Contabilidade (Accounting) - Linkedin Avaliações de competências

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Accounting
Q1. Which statement is not an advantage of robotic process automation (RPA)?
Bots are more creative than humans
Bots do no need to take time off
Bots improve efficiency
Bots can eliminate human errors
Q2. What effect does a contra asset account have on a balance sheet?
A contra asset is not an accounting term
A contra asset has a credit balance and therefore a negative effect on total assets
A contra asset with a positive balance will increase overall liabilities
A contra asset has a debit balance and therefore a positive effect on total assets
Q3. Internal controls may be preventative, detective, corrective, or directive. Which is a detective
control?
data backups
physical inventory check
employee background checks
physical locks on inventory warehouse
Q4. On March 15, a business receives an invoice from the power company for utilities used in
February. The retailer pays the invoice on April 1. The business uses accrual-based accounting.
Which month should the business recognize the expense?
April
March
no record required
February
Q5. Which choice is a general guideline for adequate separation of duties to prevent both fraud
and error?
A person who has control over an asset should not safeguard that asset.
A person who has temporary or permanent custody of an asset should not account for that
asset.
A person who has record-keeping responsibility should not make journal entries.
A person who has operational responsibility should not authorize transactions for the area.
Q6. What does the cost of a unit of product under absorption costing method consist of?
direct materials, direct and indirect labor, and fixed overhead
direct materials, indirect labor, and variable and fixed overhead
direct materials, direct labor, and both variable and fixed overhead
direct materials, direct and indirect labor, and variable overhead
Q7. Which answer best describes accruals and deferrals?
Accruals are past cash receipts and payments, while deferrals are expected future cash
receipts and payments.
Both accruals and deferrals are both expected future cash receipts and payments.
Accruals are expected future cash receipts and payments, while deferrals are past cash
receipts and payments.
Both accruals and deferrals are not expected past cash receipts and payments.
Q8. What do you call a situation where more than one person collaborates to circumvent
existing internal controls?
assigned responsibility
segregation of duties
fraud prevention
collusion
Q9. Which is not an example of an internal control activity?
review of manufacturing plan
segregation of duties
bank reconciliations
approval process
[source]  'MT: bank recons are a internal control, checking to see if figures match. Approval
by different level of authorities help to prevent unathorized transactions - so its a control
too. segregate duties also ensures that.
Q10. Which budgeting approach request justification of all expenditures?
zero-based budgeting
master budgeting
rolling budgets
bottom-up budgeting
Q11. What does the discontinued operations section of the income statement refer to?
disposal of a major product line or major geographical area of operations
sale of unused or obsolete equipment and discontinued inventory
plant shutdown or decommissioning of a facility
net income or loss for products completed and sold
Q12. How are the three financial statements (income statement, balance sheet, and cash flow
statement) linked?
Only the assets are reflected in the cash flow statement, and the net income expenses
correlate with the liabilities.
The net income goes to retained earnings, but the cash flow remains independent.
The gross profit goes to retained earning, and the shareholder equity total is added to the
cash flow statement
The net income goes to the retained earning and to the cash flow statement
[source] 'MT: odd qns. But it should be net profit "npat" flows to retained earnings, and also
starts the cashflow statement (so all linked and not independent). Assets are in balance
sheet, net income is in income statement. npat goes to retained earnings, not gross profit.
Q13. Which is not one of the four perspectives of the balanced scorecard?
internal business
learning and growth
quantitative
customer
Q14. What would be deducted from the balance per books when doing a bank reconciliation?
deposits in transit
bank service fees
outstating checks
electronic fund transfers/payments
Q15. What situation could be the results of the three retails store employees sharing the same
cash register?
a thorough internal control activity
a violation of assignment of responsibility
a violation of segregation of duties
a support process to avoid fraud
Q16. A firm has $1,000 in debt and $3,000 in assets. What is the firm’s debt-to-equity ratio?
3
2
0.5
0.33
Q17. An external auditor is required to be independent when performing
all attestation services
all professional services (wrong ans, includes consulting)
all tax services
all consulting engagements (wrong ans)
Reference  'MT: tough qns, ambiguous options. Attest = validate audit data gathered.
Consulting is less regulatory/ restrictive, = how to increase pie sales, versus
audit/attestation = why you reported more pies in your fridge than we observed. Tax is grey,
usually has to be internal audt committee approved or fees disclosed etc. but there are
exceptions.'
