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Accounting Final Exam Questions with Answers
1.Management accounting information can be used for all of the
following except:: evaluate the market price of the stock
2.Which of the following types of information are used in management
ac- counting?: All of the choices are correct.
3.Which of the following descriptors refer to management accounting
infor- mation?: It is oriented to meeting the decision making needs of
employees and managers inside the organization.
4.The person MOST likely to use management accounting information
is a(n):: assembly department supervisor
5.Financial accounting:: is primarily oriented to external stakeholders,
such as investors, creditors, regulators and tax authorities.
6.Financial accounting information:: summarizes information but does
not indi- cate whether anything is wrong.
7.Management accounting information is BEST described as:: identifying
and helping to explain what is wrong.
8.Managers are MOST likely to feel outside pressure to influence the
numbers favorably when the information is used for:: compensation and
promotions.
9.Which of the following is NOT a function of a management
accounting system?: financial accounting
10. The balanced scorecard is said to be "balanced" because is measures:: -
-short-term and long-term objectives
-financial and non-financial objectives
-internal and external objectives
11.Fixed costs:: may be either direct or indirect costs
12.Which of the following describes a variable cost?: Variable costs
increase in total when the actual level of activity increases.
13.Cost-volume-profit analysis is used PRIMARILY by management:: as
a planning tool.
14. Young and Martin, Inc., sells a single product. This year, 20,000 units
were sold resulting in $130,000 of sales revenue, $60,000 of variable costs,
and
$17,500 of fixed costs.
The contribution margin per unit is:: $3.50
15. Young and Martin, Inc., sells a single product. This year, 20,000 units
were sold resulting in $130,000 of sales revenue, $60,000 of variable costs,
and
