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Exam (elaborations)

managerial Accounting {ii} -

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  • managerial accounting ii exam questions and ans

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managerial Accounting
{ii} final exam.[graded
A+]




Management of a business enterprise is the major external user of information.

True or False - ANSWERS-False



Accounting information is used only by external users with a financial interest in a business
enterprise.



True or False - ANSWERS-False




haroah's Computer Repair Shop started the year with total assets of $312000 and total liabilities
of $220000. During the year, the business recorded $499000 in computer repair revenues,
$312000 in expenses, and Pharoah paid dividends of $50400. Stockholders' equity at the end of
the year was




Entry field with incorrect answer

A $279000.

B $228600.

C $187000.

, D $92000. - ANSWERS-B ($312000 - $220000) + ($499000 - $312000) - $50400 = $228600.



Credits

A increase both assets and liabilities.

B decrease both assets and equity.

C increase liabilities and decrease assets.

D decrease both assets and liabilities. - ANSWERS-C




An account will show a debit balance if the



A first transaction posted was a debit.

B total of the debit amounts exceeds the credits.

C last transaction posted was a debit.

D number of debits exceeds the number of credits. - ANSWERS-B



A credit to a revenue account



A must be accompanied by a debit to an expense account.

B indicates an increase in revenues earned.

C is an error.

D indicates a decrease in revenues earned. - ANSWERS-B



Debits



A decrease assets and increase liabilities.
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