IVY SOFTWARE MBA PREPWORKS MANAGERIAL ACCOUNTING EXAM
2024 NEWEST 2 VERSIONS COMPLETE 300 QUESTIONS AND CORREC
DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||
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1. If Elli Inc sells 20,000 units of x True. Adding 20,000 and 60,000 we get
and 60,000 units of y, the com- 80,000 units. Splitting this up into propor-
posite unit consists of .25x and tions we have 20,000/80,000=25%x and
.75y (T/F) 60,000/80,000=75%y.
2. If the quantity sold is greater Finished goods beginning inventory. If you
than the quantity produced sell more than you produce, you must
there has to be: obtain the units somewhere. You obtain
them from the finished goods beginning
inventory.
3. Contribution margin and contri- False
bution margin per unit are the
same.
4. Breakeven indicates that the True
sales dollars cover all fixed and
variable costs of manufacturing
5. Inventoriable costs using vari- False
able costing is appropriate for
external reporting
6. Essex company sells two prod- $3
ucts- A and B. Product A sales
are two times that of product B.
The contribution per unit for A
is $4 and B is $1. What is the
weighted average contribution
margin per unit?
7. Absorption costing clearly sep- false
arates fixed costs from variable
costs
8. Converse company has two $5
products- A and B. The weight-
, IVY SOFTWARE MBA PREPWORKS MANAGERIAL ACCOUNTING EXAM
2024 NEWEST 2 VERSIONS COMPLETE 300 QUESTIONS AND CORREC
DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||
BRAND NEW!
Study online at https://quizlet.com/_g77lc4
ed average contribution margin
per unit is $4. Converse sells
twice as many As as Bs. The
contribution margin per unit for
B is $2. What is it for A?
9. If the breakeven is 5000 units $10
and fixed costs are $50,000,
what is the contribution margin
per unit?
10. Which of the following will be Gross Margin and Cost of Goods Sold
found on an absorption costing
income statement but not on a
variable costing income state-
ment?
11. If units produced are less than Less than variable costing
units sold, net income using ab-
sorption costing is
12. If the selling price is $5 per unit $5,000 (5x - 1x - 20000 = 0, 4x - 20,000=0,
the variable cost is $1 per unit 4x=20000, x = 5000)
and the fixed cost is $20,000,
what is the breakeven in units?
13. The total of ALL the right-hand True. The double-entry system of ac-
sides of the T-accounts must counting means that for each transaction
equal the total of ALL the recorded, there is a left-hand (debit) entry
left-hand sides of the T-Ac- offset by a right-hand (credit) entry.
counts (T/F)
14. Since the total of all the R sides False. Cash (Asset) and Common Stock
of accounts equals the total of (Owners' Equity) is used to record the sale
L sides, then the total amount of company stock. While the R side equals
of increases entered in the gen- the L side, they both increase, thus, the
, IVY SOFTWARE MBA PREPWORKS MANAGERIAL ACCOUNTING EXAM
2024 NEWEST 2 VERSIONS COMPLETE 300 QUESTIONS AND CORREC
DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||
BRAND NEW!
Study online at https://quizlet.com/_g77lc4
eral ledger must equal the total total amount of increases does not equal
amount of decreases (T/F) the decreases.
15. Almost all the data necessary to False. not Almost all. ALL.
prepare an income statement is
contained in the retained earn-
ings account.
16. A transaction is an event that True.
affects the financial position of
a company.
17. Credits are generally good and False. credit means nothing more than the
debits are generally bad. R side while a debit means the L side.
Neither is good or bad.
18. Bookkeeping accounts are a True. Bookkeeping accounts provide an
method of accumulating finan- easy means for recording, collecting, and
cial transactions and summa- reporting financial transactions of a firm.
rizing their effects on balance
sheet items.
19. Liabilities normally have a L False. Liabilities and OE usually have R
balance balances while assets have L balances
20. It is possible to have the books Having the books in balance simply
in balance but with mistakes. means that each time you entered a trans-
action you placed equal amounts on the R
and L sides. Books which balance do not
rule out the possibility that a transaction
could have been posted to the wrong ac-
count.
21. The main purpose of the trial True. The trial balance is taken as a partial
balance is to make sure you check of the arithmetic accuracy of the
have not committed any math entries previously made.
errors in your T- Accounts (T/F)
2024 NEWEST 2 VERSIONS COMPLETE 300 QUESTIONS AND CORREC
DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||
BRAND NEW!
