Nation’s Foremost CPA Review Inc.

: Management Services First Preboard

NATION’S FOREMOST CPA REVIEW INC.

(formerly NORTHERN CPA REVIEW)
412 Pelizloy Centrum, Lower Session Road, Baguio City
Globe: 09057473119; Smart: 09294891758
: ncpar@yahoo.com
: northern.cpareview@facebook.com
RHAD VIC ESTOQUE,CPA,MBA,CMA
SET A
MANAGEMENT ADVIROSY SERVICES
First Pre-board

1. Which of the following is not classifiable as a management advisory

service by CPA’s
a. Production design c. Make or buy analysis
b. Project feasibility d. Assistance in budgeting
2. It consists of the sum total of the methods and the procedures employed
in the accumulation and in the organization of its financial data for an
enterprise. It is designed by the accountant to fit the peculiar needs of
the particular business unit
a. Accounting process c. Accounting system
b. Accounting cycle d. Auditing
3. Which of the following is not a controllership function, as distinguished
from a “treasury function”
a. Reporting and interpreting c. Protection of assets
b. Credit and collection d. Government reporting
4. In comparing financial and management accounting, which of the following
more accurately describes management accounting information?
a. Historical, precise, useful
b. Required, estimated, internal
c. Budgeted, informative, adaptable
d. Comparable, verifiable, monetary
5. Which of the following statements about management or financial
accounting is false?
a. Financial accounting must follow GAAP
b. Management accounting is not subject to regulatory reporting standards
c. Both management and financial accounting are subject to mandatory
record keeping requirements
d. Management accounting should be flexible
6. The primary purpose of MAS is
a. To conduct special studies, preparation of recommendation, development
of plans and programs, and provision of advice and assistance on their
implementation.
b. To provide service or to fulfill some social need
c. To improve the client’s use of its capabilities and resources in order
to achieve the objectives of the organization
d. To earn the beast rate of return on resources entrusted to its care
with safety of investment being taken into account and consistent with
the firm’s social and legal responsibilities.
7. In the installation of an accounting system, the following are all
essential components, except
a. Accounting policies and procedures on handling transactions and book
of entries
b. Business forms, book of accounts, and chart of accounts.
c. Policies and procedures for purchase, handling of inventories and
control of manufacturing costs.
d. Procedures and strategies in marketing the products.
8. A long-term plan that fulfills the goals and objectives of an
organization is known as a (n)
a. Management style c. Mission statement
b. Strategy d. Operational mission

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NFCPAR…driven for real excellence! MAS – 13th Batch – 1st PB
Nation’s Foremost CPA Review Inc.: Management Services First Preboard
9. A systematic gathering and analysis of data concerning a proposed project
and the formulation of conclusions there from for the purpose of
determining whether or not it is viable and if so, its degree of
profitability.
a. Return on investment study
b. Long range planning
c. Information flow analysis
d. Feasibility study
10. Which of the following major aspects of the project feasibility study is
usually the most important?
a. Marketing, engineering or technical and financial
b. Financial, management and economic benefits
c. Financial, marketing and management
d. Financial, marketing and economic benefits
11. A management information system should satisfy
a. External demands for information
b. External and internal demands of information
c. Internal demands for information
d. The Accounting Department’s demands for information
12. Who of the following are external users of data gathered by a management
information system?
Creditors Competitors Suppliers
a. yes no yes
b. no no no
c. no yes yes
d. yes yes yes
13. The automatic copying or transcription from one business record to one
or more other records frequently with simultaneous reproduction at the
time the one original records is prepared is
a. Integrated Data Processing
b. Programming
c. Accounting system
d. Output device
14. It transfers data out of the electronic data equipment in the form of
completed readable printed materials
a. Output device c. Arithmetic unit
b. Source document d. Memory unit
15. What do you call a chart that shows the step-by-step elements of an
activity including time notations and distances traveled? It is also used
to determine how operations and steps might be eliminated, simplified or
subdivided for greater efficiency.
a. Process flowchart c. Work distribution chart
b. Layout flowchart d. Procedure flowchart
16. Who is primarily responsible in the detection and correction of error in
the processing of data? The
a. Independent public accountant
b. Independent internal control group
c. Machine operator
d. Data processing manager
17. The initial debugging of a computer program should be normally done by
the
a. Programmer c. Machine operator
b. Internal auditor d. Control group
18. An orderly arrangement of procedures, personnel, written records,
equipment and device utilized for the systematic collection, processing
and reporting of financial and other information essential to the
efficient conduct and evaluation of the activities of an enterprise.
a. Accounting system c. Accounting process
b. Accounting cycle d. Management Information System

