IVY SOFTWARE MBA PREPWORKS managerial
accountingPRACTICE EXAM 2026 NEWEST !!
ACTUAL COMPLETE REAL EXAM QUESTIONS
AND CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+|| BRAND
NEW!
Liabilities normally have a L balance
False. Liabilities and OE usually have R balances while assets have L
balances
It is possible to have the books in balance but with mistakes.
Having the books in balance simply means that each time you entered a
transaction 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 account.
,The main purpose of the trial balance is to make sure you have not
committed any math errors in your T- Accounts (T/F)
True. The trial balance is taken as a partial check of the arithmetic
accuracy of the entries previously made.
Fixed costs are fixed per unit produced, but vary in total (true or false)
False. Fixed costs vary by unit produced but are fixed in total.
Remember the graph with the straight line over all the units of
production.
True or False: Variable costs are fixed per unit but vary in total.
True.
Elmwood Inc. manufactures guitars. Elmwood's management has
discovered that after 3,000 guitars are manufactured, there is a need to
add an additional quality control engineer. If this is done it is an
excellent example of a semi variable cost.
False. This scenario indicates a semi fixed cost not a semi variable cost.
This is an example of a stepped fixed cost.
,The "Flex" in flexible budget comes from the assumption of activity
levels that vary.
True.
Elmwood industries reported earnings of $3.10 per share in 2013. how far
off could this number be and still be in accordance with GAAP? In other
words, could this number be:
$3.40
$4.00
$2.15
D) $3.10 the number can't be off
$3.40. GAAP have leeway of approximately 10%
, Which of the following is most useful to management in exercising their
control function?
A) budget
B) Performance Report
C) Annual Report
D) Income Tax Report
Performance report.
Performance report is
shows the budgeted numbers, the actual numbers, and the variance.
Annual report
published for external users of the financial statements such as creditors
and stockholders
accountingPRACTICE EXAM 2026 NEWEST !!
ACTUAL COMPLETE REAL EXAM QUESTIONS
AND CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+|| BRAND
NEW!
Liabilities normally have a L balance
False. Liabilities and OE usually have R balances while assets have L
balances
It is possible to have the books in balance but with mistakes.
Having the books in balance simply means that each time you entered a
transaction 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 account.
,The main purpose of the trial balance is to make sure you have not
committed any math errors in your T- Accounts (T/F)
True. The trial balance is taken as a partial check of the arithmetic
accuracy of the entries previously made.
Fixed costs are fixed per unit produced, but vary in total (true or false)
False. Fixed costs vary by unit produced but are fixed in total.
Remember the graph with the straight line over all the units of
production.
True or False: Variable costs are fixed per unit but vary in total.
True.
Elmwood Inc. manufactures guitars. Elmwood's management has
discovered that after 3,000 guitars are manufactured, there is a need to
add an additional quality control engineer. If this is done it is an
excellent example of a semi variable cost.
False. This scenario indicates a semi fixed cost not a semi variable cost.
This is an example of a stepped fixed cost.
,The "Flex" in flexible budget comes from the assumption of activity
levels that vary.
True.
Elmwood industries reported earnings of $3.10 per share in 2013. how far
off could this number be and still be in accordance with GAAP? In other
words, could this number be:
$3.40
$4.00
$2.15
D) $3.10 the number can't be off
$3.40. GAAP have leeway of approximately 10%
, Which of the following is most useful to management in exercising their
control function?
A) budget
B) Performance Report
C) Annual Report
D) Income Tax Report
Performance report.
Performance report is
shows the budgeted numbers, the actual numbers, and the variance.
Annual report
published for external users of the financial statements such as creditors
and stockholders
