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Accounting Exam Questions?
Accounting is a challenging subject in which students don’tscore marks easily. Therefore, we have listed some important questions that will help them to prepare well for any kind of exams.
Q. As manufacturing companies become more automated, their cost structure will change so that:
1. Variable costs increase, fixed costs decrease.2. Variable costs decrease, fixed costs decrease.
3. Variable costs decrease, fixed costs increase.
4. There is no change in the ratio of variable to fixed costs.
Ans. Variable costs decrease, fixed costs increase.
Q.Barrett Industries began the month of June with a finished goods inventory of $15 000. The finished goods inventory at the end of June was $10 000 and the cost of goods sold during the month was $20 000. The cost of goods manufactured during the month of June was:
1. $15 0002. $25 000
3. $20 000
4. $5000
Ans.$15 000
Q.Budgeting can be used in an organisation to:
1.motivate managers to achieve organisational goals.2.control operations.
3.provide managers with information for making decisions and planning.
4. All of the given answers
Ans. All of the given answers.
Q. Assume material is added at the beginning of a process, and the beginning WIP inventory is 30 per cent complete as to conversion costs. Using the FIFO method of costing, the total equivalent units for material for this process during this period is equal to
1. units started this period in this process.2. units started this period in this process plus 70 per cent of beginning inventory.
3. beginning inventory this period for the process.
4. units started this period in this process plus the beginning inventory.
Ans.units started this period in this process.
Q. Which of the following statements about operation costing is true?
i. Conversion costs are accumulated by department.
ii. Direct material costs are accumulated by batch.
iii. It is a hybrid product costing system.
1. i, ii and iii 2. ii and iii
3. i and iii
4. i and ii
Ans.i, ii and iii.
Q. If a manufacturer underestimated the manufacturing overhead budget and overestimates the activity base for the year, what is the result?
1. Overapplied factory overhead.2. Underapplied factory overhead.
3. Overstated finished goods inventory.
4. Understated work in process inventory.
Ans. Underapplied factory overhead.
Q. A predetermined overhead rate is calculated as follows:
i. Conversion costs are accumulated by department.
ii. Direct material costs are accumulated by batch.
iii. It is a hybrid product costing system.
1. budgeted manufacturing overhead/budgeted amount of cost driver. 2. budgeted amount of cost driver/budgeted manufacturing overhead.
3. budgeted manufacturing overhead/budgeted amount of non-manufacturing overhead.
4. budgeted manufacturing overhead/ budgeted total expenses.
Ans. budgeted manufacturing overhead/budgeted amount of cost driver.
Q. Which of the following characteristics apply to service organisations?
i. They produce intangible outputs.
ii. Services cannot be stored.
iii. They purchase goods for sale.
iv. Services are consumed as they are produced.
1. i, ii and iv 2. ii, iii and iv
3. i, ii and iii
4. All of the given answers
Ans. i, ii and iv.
Q. A regression model in which more than one independent variable is used to predict the dependent variable is called a:
1.simple regression model.2. multiple regression model.
3. dependent model.
4. B and C
Ans. multiple regression model.
Q. Which of the following statements is true concerning cost estimation methods?
1. Cost behaviour is always assumed to depend on more than one cost driver.
2. Cost behaviour patterns are curvilinear.
3. Costs and benefits of using sophisticated and costly cost-estimation methods must be evaluated.
4. Cost behaviour is always assumed to depend on more than one cost driver AND costs and benefits of using sophisticated and costly cost-estimation methods must be evaluated.
Ans. Costs and benefits of using sophisticated and costly cost-estimation methods must be evaluated.
Q. When products are completed, their product costs are transferred from work in process inventory to the:
1.manufacturing overhead accounts.2. finished goods account.
3. cost of goods sold account.
4. indirect labour account.
Ans. finished goods account.
Q. Which of the following statements correctly completes this sentence? ‘For a manufacturing firm, when goods are completed and ready for sale …'
1. the firm's total assets are increased.
2. the firm's total assets are decreased.
3. there is no change in the value of the firm's assets.
4. the firm's work in process inventory is increased.
Ans. there is no change in the value of the firm's assets.
Q. The costs of services may be estimated as:
2. i, ii and iii
3. ii, iii and iv
4. i, iii and iv
Ans. i, ii and iii
Q. The increased information needs of modern organisations have meant that management accounting has had to change its focus over the years.