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NFCPAR…driven for real excellence! MAS – 13th Batch – 1st PB
Nation’s Foremost CPA Review Inc.: Management Services First Preboard
19. A technique used to code items and collect them into group prior to
processing is called
a. On-line c. Tape sorting
b. Batching d. Coding
20. Two basic methods of processing business data are
a. Machine and manual bookkeeping
b. Computer and punched card processing
c. Daily and weekly processing
d. Batch and on-line processing
21. Dexter Co. has a debt ratio of 0.50, a total assets turnover of 0.25,
and a profit margin of 10%. The president is unhappy with the current
return on equity, and he thinks it could be doubled. This could be
accomplished (1) by increasing the profit margin to 14% and (2) by
increasing debt utilization. Total assets turnover will not change. What
new debt ratio, along with the 14% profit margin, is required to double
the return on equity?
a. 0.75 b. 0.70 c. 0.65 d. 0.55
22. Jones Inc. has a total asset turnover of 0.30 and a profit margin of
10%. The president is unhappy with the current return on assets; and he
thinks it could be doubled. This could be accomplished by (1) increasing
the profit margin to 15% and (2) increasing the total assets turnover.
What new asset turnover ratio, along with the 15% profit margin, is
required to double the return on assets?
a. 35% b. 45% c. 40% d. 50%
23. Buttercup Co. sells on terms 3/10 net 30 days. Gross sales for the year
are P2,400,000 and the collections department estimates that 30% of the
customers pay on the tenth day and take discounts; 40% pay on the
thirtieth day; and the remaining 30% pay, on the average, 40 days after
the purchase. Assuming 360 days per year, what is the average collection
period?
a. 40 days b. 15 days c. 20 days d. 27 days
24. Veronica Co., whose gross sales amounted to P1,200,000 sold on terms of
3/10, net 30. The collections manager estimated that 30 percent of the
customers pay on the tenth day and take discounts; 40 percent on the
thirtieth day; and the remaining 30 percent pay, on the average, 40 days
after the purchase. If management would toughen on its collection policy
and require that all non-discount customers pay on the thirtieth day, how
much would be the receivables balance?
a. P60,000 b. P80,000 c. P70,000 d. zero
25. Selected information for the PRINCE COMPANY is as follows:
Cost of goods P 5,400,000
Average inventory 1,800,000
Net sales 7,200,000
Average receivables 9 60,000
Net income 720,000
Assuming a business year consisting of 360 days, what was the average
number of days in the operating cycle for 2005?
a. 72 b. 84 c. 144 d. 168
26. KING COMPANY had net income of P5,300,000 and earnings per share on
common stock of P2.50. Included the net income was P500,000 of bond
interest expense related to its long-term debt. The income tax rate was
50%. Dividends from preferred stock was P300,000. The dividend-payout
ratio on common stock was 40%.
What were the dividends on the common stock?
a. P1,800,000 c. P2,000,000
b. P1,900,000 d. P2,120,000
27. Judith Co. has an inventory conversion period of 60 days, a receivable
conversion period of 35 days, and a payment cycle of 26 days. If its
sales for the period just ended amounted to P972,000, what is investment
in accounts receivable? (Assume 360 days in year)
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Nation’s Foremost CPA Review Inc.: Management Services First Preboard
a. P85,200 b. P72,450 c. P94,500 d. P79,600
28. The corporation exercise control over an affiliate in which it holds a
40% common stock interest. If its affiliate completed a fiscal year
profitably but paid no dividends, how would this affect the investor
corporation?
a. Result in an increase current ratio
b. Result in increased earnings per share
c. Increase several turn-over ratios
d. Decrease book value per share
29. Roswell Co. generated the following results for the period just ended:
Sales P1.0 million
Net income 0.1 million
Capital investment 0.5 million
To arrive at the return on investment, the following should be used.
a. ROI=(5/10) X (10/1) c. ROI=(5/10) X (1/10)
b. ROI=(10/5) X (10/1) d. ROI=(10/5) X (1/10)
30. Brain Co. has stockholders’ equity equal to 60% of total liabilities and
stockholders’ equity of P120 million. If the return on total assets
invested registers 9%, what is the return on stockholders’ equity?
a. 10% b. 6% c. 15% d. 12%

