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BUSN 278 Final Exa

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1. (TCO 7) The first step in creating the master budget is the sales budget. Describe this budget and the information it includes. Why is the accuracy of the sales budget important?

2. (TCO 9) Understanding how costs behave can help managers plan operations and choose between various courses of action

3. (TCO 6) Yappy Company is considering a capital investment of $320,000 in additional equipment. The new equipment is expected to have a useful life of 8 years with no salvage value. Depreciation is computed by the straight-line method. During the life of the investment, annual net income and cash inflows are expected to be $25,000 and $65,000, respectively. Yappy requires a 10% return on all new investments.

4. (TCO 7) Roswell Company has budgeted sales revenue as follows for the next 4 months as follows:

5. (TCO 8) Eastern Company’s budgeted and actual sales for 2009 were

6. (TCO 9) The Mays Clinic has the following monthly telephone records and costs

1. (TCO 7) The first step in creating the master budget is the sales budget. Describe this budget and the information it includes. Why is the accuracy of the sales budget important? (Points : 20)

2. (TCO 9) Understanding how costs behave can help managers plan operations and choose between various courses of action

3. (TCO 6) Yappy Company is considering a capital investment of $320,000 in additional equipment. The new equipment is expected to have a useful life of 8 years with no salvage value. Depreciation is computed by the straight-line method. During the life of the investment, annual net income and cash inflows are expected to be $25,000 and $65,000, respectively. Yappy requires a 10% return on all new investments

4. (TCO 7) Roswell Company has budgeted sales revenue as follows for the next 4 months as follows:

5. (TCO 8) Eastern Company’s budgeted and actual sales for 2009 were

6. (TCO 9) The Mays Clinic has the following monthly telephone records and costs

(TCO 6) Yappy Company is considering a capital investment of $320,000 in additional equipment. The new equipment is expected to have a useful life of 8 years with no salvage value. Depreciation is computed by the straight-line method. During the life of the investment, annual net income and cash inflows are expected to be $25,000 and $65,000, respectively. Yappy requires a 10% return on all new investments

(TCO 7) Roswell Company has budgeted sales revenue as follows for the next 4 months as follows:

(TCO 8) Eastern Company’s budgeted and actual sales for 2009 were:

(TCO 9) The Mays Clinic has the following monthly telephone records and costs:

 
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BUSN 258 Final Exam Set

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1. Question : (TCO 1) The best way to win customer loyalty is to:

2. Question : (TCO 2) Which of the following problems is NOT listed as a people turnoff?

3. Question : (TCO 3) Small companies can compete against larger ones if they offer:

4. Question : (TCO 4) Which of the following is NOT an example of something a company can do to enhance extrinsic value?

5. Question : (TCO 5) Companies cannot wait years for their customers to see long-term value, so they should:

6. Question : (TCO 4) Smart companies connect with their customers through:

7. Question : (TCO 5) Intrinsic value arises from:

8. Question : (TCO 5) Communication efficiency is:

9. Question : (TCO 5) Customer convenience stems from:

10. Question : (TCO 4) How long do Americans want to spend preparing a meal?

11. Question : (TCO 9) To avoid requiring customers to do repetitive tasks:

12. Question : (TCO 8) A company’s culture is made up of:

13. Question : (TCO 8) Many customers get their first impression of your company from:

14. Question : (TCO 9) Calling yourself Mr. or Ms. may give the impression that:

15. Question : (TCO 8) Which employees do most customers associate with a company?

16. Question : (TCO 10) The three-step process for acting on complaints does NOT include:

17. Question : (TCO 10) What percent of customers whose complaints are dealt with report a willingness to do business with a company again?

18. Question : (TCO 10) Feedback is a form of:

19. Question : (TCO 10) A quick response to a customer’s problem should convey:

20. Question : (TCO 11) When it comes to listening versus speaking:

21. Question : (TCO 12) A good strategy with an angry customer is:

22. Question : (TCO 6) Which of the following behaviors is NOT characteristic of aggressive people?

23. Question : (TCO 11) Abrasiveness refers to:

24. Question : (TCO 13) In the NPS formula, the P stands for:

25. Question : (TCO 13) Market share refers to:

1. Question : (TCO 1, 2) Define and explain the NPS formula and how it applies to customer satisfaction.

2. Question : (TCO 4,5) Explain the concept of goodness of product fit.

3. Question : (TCO 6, 7) Describe the two personalities a customer will encounter when doing business with an organization, and provide examples of each from your own experience.

