# Acct 6273 Final Exam Acct6273 Final Exam

Submitted By brainley1
Words 1065
Pages 5
ACCT 6273 Final Exam ACCT6273 Final Exam

ACCT 6273
Final Exam
100 points, total.
For partial credit, formulas and work, appropriately labeled, must be shown. There is no partial credit for multiple choice or true/false questions.

1. Lincoln Company manufactures and sells small electric heaters for homes and offices. The company’s income statement for the FY2014 is given below:

Total Per unit Sales (30,000 units) \$1,800,000 \$60 Less variable expenses 1,440,000 48 Contribution margin 360,000 \$12 Less fixed expenses 264,000 Net income \$ 96,000

a. Compute the company’s break-even point in units. [8 points] * * * * * * * * * * Answer____________________ b. If Lincoln Company increases its price to \$100, do you expect the breakeven point in units to be more or less than the number you calculated in question 1a above? Why? Circle (or highlight) one [1 point]: More than question 1a Less than question 1a Explain why, but do not use calculations. [3 points]

* * * * c. Confirm your answer to question 1a above by preparing a…...

### Similar Documents

Free Essay

#### Final Exam

...Class, there is a final exam study guide in doc sharing. Please be sure to review it in detail! I would also like to provide more information on the final: * The Final Exam covers all the TCOs and all the course materials. * This exam is worth 250 points in total, which includes 12 multiple-choice questions at five points each for a total of 60 points, one essay question at 30 points, four essay questions at 40 points each for a total of 190 points. * You have three hours and 30 minutes to complete this exam. * This exam contains two pages. You don't need to complete them in order. My suggestion is to start with the 5 essay questions (page 2) and then go back to the multiple choice questions leaving about 1 hour for the multiple choice. This allots approximately 30 minutes to each essay (2.5 hours) and 5 minutes to each multiple choice (1.0 hours). Multiple Choice: there is one multiple choice question from each of the following chapters: 1, 2, 3, 4, 5, 6, 8, 9, 12, 14, 16, 17. Essay Question Topics: 30 point question (there is one of these) you will be given 6 transactions, and asked to indicate which fund each transaction would be recorded in. The fund summary document and week 1 & 2 document should be helpful here, as well as the notes you have taken on each fund. Review chapters 2, 4, 5, 6, 7 on what transactions are accounted for in each fund. 40 point essay questions (there are 4 of these) 1. Question covering uses of the......

Words: 350 - Pages: 2

#### Final Exam

...PE 540 Final Exam I. Define, Identify or Explain a. Administrative Philosophy Affects the way the educator presents instructional material and the manner in which on communicates with students, parents, colleagues, and other adminstrators. b. Types of Administrators Principal, Headmaster, Director, Assistant Principal, Specal Educator Coordinator, Curriculum Coordinator, Head of Guidance, Dean. c. Human Resource Management The management of an organization workforce. Responsible for the training and assessment of employees while ensuring compliance eith employment and labor laws. d. Title IX Educational amemndment of 1972 that is the landmark legislation that bans sex discrimination in schools, whether it be academics or athlets. e. Negligence Conduct that falls below the standards of behavior established by law for the protection of others against unreasonable risk of harm. II. Discussion Questions a. Why is a Public Relations Program important to an Organization? By managing, controlling, or influencing people's perceptions, public relations professional hope to intitate a sequence of behaviors that will lead to the achievemnt of organization objectives. b. Why is an understanding of the law importatant to a PE teacher, coach, and administrator? So they can address the proper procedures to the students and players. They have to understand and guide by the law before they can pass it on to the students. c. What is meant by the term, "assumption of risk"? A......

Words: 418 - Pages: 2

Free Essay

#### Final Exams

...ARE FINAL EXAM NECESSARY I have news for many of you who have yet to live and work in the real world: rarely in your life will success at any endeavor come down to one event. The real world is getting up every day, going to work at whatever it is you do, making mistakes and learning from them while trying to get better with experience. Although most of you have been conditioned through supposed “make or break you” tests like the SAT and ACT to believe that the culmination of your learning can be gauged by one score on one test taken one particular day, this is a lie. The truth is, that is a ridiculous measurement of successful learning. The way our system is set up is fundamentally flawed. Ending high school with the SAT or ACT, finishing each college semester with a round of heavily weighted tests and basing entrance to graduate schools on standardized test scores like the LSAT, MCAT and GRE does nothing but teach students that attendance and regular work are optional as long as they manage to save themselves with a good midterm and final test grade. This is a bad lesson to teach students because this is not the way the real world works. The classes that allow for you to do this are not helping you at all. By procrastinating all semester long and expecting some miracle to happen where you will suddenly learn everything from the last four months you are not helping yourself at all. Some classes don’t weight or even require a final, they base the grading on......