Q18. Proper segregation of functional responsibilities calls for separation of
custody, payment, and recording
authorization, custody, and execution
authorization, custody, and recording
custody, execution, and payment
Reference
Q19. What does the degree of operating leverage represent?
how much the value of capital assets will change in response to a change in sales
how much the operating income of a company will change in response to a change in sales
the valuation of assets to determine how much additional debt the company can borrow
how much the sales of a company will change in response to a change in operating income
[Reference] 'High operating leverage means a firm has a relatively fixed, and usually high
cost base. So additional sales would incrementally drive more profits because those sales do
not need to incur more costs to generate (like a factory, versus factory workers)'
Q20. Which characteristic would concern an auditor about the risk of material misstatements
arising from fraudulent financial reporting?
limited employee turnover within the accounting and finance department
management’s disregard of regulations and regulatory authorities
regularly reported bank reconciliations, including deposits in transit
capital assets sold at a loss before being depreciated fully
[source] 'MT: regular bank recons and loyal employees are +ve. Nothing wrong with assets sold
at lost before fully depreciated, like you can sell a plane at a loss even before it has been
"fully used".
Q21. An employee who makes a sale, ships the goods, and bills the customer violates which
control activity?
assignment of responsibility
audit verification
segregation of duties
review and reconciliation
Reference
Q22. What trait distinguishes auditors from accountants?
https://www.ispartnersllc.com/blog/defining-attestation-assurance-auditing/
https://oacp.upenn.edu/audit/audit101/internal-controls-guidance/operational-internal-controls/
https://oacp.upenn.edu/audit/audit101/internal-controls-guidance/operational-internal-controls/
The auditor can interpret accounting principles applicable to the country in which the client
operates.
The auditor has extensive education beyond what is required for an accountant
The auditor can adapt to a rapidly changing profession.
The auditor has expertise in the gathering and interpretation of audit evidence.
[source] 'MT: auditors are focused on gathering and interpreting audit evidence in specific
sectors. Both auditors and accountants would be familiar to the principles that the client
operates in'
Q23. What is the purpose of an operational audit?
assessing thecompany’s compliance with environmental laws and regulations
evaluating whether the organization is meeting the metrics set by management in order to
achieve the goals and objectives set forth by the board of directors
assessing the organization’s control mechanisms for overall efficiency and reliability
evaluating compliance with applicable laws, regulations, policies, and procedures
Q24. Which statement is false?
The balanced scorecard aligns an organization’s operational activities with its mission.
The balanced scorecard focuses on four primary areas: financial, customer, internal process,
and learning and growth. (def true)
The balanced scorecard measures, tracks, and reports on a balance of qualitative and
financial data and metrics. (def true)
The balanced scorecard ensures the organization’s profitability aligns with director
compensation and dividend expectations.
Reference 'MT: BSC is on improving efficiency - deliver goals and how to measure that
quantitatively or qualitatively. Nothing to do with how to compensate'
Q25. Which choice is not a component of internal control?
information and communication
risk mitigation
monitoring
control environment
Q26. What is the difference between the cost of an asset and the accumulated depreciation for
that asset?
depreciation value
prepaid asset
depreciation expense
book value
Q27. A company budgeted 1,200 washers, but only 1,000 are produced. It costs $10 to produce a
widget. What is the materials variance?
http://www.managerialaccounting.org/Balanced%20Scorecard.htm
200
2000
350
20
Q28. Who does an audit committee report to?
external auditors
senior management
board of directors
union of employee representatives
Q29. A business purchased office equipment by issuing a one-year note payable. The entire
amount of the note is due at the end of one year. How do you record this transaction?
Debt asset, credit equity
Debt liablity, credit asset.
Debit asset, credit liability
Debit equity, credit asset.
[source] 'MT answer - its Debit equipment (asset), Credit notes payable (liability). To +/-
assets, need to dr/cr, inverse is true for liabilities. Long-form journal entry is: Borrow
cash - Dr cash, Cr notes payable, then for equipment purchase - Dr equipment, Cr cash'
Q30. Which section of a financial annual report describes the corporation’s accounting
methods?
Notes to the financial statements
An auditor’s report
Listing of the stockholders
Management discussion and analysis
Q31. What does “independence” mean in auditing?
being an advocate for all clients
not being dependent on a client’s fee
having only indirect financial interests in the auditee
taking an unbiased viewpoint
Reference
Q32. What would cause a bank to increase a depositor’s account?
collecting a note receivable
paying a note payable
NSF checks (“non sufficient funds”)
service changes
https://www.icaew.com/technical/trust-and-ethics/ethics/auditor-independence#:~:text=Auditor%20independence%20refers%20to%20the,and%20in%20an%20objective%20manner.