The estimated operating income of Blue Co. for the production of plastic bags for the year ended
December 31 is arrived as follows:
Sales P 11,250.00
Cost of Sales
Direct Materials P 1,685.00
Direct Labor 1,575.00
Variable factory overhead 1,125.00
Fixed factory overhead 562.00 4,947.00
Gross income from sales 6,303.00
Selling and administrative expenses
Variable expenses P 2,365.00
Fixed expenses 1,538.00 3,903.00
Net operating income P 2,400.00
31. How much sales would be necessary in order to break-even?
a. P3,500 b. P6,750 c. P4,500 d. P5,250

Presented below are the results of operations of the Acute Co.:

Sales (150,000) units) P 600,000.00
Cost of goods sold:
Fixed P 150,000.00
Variable 300,000.00 450,000.00
Gross profit 150,000.00
Selling and administrative:
Fixed P 39,000.00
Variable 45,000.00 84,000.00
Income before taxes P 66,000.00
The company is concerned about the expected increase in fixed manufacturing
cost by 50% if it will buy new equipment with a higher production capacity.
However, further study shows that with the expected increase in production,
sales volume will be expected to increase by 40% while variable-
manufacturing costs will decrease from P2 to P1.50 per unit. The total fixed
selling and administrative expenses and the variable selling and
administrative expenses will remain the same. The company has been operating
at full capacity. If the company will buy the new equipment,
32. What would be the break-even point in terms of units?
a. 120,000 b. 66,000 c. 176,000 d. 105,600

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NFCPAR…driven for real excellence! MAS – 13th Batch – 1st PB
Nation’s Foremost CPA Review Inc.: Management Services First Preboard
Dave Co. is expecting an increase of fixed costs by P78,750 upon moving
their place of business to the downtown area. Likewise it is anticipating
that the selling price per unit and the variable expenses will not change.
At present, the sales volume necessary to break-even is P750,000 but with
the expected increase in fixed costs, the sales volume necessary to break-
even would go up to P975,000. Based on this projections
33. What is the profit volume ratio of Dave Co.?
a. 35% b. 40% c. 45% d. 65%
The following information pertains to Zoe Co.’s cost-volume-profit
relationships:
Breakeven point in units sold 1,000
Variable cost per unit P500
Total fixed costs P150,000
34. How much will be contributed to profit by the 1,001 unit sold?
a. P650 b. P500 c. P150 d. P300
Saber Co. produces two products, Cole and Cane that account for 40% and 60%
of the total sales peso of Saber, respectively. Variable costs as a
percentage of sales pesos are 75% for Cole and 60% for Cane. Total fixed
costs are P300,000. There are no other costs.
35. The break-even point in sales pesos for the company is
a. P882,352.94 c. P529,411.76
b. P362,941.17 d. P300,000.00
36. The current break-even sales of Dream Co. is P700,000 per year. It is
computed that if fixed expenses will increase by P80,000, the sales
revenue required to break-even will also increase to P900,000 without any
change on the variable expenses and selling price per unit. Before the
increase of P80,000, the total fixed expenses of Dream Co. is
a. P160,000 b. P220,000 c. P280,000 d. P360,000
The following information pertains to the two types of products
manufactured by Key Co.
Selling Price Variable Cost
Product Y P120 P70
Product Z 500 200
37. Fixed costs total P300,000 annually. The expected mix in units is 60%
for Product Y and 40% for product Z. How much is Key’s breakeven sales in
pesos?
a. P522,000 b. P420,000 c. P475,000 d. P544,000
38. Helen Co. sells Product E for P5 per unit. The fixed costs are P210,000
and the variable costs are 60% of the selling price. What would be the
amount of sales if Helen is to realize a profit of 10% of sales?
a. P700,000 b. P525,000 c. P472,500 d. P420,000
39. The Cole Co. is planning to produce two products, Alt and Tude. Cole is
planning to sell 100,000 units of Alt at P4 a unit and 200,000 units of
Tude at P3 per unit. Variable costs are 70% of sales for Alt and 80% of
sales for Tude. In order to realize a total profit of P160,000. Total
fixed costs must be?
a. P100,000 b. P120,000 c. P80,000 d. P90,000
40. Doe Co. has fixed costs of P100,000 and breakeven sales of P800,000.
What is the projected profit at P1,200,000 sales?
a. P50,000 b. P150,000 c. P200,000 d. P400,000