Words: 321 - Pages: 2

Free Essay

#### Final Exam

...INSS 370 Final Exam Study Guide  Below is a study guide for your final exam.  There will be a combination of true/false and multiple  choice questions.  1. Who is responsible for prioritizing the product backlog?  2. What does a burn‐down chart show?  3. What are the principles outlined in the Agile Software Development Manifesto?  4. If our highest priority is to satisfy the customer through early and continuous delivery of  valuable software, in general, how can we do that?  5. In agile software processes are the highest priorities to satisfy the customer through  early and continuous delivery of valuable software?  6. What traits need to exist among the members of an agile software team?  7. In agile development is it more important to build software that meets the customers'  needs today than worry about features that might be needed in the future?  8. The ____ phase of the SDLC includes four main activities: requirements modeling, data  and process modeling, object modeling, and consideration of development strategies.  9. One of the main activities in the systems analysis phase is ____ modeling, which  involves fact‐finding to describe the current system and identification requirements for  the new system.  10. How is planning performed on projects that use Agile approaches?   11. Who should be the main judge of the business value (think of the various roles within an  agile team)?   12.......

Words: 443 - Pages: 2

Free Essay

#### Final Exam

...BCAP 106 – FINAL EXAM Student Name: __________________________________ Date:_________________________ EXERCISE 1 – MS Excel 40 Points You work at a small Orthopedics clinic as a Medical Assistant. Your manager wants you to take a day to do inventory of all medical supplies in the office. She would like to know the profit potential for their inventory based on the categories of inventory in Table 1. Table 1 contains the format of the desired report. The required formulas are shown in Table 2. Please create the table using MS Excel and incorporate the formulas requested in Table 1. Save the files as: “Your Name – Final Exam Exercise 1” Table 2 | | | FORMULAS | Formula A = Units on Hand * Average Unit Cost | Formula B = Average Unit Cost * (1 / (1-.58)) | Formula C = Units on Hand * Average Unit Price | Formula D = Total Value - Total Cost | Formula E = "SUM" of required cells | Formula F = AVERAGE function | Formula G = MIN function | Formula H = MAX function | EXERCISE 2 – MS Excel 20 Points Open the “Final Exam – Exercise 2” file. Bold, Center, Underline, and add color to the Headings in this document. Expand the cells so all of the information can be seen. Add Borders around all the cells containing information. Filter the data. Place all information in alphabetical order by Last Name. Save the file as “Your Name – Final Exam Exercise 2”. EXERCISE 3 – Test Questions 40 Points 1. The view in which all of the slides...

Words: 828 - Pages: 4

Free Essay

#### Final Exam

...Final Exam Review Basics B i • • Basic terminology and concepts Layered model (physical to application) Internet Layering • • • • • • • • Level 5 Level 4 Level 3 Level 2 -- Application Layer (rlogin, ftp, SMTP, POP3, IMAP, HTTP..) -- Transport Layer(a k a Host-to-Host) Layer(a.k.a Host to Host) (TCP, UDP) -- Network Layer (a.k.a. Internet) y ( ) (IP, ICMP, ARP) -- (Data) Link Layer / MAC sub-layer (a.k.a. N t ( k Network Interface or kI t f Network Access Layer) -- Physical Layer • Level 1 Final Exam Review Physical Layer • • • • Time and frequency domains. Bandwidth Band idth and data rate rate. Analog and digital transmission. Simplex, half-duplex and full-duplex transmission Final Exam Review Physical Layer ( Ph i l L (cont’d) ’d) • • • • Transmission impairments. Decibel. S/N ratio. Channel capacity. – Nyquist Nyquist. – Shannon. • Types / properties of media – Copper (UTP: Cat-3, Cat 5) Cat 3, Cat-5) – Fiber. Final Exam Review Physical Layer (cont’d) (cont d) • Data encoding – Analog-to-digital. • (Time sampling / amplitude quantization) – Digital-to-analog. • (D t reconstruction) (Data t ti ) – Transmission modes. • S Synchronous. h • Asynchronous. Final Exam Review Data Li k L D Link Layer Error Control • • Framing Error detection / correction schemes schemes. • Parity. • Hamming distance • CRC (polynomial encoding) . Final Exam Review Data Li k L D Link Layer Flow Control • Acknowledgement • Stop and Wait • PAR (P i i A k (Positive Acknowledgement with l...