Study online at https://quizlet.com/_g77lc4
1. If Elli Inc sells 20,000 units of x True. Adding 20,000 and 60,000 we get
and 60,000 units of y, the com- 80,000 units. Splitting this up into propor-
posite unit consists of .25x and tions we have 20,000/80,000=25%x and
.75y (T/F) 60,000/80,000=75%y.
2. If the quantity sold is greater Finished goods beginning inventory. If you
than the quantity produced sell more than you produce, you must
there has to be: obtain the units somewhere. You obtain
them from the finished goods beginning
inventory.
3. Contribution margin and contri- False
bution margin per unit are the
same.
4. Breakeven indicates that the True
sales dollars cover all fixed and
variable costs of manufacturing
5. Inventoriable costs using vari- False
able costing is appropriate for
external reporting
6. Essex company sells two prod- $3
ucts- A and B. Product A sales
are two times that of product B.
The contribution per unit for A
is $4 and B is $1. What is the
weighted average contribution
margin per unit?
7. Absorption costing clearly sep- false
arates fixed costs from variable
costs
8. Converse company has two $5
products- A and B. The weight-
, IVY SOFTWARE MBA PREPWORKS MANAGERIAL ACCOUNTING EXAM
2024 NEWEST 2 VERSIONS COMPLETE 300 QUESTIONS AND CORREC
DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||
BRAND NEW!
Study online at https://quizlet.com/_g77lc4
ed average contribution margin
per unit is $4. Converse sells
twice as many As as Bs. The
contribution margin per unit for
B is $2. What is it for A?
9. If the breakeven is 5000 units $10
and fixed costs are $50,000,
what is the contribution margin
per unit?
10. Which of the following will be Gross Margin and Cost of Goods Sold
found on an absorption costing
income statement but not on a
variable costing income state-
ment?
11. If units produced are less than Less than variable costing
units sold, net income using ab-
sorption costing is
12. If the selling price is $5 per unit $5,000 (5x - 1x - 20000 = 0, 4x - 20,000=0,
the variable cost is $1 per unit 4x=20000, x = 5000)
and the fixed cost is $20,000,
what is the breakeven in units?
13. The total of ALL the right-hand True. The double-entry system of ac-
sides of the T-accounts must counting means that for each transaction
equal the total of ALL the recorded, there is a left-hand (debit) entry
left-hand sides of the T-Ac- offset by a right-hand (credit) entry.
counts (T/F)
14. Since the total of all the R sides False. Cash (Asset) and Common Stock
of accounts equals the total of (Owners' Equity) is used to record the sale
L sides, then the total amount of company stock. While the R side equals
of increases entered in the gen- the L side, they both increase, thus, the
, IVY SOFTWARE MBA PREPWORKS MANAGERIAL ACCOUNTING EXAM
2024 NEWEST 2 VERSIONS COMPLETE 300 QUESTIONS AND CORREC
DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||
BRAND NEW!
Study online at https://quizlet.com/_g77lc4
eral ledger must equal the total total amount of increases does not equal
amount of decreases (T/F) the decreases.
15. Almost all the data necessary to False. not Almost all. ALL.
prepare an income statement is
contained in the retained earn-
ings account.
16. A transaction is an event that True.
affects the financial position of
a company.
17. Credits are generally good and False. credit means nothing more than the
debits are generally bad. R side while a debit means the L side.
Neither is good or bad.
18. Bookkeeping accounts are a True. Bookkeeping accounts provide an
method of accumulating finan- easy means for recording, collecting, and
cial transactions and summa- reporting financial transactions of a firm.
rizing their effects on balance
sheet items.
19. Liabilities normally have a L False. Liabilities and OE usually have R
balance balances while assets have L balances
20. It is possible to have the books Having the books in balance simply
in balance but with mistakes. means that each time you entered a trans-
action you placed equal amounts on the R
and L sides. Books which balance do not
rule out the possibility that a transaction
could have been posted to the wrong ac-
count.
21. The main purpose of the trial True. The trial balance is taken as a partial
balance is to make sure you check of the arithmetic accuracy of the
have not committed any math entries previously made.
errors in your T- Accounts (T/F)
