A Western Cpe Pop Quiz: Accounting Controllers

5 Questions | Total Attempts: 24

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Accounting Quizzes & Trivia

Test your knowledge on these 5 questions for controllers it comes to closing the books, inventory, payroll, financial statements, and capitol budgeting. You have 3 minutes. Don't forget to post your results on our Facebook Page!


Questions and Answers
  • 1. 
    Closing the Books The generation of customer invoices is a key part of the closing process, because:
    • A. 

      It ensures rapid cash receipts

    • B. 

      They are the primary method for recognizing revenue

    • C. 

      You can verify customer addresses

    • D. 

      It means that all expenditures have been entered in the accounting system

  • 2. 
    Inventory: A possible step in reconciling inventory is to:
    • A. 

      Recalculate the weighted average cost

    • B. 

      Look for missing inventory cost layers

    • C. 

      Look for missing paperwork

    • D. 

      Update standard costs

  • 3. 
    Payroll: The key difference between the biweekly and semimonthly payroll systems is:
    • A. 

      There are two extra pay periods per year in the semimonthly system

    • B. 

      There are two extra pay periods per year in the biweekly system

    • C. 

      Both systems have the same number of pay periods per year

    • D. 

      The number of pay periods per year varies under the semimonthly system, depending on the presence of a leap year

  • 4. 
    Financial Statements The most commonly used method format for the statement of cashflows is the: 
    • A. 

      Direct method

    • B. 

      International method

    • C. 

      Multi-step method

    • D. 

      Indirect method

  • 5. 
    Capitol Budgeting Net present value analysis can be a poor choice for capitol budgeting analysis because: 
    • A. 

      It uses a risk-adjusted discount rate

    • B. 

      It does not include the impact of depreciation on income taxes

    • C. 

      Cash flow projections may be inaccurate

    • D. 

      Managers tend to be conservative with their cash flow projections