Words: 858 - Pages: 4

#### Acct 505 Final Exam (Package)

...ACCT 505 Final Exam (Package) Purchase here http://devrycourse.com/ACCT%20505/acct-505-final-exam-package Product Description 1Version 1 1. (TCO A) Wages paid to the factory maintenance supervisor are considered an example of: (Points : 5) 2. (TCO A) Rent on a manufacturing plant is an element of: (Points : 5) 3. (TCO B) Evergreen Corp. has provided the following data: (Points : 5) 4. (TCO B) Garth Company sells a single product. If the selling price per unit and the variable expense per unit both increase by 10% and fixed expenses do not change, then: (Points : 5) 5. (TCO E) Rebel Company manufactures a single product and has the following cost structure: Variable costs per unit:……………. (Points : 5) 6. (TCO F) Vagon Corporation has provided data concerning the company's Manufacturing Overhead account for the month of September. Prior to the closing of the overapplied or underapplied balance to Cost of Goods Sold, the total of the debits to the Manufacturing Overhead account was \$76,000 and the total of the credits to the account was \$86,000. Which of the following statements is true? (Points : 5) 7. (TCO G) The net present value (NPV) method of investment project analysis assumes that the project's cash flows are reinvested at the:………… (Points : 5) 8. (TCO G) Logan Company is considering two projects, A and B. The following information has been gathered on these projects:……….Based on this information, which of the following statements is (are) true? ......

Words: 12536 - Pages: 51

#### Acct 201 Final Exam Answers

...ACCT 201 Final Exam Answers http://www.homeworkwarehouse.com/downloads/acct-201-final-exam-answers/ ACCT 201 Final Exam Answers 1. The term “double taxation” refers to which of the following: A. A sole proprietorship must pay income taxes on its net income and the owner is also required to pay income taxes on withdrawals. B. In a partnership, both partners are required to claim their share of net income on their tax returns. C. Corporations must pay income taxes on their net income, and their stockholders must pay income taxes on their dividends. D. A sole proprietorship must pay income taxes to both the state government and the federal government. 2. Which of the following is not considered an advantage of the corporate form of business organization? A. Ability to raise capital. B. Government regulation. C. Ease of transferability of ownership. D. Continuity of existence. 3. Which of the following entities would have the “Paid-in Capital in Excess” account in the equity section of the balance sheet? A. A sole proprietorship. B. A city. C. A corporation. D. A partnership. 4. Which of the following terms designates the maximum number of shares of stock that a corporation may issue? A. number of shares outstanding B. number of shares authorized C. treasury stock D. number of shares issued 5. Which of the following statements best describes the term “par value?” A. an amount used in determining a corporation’s legal capital. B. the amount that must be......

Words: 2151 - Pages: 9

Free Essay

...ACCT 595 Advanced Accounting Final Exam Answers https://homeworklance.com/downloads/acct-595-advanced-accounting-final-exam-answers/ ACCT 595 Advanced Accounting Final Exam Answers FINAL EXAM ADVANCED ACCOUNTING (30 questions x 9 points=270) 1. Gaw Company owns 15% of the common stock of Trace Corporation and used the fair-value method to account for this investment. Trace reported net income of \$110,000 for 2011 and paid dividends of \$60,000 on October 1, 2011. How much income should Gaw recognize on this investment in 2011? A. \$16,500. B. \$9,000. C. \$25,500. D. \$7,500. E. \$50,000. 2. Yaro Company owns 30% of the common stock of Dew Co. and uses the equity method to account for the investment. During 2011, Dew reported income of \$250,000 and paid dividends of \$80,000. There is no amortization associated with the investment. During 2011, how much income should Yaro recognize related to this investment? A. \$24,000. B. \$75,000. C. \$99,000. D. \$51,000. E. \$80,000. 3. On January 1, 2011, Pacer Company paid \$1,920,000 for 60,000 shares of Lennon Co.’s voting common stock which represents a 45% investment. No allocation to goodwill or other specific account was made. Significant influence over Lennon was achieved by this acquisition. Lennon distributed a dividend of \$2.50 per share during 2011 and reported net income of \$670,000. What was the balance in the Investment in Lennon Co. account found in the financial records of Pacer as of December 31, 2011? ...

Words: 2072 - Pages: 9

#### Acct 2011 Final Exam

...ACCT 2011 Final Exam Buy Now From Below: http://www.homeworkarena.com/acct-2011-final-time-test BE15-1 Buttercup Corporation issued 300 shares of \$10 par value common stock for \$4,500. Prepare Buttercup's journal entry. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.) BE15-2 Swarten Corporation issued 600 shares of no-par common stock for \$8,200. Prepare Swarten's journal entry if (a) the stock has no stated value, and (b) the stock has a stated value of \$2 per share. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.) BE15-3 Wilco Corporation has the following account balances at December 31, 2012. Common stock, \$5 par value \$510,000 Treasury stock 90,000 Retained earnings 2,340,000 Paid-in capital in excess of par 1,320,000 Prepare Wilco's December 31, 2012, stockholders' equity section. BE15-4 Ravonette Corporation issued 300 shares of \$10 par value common stock and 100 shares of \$50 par value preferred stock for a lump sum of \$13,500. The common stock has a market price of \$20 per share, and the preferred stock has a market price of \$90 per share. Prepare the journal entry to record the issuance. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.) BE15-5 On February 1, 2012, Buffalo Corporation issued 3,000 shares of its \$5 par value common stock for land worth \$31,000. Prepare the...

