of Spruce s main competitors
D. the production manager of Spruce s plant in Minnesota
15. Which of the following costs does not change when the level of business activity changes?
A. total fixed costs
B. total variable costs
C. total direct materials costs
D. fixed costs per unit
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