With a production of 200,000 units of Product A during the month of June, Mort Co. has incurred costs
as follows:
Direct materials used P 200,000.00
Direct labor used 135,000.00
Manufacturing overhead
Variable 75,000.00
Fixed 90,000.00
Selling and administrative
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Nation’s Foremost CPA Review Inc.: Management Services First Preboard
Variable 30,000.00
Fixed 85,000.00
Total P 615,000.00
41. Under absorption costing, the unit cost of Product A was
a. P2.20 b. P2.50 c. P3.15 d. P2.05

The following operating data are available from the records of Bone Co. for the month of January
Sales (P70 per unit) P 210,000.00
Direct materials 59,200.00
Direct labor 48,000.00
Manufacturing overhead
Fixed 36,080.00
Variable 24,000.00
Selling and administrative
Fixed 21,000.00
Variable-5% of sales
Production in units 3,280 units
Beginning inventory none
42. The net income for the month under variable costing method would be
a. P19,420 b. P25,500 c. P23,320 d. P22,420
The books of Marie Co. showed the following figures relating to Product X:
Beginning and Ending WIP and Fin. Goods None
No. of units produced 40,000 units
No. of units sold at P15.00 32,500 units
Direct materials cost P 177,500.00
Direct labor cost 85,000.00
Fixed overhead 110,000.00
Variable overhead 61,500.00
Fixed administrative 30,000.00
Ending WIP None
43. Which costing method would show a higher operating income for the year,
and by how much?
a. Variable by P20,625 c. Absorption by P26,250
b. Variable by P26,250 d. Absorption by P20,625
Sales and costs data for Dawson Co.’s new product are as follows:
Sales (P22.50 per unit) P 225,000.00
Variable manufacturing cost per unit of product P 12.00
Variable administrative cost per unit of product P 4.50
Annual fixed costs
Manufacturing P 37,500.00
Administrative and marketing P 22,500.00
There was no inventory at the beginning of the year. Normal capacity of the
plant is 12,500 units. During the year 12,500 units were manufactured.
44. The total variable cost charged to expense for the year under the direct
costing method shall be
a. P165,000 b. P176,250 c. P206,250 d. P228,750
45. The following information is available for Allan Co.’s product line:
Selling price per unit, P15; Variable manufacturing costs per unit of
product,P8; Total annual fixed manufacturing costs, P25,000; Variable
administrative cost per unit of product, P3. Total annual fixed selling
and administrative expenses, P15,000. There was no inventory at the
beginning of the year. During the year 12,500 units were produced and
10,000 units were sold. The total fixed cost charged against the current
year’s operations, assuming Allan uses absorption costing is
a. P35,000 b. P40,000 c. P25,000 d. P15,000