Words: 1355 - Pages: 6

#### Acct 221 Final Exam Answers

...ACCT 221 Final Exam Answers Click Link Below To Buy: http://hwaid.com/shop/acct-221-final-exam-answers/ Question 1: 30% points: On December 31, 2014, Frick Incorporated, had the following balances (all balances are normal): Accounts Amount Preferred Stock, (\$100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding) \$1,000,000 Common Stock (\$10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding) \$1,000,000 Paid-in Capital in Excess of par, Common 150,000 Retained Earnings 700,000 The following events occurred during 2014 and were not recorded: a. On January 1, Frick declared a 5% stock dividend on its common stock when the market value of the common stock was \$15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25. b. On February 15, Frick reacquired 1,000 shares of common stock for \$20 each. c. On March 31, Frick reissued 250 shares of treasury stock for \$25 each. d. On July 1, Frick reissued 500 shares of treasury stock for \$16 each. e. On October 1, Frick declared full year dividends for preferred stock and \$1.50 cash dividends for outstanding shares and paid shareholders on October 15. f. One December 15, Frick split common stock 2 shares for 1. g. Net Income for 2014 was \$275,000. Requirements: a. Prepare journal entries for the transactions listed above. b. Prepare a Stockholders’ section of a classified balance sheet as of December 31,......

Words: 2564 - Pages: 11

#### Acct 550 Week 8 Final Exam

...ACCT 550 Week 8 Final Exam Click Link Below To Buy: http://hwaid.com/shop/acct-550-week-8-final-exam/ 1. (TCO A) Listed below are several information characteristics and accounting principles and assumptions. Each of these items is assigned a number. Match the number of each with the appropriate phrase that states its application. Note: Each answer may be used multiple times 2. (TCO B) Adjusting Entries: Minnie Smile, D.D.S. opened a dental practice on January 1, 201X. During the first month of operations the following transactions occurred: performed services for patients who had dental plan insurance. At January 31, \$1,000 of such services was earned but not yet billed to the insurance companies. Salaries were incurred totaling \$800 but not paid at month-end. Supplies totaling \$600 were purchased on account. Prepare the adjusting entries on January 31 for a) service revenue, b) salaries expense, and c) supplies expense. Omit explanations. For each journal entry write Dr. for debit and Cr. for credit. 3. (TCO B) Adjusting Entries: Seymor Stars is the new owner of Night Computer Services. At the end of August 201X, his first month of ownership, Seymor is trying to prepare monthly financial statements. At August 31, Seymor owed his employees \$2,900 in wages that will be paid on September 1. At the end of the month he had not yet received the month’s utility bill. Based on past experience, he estimated that the bill would be approximately \$600. A......

Words: 1905 - Pages: 8

Free Essay

#### Acct 557 Final Exam

Words: 884 - Pages: 4

#### Acct 557 Final Exam

...ACCT 557 Final Exam Purchase here https://sellfy.com/p/zBqx/ Product Description . (TCO A) Benny Building, Inc. won a bid for a new warehouse building contract.Below is information from the project accountant. Total Construction Fixed Price \$25,000,000 Construction Start Date June 13, 2012 Construction Complete Date December 16, 2013 As of Dec. 31… 2012 2013 Actual cost incurred \$11,500,000 \$8,360,000 Estimated remaining costs \$8,250,000 \$- Billed to customer \$9,000,000 \$16,000,000 Received from customer \$7,500,000 \$16,500,000 Assuming Benny Building, Inc. uses the completed contract method, what amount of gross profit would be recognized in 2013? 2. (TCO B) At the beginning of 2012, Barbara, Inc. has a deferred tax asset of \$8,000 and deferred tax liability of \$6,500. In 2012, pretax financial income was \$600,000 and the tax rate was 35%. Pretax income included: Interest income from municipal bonds \$25,000 Accrued warranty costs, estimated to be used in 2013 \$74,000 Prepaid rent expense, will be used in 2013 \$16,000 Installment sales revenue, to be collected in 2013 \$45,000 Operating loss carryforward \$36,000 What is the adjustment needed to correct the balance of deferred tax asset for 2012? 3. (TCO C) Presented below is pension information related to Baked Goods, Inc. for the year 2013. Service cost \$103,000 Interest on projected benefit obligation \$65,000 Interest on vested benefits \$12,000 Amortization of prior service...

Words: 7549 - Pages: 31