[source] 'MT: depositor account os a liability to the bank - bank owes the money to depositor.
bank collects a notes receivable from client means reducing client's cash/ deposits. Similar
if NSF means the cheque owner does not have enough funds to transfer funds into the client's
deposits, so theres no change in deposits.'
Q33. Which statement about current liabilities is true?
Current liabilities are obligations owed after a 12-month period.
Current liabilities should be included under long-term liabilities.
Current liabilities are obligations owed over 5 years.
Current liabilities are obligations due within a year.
Reference  Current liabilities are a company's short-term financial obligations that are due
within one year or within a normal operating cycle.
Q34. How do variable costs and fixed costs act within the relevant range?
Variable costs per unit remain constant and fixed costs per unit vary.
Fixed costs per unit remain constant and variable costs per unit vary.
Both total variable costs and total fixed costs vary.
Both total variable costs and total fixed costs remain constant.
Reference  While variable costs tend to remain flat, the impact of fixed costs on a company's
bottom line can change based on the number of products it produces.
Q35. Which answer can be defined as an investment center’s contribution margin less the fixed
costs that are traceable to the investment center?
net income
residual income
segment margin
return on investment (ROI)
Reference  Contribution Margin = Sales Revenue – Variable Costs   Segment Margin = Segment’s
Contribution Margin – Fixed Costs traced to the Segment
Q36. If an auditor is expected to detect the overstatement of sales, what should the auditor
trace transactions from?
customer purchase orders to the sales journal
cash receipts to the purchase orders
sales journal to the shipping documents
shipping documents to the cash receipts
Reference  Which audit procedure is most effective in testing credit sales for
overstatement?   Vouch a sample recorded sales from the sales journal to shipping documents.
Q37. What is the formal method of analysis applied by management to identify appropriate cost
drivers and effects on the costs of production?
https://www.investopedia.com/terms/c/currentliabilities.asp
https://www.investopedia.com/ask/answers/032515/what-difference-between-variable-cost-and-fixed-cost-economics.asp
https://qsstudy.com/segment-margin-differs-contribution-margin-explain/
https://homework.study.com/explanation/which-audit-procedure-is-most-effective-in-testing-credit-sales-for-overstatement-1-trace-a-sample-of-postings-from-the-sales-journal-to-the-sales-account-in-the-general-ledger-2-vouch-a-sample-recorded-sales-from-the-sales-journal-to-shipping-docum.html
profitability analysis
cost-benefit analysis
life-cycle costing
activity analysis
I put cost-benefit analysis, but I’m not sure. I think it could be life-cycle costing as well.
Q38. When independent auditors are able to maintain their actual independence, it is referred to
as independence in ____.
fact
appearance
totality
trust
Reference  In Accounting Series Release no. 269, the SEC defined independence in fact and
independence in appearance as separate but equally necessary factors in establishing the
auditor’s objectivity and integrity when certifying financial statements filed with the
commission by an issuer of securities. Few would debate that independence in fact—that is,
that the auditor is actually unbiased—is absolutely essential to the validity of an audit.
Q39. When applying a cost-volume-profit analysis (CVP), certain assumptions must be
respected. Which answer is not one of these assumptions?
The unit sales price will remain constant.
Actual unit variable cost will vary over the production range.
The cost behavior is expressed as intersecting straight lines.
The unit fixed cost will decrease.
Reference
CVP assumes the following:
Constant sales price;
Constant variable cost
Constant total fixed cost
Units sold equal units produced.
These are simplifying, largely linearizing assumptions, which are often implicitly assumed in
elementary discussions of costs and profits.
Q40. Which statement about a perpetual inventory system is true?
FIFO cost of goods sold will be the same as in a periodic inventory system.
Average costs are based entirely on unit cost simple averages.
LIFO cost of goods sold will be the same as in a periodic inventory system.
A new average is calculated under the average cost method after each sale.
I’m not 100% sure on this.
https://www.journalofaccountancy.com/issues/2001/apr/independenceandpublicperceptionwhyweneedtocare.html
https://en.wikipedia.org/wiki/Cost%E2%80%93volume%E2%80%93profit_analysis#Assumptions
Reference
Perpetual inventory is a method of accounting for inventory that records the sale or purchase
of inventory immediately through the use of computerized point-of-sale systems and
enterprise asset management software.