1. True
2. False
Ans. True
Q. Raphael's Refining uses a weighted average process costing system. For a particular period, its opening inventory consisted of 100 items (60 per cent complete as to conversion costs) whose costs were $1600 made up of material $300 and conversion cost $1300. During the month, 1000 items were started and 950 were completed. Ending inventory of WIP was one-third complete. There was no spoilage. Costs placed in process during the month were materials $1600 and conversion costs $13 700. Materials are added at the halfway point. What is the amount of cost that would be allocated to goods completed in the period?
1. $14 6152.$16 513
3. $16 900
4. $16 150
Ans. $16 150
Q. The level of activity within which fixed costs remain unchanged is called the:
1. extreme range.2. relevant range.
3. activity range.
4. relevant range AND activity range.
Ans. relevant range.
Q. When a manager notices an outlier during the cost estimation process, the appropriate response is to:
1. no response is required, unless multiple outliers are observed2.attempt to identify the reasons for the outlier.
3.divide the outlier by the standard deviation, before including the outlier in the regression model
4. re-collect all the data, as an outlier indicates that the data has been corrupted.
Ans.attempt to identify the reasons for the outlier.
Q. On-costs on direct labour are classified as:
1. direct labour.2.indirect labour.
3. manufacturing overhead.
4. either direct labour or indirect labour depending on the decision made by the firm.
Ans. either direct labour or indirect labour depending on the decision made by the firm.
Q. Eldervale Winery is a producer of premium wine. Which of the following is NOT an example of a downstream cost?
1. The costs associated with random quality check during the wine production process
2. The costs associated with the sales team travelling to a wine show to promote Eldervale wine .
3. The costs associated with delivering wine to customers
4. The costs associated with answering customer inquiries on the differences between wine varieties
Ans. The costs associated with delivering wine to customers
Q. Which of the following firms are more likely to use operational costing techniques?
1. i and ii
2. ii and iii
3. i and iii
4. ii and iv
Ans. ii and iv
Q. Under Australian accounting standards, which methods can be used to prepare the departmental production report?
1. Weighted average, first in first out and standard costing2. Last in first out, first in first out and standard costing
3. Last in first out, standard costing, weighted average
4. First in first out, last in first out, weighted average and standard costing
Ans. Weighted average, first in first out and standard costing
Q. Which of the following statements is not correct regarding work in process?
1. Work in process is partially completed inventory.2. Work in process consists of direct labour, direct material and allocated manufacturing overhead.
3. Work in process is debited as product costs are incurred.
4. Work in process is credited when goods are sold.
Ans. Work in process is credited when goods are sold.
Q. In which of the following industries could process costing be used?
1. Petroleum refining 2. Food processing
3. Paper mills
4. All of the given answers
Ans. All of the given answers
Q. Part of the planning process involves:
1. formulating details of operations and finances for the next financial year 2. comparing actual performance against targets
3. making a choice between available alternatives
4. measuring the performance of managers against preset targets
Ans. formulating details of operations and finances for the next financial year
Q. Costs that are incurred to obtain future benefits beyond 12 months are known as:
1. assets. 2. liabilities.
3. revenue.
4. expenses.
Ans. liabilities.
Q. In the manufacturing firm, inventories consist of:
1. raw materials, cost of goods manufactured during the period and finished goods.
2. raw materials, work in process and finished goods
3. raw materials, finished goods and cost of goods sold.
4. cost of goods manufactured and cost of goods sold.
Ans. raw materials, work in process and finished goods
Q. Which of the following would be considered a non-standard process in a banking organisation?
1. Issuing credit cards
2. Home loans
3. Deposits and withdrawals
4. Opening accounts
Ans. Deposits and withdrawals
Q. The method of cost estimation that fits a cost line between two data points is:
1. least squares regression.
2. high–low.
3. account classification.
4. multiple regression.
Ans. high–low.
Q. Technical Engineering presently leases a copying machine on a monthly basis. The lease agreement requires a fixed fee each month in addition to a charge per copy. Technical Engineering made 2400 copies and paid a total of $162 in rent in September and in October they paid $195 for 3500 copies. Determine Technical Engineering's variable cost per copy.
1. $0.06
2. $0.04
3. $0.03
4. $0.01
Ans. high–low.
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