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NFCPAR…driven for real excellence! MAS – 13th Batch – 1st PB
Nation’s Foremost CPA Review Inc.: Management Services First Preboard
The following operating data are available from the records of Eve Co. for the month of February
Sales (P70 per unit) P 210,000.00
Direct materials 59,200.00
Direct labor 48,000.00
Manufacturing overhead
Fixed 36,080.00
Variable 24,000.00
Selling and administrative
Fixed 21,000.00
Variable-5% of sales
Production in units 3,280 units
Beginning inventory none
46. Under the absorption costing, the ending finished goods inventory would
amount to:
a. P12,096 b. P14,280 c. P16,072 d. P16,968
47. Loner Co. manufactures a single product. Variable production costs are
P10 and fixed production costs are P75,000. Loner uses a normal activity
of 10,000 units to set standard costs. Loner began the year with no
inventory, produced 11,000 units, and sold 10,500 units. The standard
cost of goods sold under variable costing would be
a. P100,000 b. P105,000 c. P183,750 d. P95,000
48. A company had income of P50,000 using direct costing for a given period.
Beginning and ending inventories for that period were 13,000 units and
18,000 units, respectively. Ignoring income taxes, if the fixed overhead
application rate were P2.00 per unit, what would the income have been
using absorption costing?
a. P86,000 b. P40,000 c. P50,000 d. P60,000
A company has the following cost data:
Fixed manufacturing cost P 2,000.00
Fixed selling, general, and
administrative costs P 1,000.00
Variable selling costs per unit sold P 1.00
Variable manufacturing cost per unit P 2.00
Beginning inventory none
Production 100 units
Sales - at P40 per unit 90 units
49. Variable and absorption costing net incomes are
Variable Absorption
a. P320 P520
b. P520 P520
c. P530 P330
d. P330 P530
50. Boner Co. manufactures a single product. Variable production costs are
P10 and fixed production costs are P75,000. Boner uses a normal activity
of 10,000 units to set standard costs. Boner began the year with no
inventory, produced 11,000 units, and sold 10,500 units. The standard
cost of goods sold under absorption costing would be
a. P100,000 b. P105,000 c. P183,750 d. P95,000
51. Oslo Company has a 55% tax rate, incurs fixed expenses of P100,000, and
reports after-tax net profit of P90,000 for its only product that has a
20% CM ratio. Oslo Company's reported sales volume is
a. P1,500,000 b. P950,000 c. P500,000 d. P1,000,000
52. The starting point in preparing a comprehensive budget for a
manufacturing company limited by its ability to produce and not by the
ability to sell is
a. an estimate of productive capacity
b. an estimate of cash receipts and disbursements
c. sales forecast
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Nation’s Foremost CPA Review Inc.: Management Services First Preboard
d. a projection of operating expenses
53. The Home Co. is planning its operations for the month of March. The
following estimates for the month were submitted:
Cash payment for merchandise in March P180,000
Inventory, March 1 60,000
Inventory, March 31 20,000
Trade accounts payable, March 1 100,000
Trade accounts payable, March 31 120,000

If the gross profit rate is 40% of sales, how much is the budgeted sales
for March?
a. P300,000 b. P400,000 c. P540,000 d. P600,000
54. Bridge Co. has budgeted sales for 100,000 units of its product. Expected
unit cost based on past experience should be P60 for direct materials,
P40 for direct labor, and P30 for factory overhead. Assume that there is
no work-in-process inventory. The company begins the year with 40,000
finished units on hand and budgeted the ending finished goods inventory
at only 10,000 units. What is the budgeted production cost for 2007?
a. P700,000 c. P9,100,000
b. P1,900,000 d. P16,900,000
55. Midas Co. had a cost of goods sold budget for the quarter of P210,000.
Additional data are as follows:
Finished goods, beginning P38,000
Finished goods, ending 41,000
Factory overhead budget 63,000
Direct labor cost budget 58,000
No work in process inventories
What is the direct materials usage budget
a. P86,000 b. P88,000 c. P90,000 d. P92,000
56. David Co. has budgeted its activity for April. Selected data from
estimated amounts are as follows:
Net income P120,000
Increase in gross amount of trade accounts
Receivable during the month 35,000
Decrease in accounts payable during the month 25,000
Depreciation expense 65,000
Provision for income taxes 80,000
Provision for doubtful accounts receivable 45,000
On the basis of the above data, David has budgeted a cash increase for
the month in the amount of
a. P90,000 b. P195,000 c. P250,000 d. P300,000
57. The second logical step in preparing a master budget would be to:
a. estimate the cost of goods sold
b. forecast sales during the budget period
c. establish the basic goals and long-range plans for the company
d. forecast general and administrative expenses for the budget period.
58. The purpose of a flexible budget is to
a. allow management some latitude in meeting goals
b. eliminate cyclical fluctuations in production reports by ignoring
variable costs
c. compare actual and budgeted results at virtually any level of
production
d. reduce the total time in preparing the annual budget
59. In preparing quarterly budget estimates, who should be responsible for
the cash budget?
a. sales manager c. finance manager
b. production manager d. general manager
You are requested to reconstruct the accounts of Angela Trading for
analysis. The following data were available to you:

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NFCPAR…driven for real excellence! MAS – 13th Batch – 1st PB
Nation’s Foremost CPA Review Inc.: Management Services First Preboard
Gross margin amounted to P472,500.
Ending balance of merchandise inventory was P300,000.
Long-term liabilities consisted of bonds payable with interest rate of 20%
Total stockholders’ equity as of December 31 was P750,000.
Gross margin ratio, 35%
Debt to equity ratio, 0.8:1
Times interest earned, 10 times
Quick ratio, 1.3:1
Ratio of operating expenses to sales, 18%
60. What was the operating income?
a. P472,500 b. P243,000 c. P206,550 d. P229,500
61. How much was the bonds payable?
a. P400,000 b. P200,750 c. P114,750 d. P370,500
62. Total current liabilities would amount to?
a. P600,000 b. P714,750 c. P485,250 d. P550,000
63. Total current assets would amount to?
a. P630,825 b. P780,000 c. P580,000 d. P930,825
Calamba Hospital operates a general hospital but rents space and beds to
separate entities for specialized treatment such as pediatrics,
maternity, psychiatric, etc. Calamba charges each separate entity for
common services to its patients like meals and laundry and for all
administrative services such as billings, collections, etc. All
uncollectible accounts are charged directly to the entity. Space and bed
rentals are fixed for the year.

For the entire year ended June 30, the Pediatrics Department at Calamba
Hospital charged each patient an average of P65 per day, had a capacity
of 60 beds, operated 24 hours per day for 365 days, and had revenue of
P1,138,800. Expenses charged by the hospital to the Pediatrics Department
for the year ended June 30 were:
Basis of Allocation
Patient Days Bed Capacity
Dietary P 42,952
Janitorial P 12,800
Laundry 28,000
Lab, other than direct charges to patients 47,800
Pharmacy 33,800
Repairs and maintenance 5,200 7,140
General administrative services 131,760
Rent 275,320
Billings and collections 40,000
Bad debt expense 47,000
Other 18,048 .
P262,800 P453,000
The only personnel directly employed by the Pediatrics Department are
supervising nurses, nurses, and aides. The hospital has minimum
personnel requirements based on total annual patient days. Hospital
requirements beginning at the minimum, expected level of operation
follow:

Annual Patient Days Aides Nurses Supervising

Nurses
10,000 – 14,000 21 11 4
14,001 – 17,000 22 12 4
17,001 – 23,725 22 13 4
23,726 – 25,550 25 14 5
25,551 – 27,375 26 14 5
27,376 – 29,200 29 16 6

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NFCPAR…driven for real excellence! MAS – 13th Batch – 1st PB
Nation’s Foremost CPA Review Inc.: Management Services First Preboard
The staffing levels above represent full-time equivalents, and it should
be assumed that the Pediatrics Department always employs only the minimum
number of required full-time equivalent personnel.
Annual salaries for each class of employee follow: supervising nurses,
P18,000; nurses, P13,000; and aides, P5,000. Salary expense for the year
ended June 30 for supervising nurses, nurses, and aides was P72,000,
P169,000, and P110,000, respectively.
The Pediatrics Department operated at 100% capacity during 111 days of
the past year. It is estimated that during 90 of these capacity days,
the demand average 17 patients more than capacity and even went as high
as 20 patients more on some days. The hospital has an additional 20 beds
available for rent for the coming fiscal year.
64. The variable expense per patient day is
a. P15.08 b. P12.50 c. P15.00 d. P50.00
65. The contribution margin per patient day is
a. P49.92 b. P52.50 c. P50.00 d. P52.00
66. How many patient days are necessary to cover fixed costs for bed
capacity and for supervisory nurses?
a. 9,500 b. 11,500 c. 12,500 d. 10,500
67. The number of patient days needed to cover total costs is
a. 14,200 b. 15,200 c. 15,820 d. 14,220
68. If the Pediatrics Department rented an additional 20 beds and all other
factors remain the same as in the past year, what would be the increase
in revenue?
a. P99,450 b. P105,450 c. P87,750 d. P89,750
69. Continuing to consider the 20 additional rented beds, the increase in
total variable cost applied per patient day is
a. P22,935 b. P22,965 c. P22,950 d. P23,935
70. What is the increased fixed cost applied for bed capacity, given the
increased number of beds?
a. P151,000 b. P147,000 c. P173,950 d. P152,000

 -- END OF 1st PREBOARD -- 

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NFCPAR…driven for real excellence! MAS – 13th Batch – 1st PB