Q41.Which type of business would be most likely to use a job order costing system?
an electric car producer
a wood milling company
a beverage manufacturer
a law firm specializing in injury law
Reference
Since lawyers and accountants work with different clients on unique accounts, many will use a
job order costing system to track how much time and resources were used for each customer.
Q42. Assigning indirect costs to specific jobs is completed by _.
allocating to manufacturing overhead account
using the manufacturing cost incurred
applying a predetermined overhead rate
applying indirect costs to work in process
I’m not 100% sure on this.
Reference
Indirect cost rate calculations can be determined by dividing an indirect cost by a cost object,
such as sales revenues or square footage.
Q43. Which is an assurance engagement?
compilation
network installation
audit
review
Reference
Q44. What is conversion cost the sum of?
direct materials cost + administration cost
direct materials cost + manufacturing overhead cost
direct materials cost + marketing cost
direct labor cost + manufacturing overhead cost
Reference
https://www.investopedia.com/terms/p/perpetualinventory.asp
https://www.indeed.com/career-advice/career-development/job-order-costing-system
https://smallbusiness.chron.com/ways-allocate-indirect-cost-73462.html
https://www.wikiaccounting.com/what-is-the-objective-of-assurance-engagement/
https://smallbusiness.chron.com/calculate-beginning-inventory-conversion-costs-20581.html
Q45. Under a perpetual inventory system, merchandise is purchased on account. What is the
correct journal entry for this purchase?
Debit merchandise inventory. credit accounts payable.
Debit purchases, credit cash.
Debit purchase returns, credit cost of goods sold.
Debit merchandise inventory, credit cash.
Reference
Q46. Which is not a task usually associated with activity-based costing (ABC)?
applying an activity rate for each cost pool
identitying specific cost drivers
appropriately allocating overhead costs to cost pools
applying a single cost rate across processes
Reference
Q47. What is true when the units in ending inventory increase during the year?
Net income is higher for absorption costing than for variable costing.
Net income is identical for absorption costing and for variable costing.
There’s no relationship between net income and the costing approach.
Net income is lower for absorption costing than for variable costing.
Q48. When independent auditors are able to maintain their actual independence, itis referred to
as independence in__.
trust
totaiity
appearance
fact
Q49. What is the formal method of analysis applied by management to identify appropriate cost
drivers and effects on the costs of production?
cost-benefit analysis
life-cycte costing
profitability analysis
activity analysis
Reference
Q50. When do you expect to apply job costing over process costing?
when the costs are easily traced to a specific product
when costs are accumulated by department
https://homework.study.com/explanation/using-a-perpetual-inventory-system-the-buyer-s-journal-entry-to-record-the-return-of-merchandise-purchased-on-account-includes-a-credit-to-the-cost-of-goods-sold-b-credit-to-accounts-payable-c-credit-to-purchase-returns-d-credit-to-inven.html#:~:text=Answer%20and%20Explanation%3A,and%20accounts%20payable%20was%20credited.
https://homework.study.com/explanation/which-of-the-following-tasks-is-not-normally-associated-with-an-abc-costing-system-a-calculation-of-pool-rates-b-identification-of-cost-pools-c-preparation-of-allocation-matrices-d-identification-of-cost-drivers.html#:~:text=Answer%20and%20Explanation%3A,Preparation%20of%20allocation%20matrices.
https://www.chegg.com/homework-help/questions-and-answers/formal-method-analysis-used-managers-identify-appropriate-cost-drivers-effects-costs-makin-q74105384
when the value of work in process is based on assigning standard costs
when each product batch is exactly the same as the prior batch
Reference
Q51. Robinson Hotels is trying to predict its utility costs. It has five years of data, including
monthly utility cost, monthly occupancy rates, and average monthly temperature. What tool or
technique can Robinson Hotels use to predict or estimate its future utility costs?
segment report
regression analysis
time series analysis
net present value
Q52. What does an inventory-turnover ratio measure?
the current value of the inventory
the number of times inventory was sold during the period
how it compares with the industry average
whether the company can maintain the same inventory levels compared to industry averages
Q53. A company earned a gross profit of $4,000,000 and had net sales of $12,000,000. What is
the gross margin and what does the result imply to the reviewer?
The 3.33% gross margin represents for every dollar in sales, the company spends $0.9667 to
produce the product sold.
The question does not provide sufficient information to offer a proper calculation.
The 3.33% gross margin represents for every dollar in sales, the company spends $0.0667 to
produce the product sold.
The 3.33% gross margin represents for every dollar in sales, the company spends $0.0333 to
produce the product sold.
Q54. What type of cost changes in proportion to a company’s production volume?
conversion cost
indirect cost
variable cost
fixed cost
Q55. What do you call the benefit sacrificed when one option is chosen over another?
opportunity cost
indirect cost
sunk cost
differential cost
https://www.tutorialspoint.com/differentiate-between-job-costing-and-process-costing
Q56. The actual price of a widget is $10 and the budgeted price is $7. What is the price variance
for 1,000 widgets?
$3,000
$1,000
$3
$1,700
Q57. What is the major financial accounting report system used outside of the United States?
the metric system
TREE
GAAP
IFRS
Q58. What type of audit evidence would be considered the weakest type?
oral evidence
physical examination
confirmation
documentary evidence
Q59. Permanent accounts are on what financial statement?
cash flow statement
income statement
balance sheet
shareholder equity statement
Q60. The cost of alternative X is $25,000 and the cost of alternative Y is $20,000. What do you
call the $5,000 cost difference?
essential cost
additional cost
differential cost
sunk cost
Q61. What is the purpose of a master budget?
to demonstrate to management the level of sales the company will achieve
to provide shareholders and the board of directors confidence in management’s abilities
to give management an opportunity to compile all of the other operational budgets once
they are completed
to provide management with a high-level overview of the company finances and be a central
planning tool
Q62. What is true about an internal control system?
An internal control system is not effective until the human error is completely eliminated or
migrated.
Any internal control activities evaluated and adopted by a company should never be
evaluated in terms of cost-benefit.
Only mid- to large-sized companies and governmental organizations need to ensure proper
internal control activities.
An internal control system helps a company achieve reliable financial reporting, effective and
efficient operations, and compliance with laws and regulations.
Q63. According to cost formula Y = $20,000 + $4x, what would be the total cost at an activity
level of 15,000 units?
$60,000
$20,000
$35,000
$80,000
Q64. A company can change to a new accounting principle if management can justify that the
change will result in what?
more relevant decision-making information
lower net income to report for tax purposes
changing depreciation methods for higher net income
reduced potential for administrative error
Q65. Which cost items would be classified as an internal failure cost on a quality costs report?
cost of scrap
training for assembly line workers
patent cost for new product
customer returns of defective products
Q66. What type of audit evidence wouldmost likely be used to verify the existence of fixed
assets?
oral evidence
physical examination
confirmation
documentary evidence
Q67. What should an auditor do before auditing the balance sheet?
Confirm whether probable legal action is disclosed to the auditor.
Investigate whether liens on assets are committed as collateral.
Determine the client’s planned and imminent purchase commitments.
Gain a clear and proper understanding of the client’s internal control processes.
Q68. At McKay Company, machine hours are limited. There is more demand for McKay’s
products than it can produce due to limited machine hours. To maximize profits, the company
should evaluate each product’s _.
contribution margin per unit
segment margin per unit
gross profit per unit
contribution margin per machine hour
Q69. The asset-turnover ratio calculation measures _.
when the company must decide to purchase assets and what investment is required
how much of a company’s assets are financed by creditors
how often a company must replace existing assets and equipment
how efficiently a company uses its assets to generate revenue
Q70. What cost is easily traceable to a cost object?
indirect
fixed
variable
direct
Q71. Which value chain element is associated with the cost of staffing a customer support phone
line?
production and purchases
distribution
design
customer service
Q72. Flexible budgets are created to demonstrate how _.
changes in activity levels affect predicted revenue and costs
management need to make changes to budget targets following poor performance
an inaccurate operational budget results from poor budgeting data
current results fully align to budgetary allocations
Q73. Which is the appropriate term for an incurred cost that cannot be changed by any
decision?
opportunity cost
previous cost
sunk cost
variable cost
Q74. Which factor is most likely to increase an auditor’s awareness of possible fraudulent
financial reporting?
management’s complete disclosure of unresolved legal action
limited competition in the company’s industry resulting in increasing profitability
the audit committee’s approval of specific accounting methods and principles
year-end financial adjustments significantly impacting the financial results