4. Question : (TCO 8, 9) Describe at least three techniques that companies can use to successfully engage their customers. What are your recommendations for improving a company’s ability to engage their customers?

5. Question : (TCO 13) Describe the difference between customer share and market share. Explain which concept is more important.

 
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BIS 155 Final Exa

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1. (TCO 1) You work for a local construction firm, “DeVry Engineering Group” and your supervisor wants to test your knowledge and skills with Microsoft Excel and has instructed you to develop a spreadsheet to calculate weekly payroll for “15” employees with the following assumptions:Note: This is a one part question. 

• Each employee could have a standard hourly rate between $10.00 and $30.00 per hour.
• Each employee qualifies to earn overtime at a rate of 1.5 of his or her hourly rate for every hour greater than 40 hours.
• Each employee will have a standard 7.65% deduction for social security
• Each employee will have a standard 14.00% deduction for Federal Taxes
• Each employee will have a standard 5.33% deduction for State TaxesExplain how you will structure and format your worksheet, including titles, column headings, and formulas to calculate payroll variables for each employee to determine “Net Pay” including and not limited to Total Hours, Gross Pay, Social Security Tax, Federal Withholding Tax, and Sate Withholding Tax. In addition, determine how you would extract overtime hours from a calculated value of “Total Hours” using a conditional formula.

In addition, your supervisor will need this weekly payroll report on a weekly basis and instructed you to keep the payroll history of all weeks within “1″ workbook but has allowed you to decide if you would rather keep the payroll running on one worksheet or by assigning a new worksheet for each week. Using your knowledge learned in this class, descriptively explain whether you would keep all weekly payrolls in one worksheet or assigned to new worksheets by week. Defend your reasoning’s on the approach your take based on what you have learned in this course.

(Points : 40)

 

2. (TCO 3) You currently work for an automotive parts supply store. Your company is growing and is considering expansion. The company currently has three locations (North, South, and Central) in one state. Each parts supply store carries inventory in four categories. You have been presented with the sales figures for the last three years for each location and inventory category by store. Based on this information, you’re tasked with analyzing current sales for each store by category and overall total sales by store and category.Note: This is a four part question.1.) Explain your approach to setting up your worksheets and organizing the data. 

2.) Explain how you will visually represent the data for the total sales of the individual inventory categories for each location for the time periods shown.

3.) Explain how you will visually represent the consolidated data for the sales of all stores and all inventory categories for all time periods in one chart or graph.

4.) Once you have finished the above tasks, you plan to send the Excel workbook to your manager for evaluation. Your manger is presenting your findings to the Board of Directors for justification for additional capital expenditures. The visually representations need to be concise and clear by able to support the requested expenditures. Explain how you would use the integration features of MS Office to incorporate the Excel information into other presentation media.

(Points : 40)

 

3. (TCO 4) You are given a spreadsheet with daily sales numbers ordered by date from January 1st to December 31st. You have been tasked with finding the average sales of each month, then to reorder the months so they are listed in order from highest to lowest average sales. Give a step-by-step explanation of how you will rearrange the data so you can analyze the best and worst months.Note: This is a one part question.(Points : 40) 

 

4. (TCO 5) You’ve just joined the staff of the XYZ Manufacturing Company (XYZ, for short). XYZ manufactures only one product, the gizmo. It comes in two sizes, the mini-gizmo and the magna-gizmo. Both are difficult to manufacture, and consequently, the company closely monitors rejected units. The company has three locations, each of which produces both the mini and the magna-gizmos. You are automating the weekly production reports so that you can easily calculate total production for the entire company each week.
The mini-gizmo is priced at $3.25 per unit. The magna-gizmo is priced at $7.00 per unit. The unit cost for a reject mini-gizmo is $1.75. The cost for a reject magna-gizmo is $3.50. Respond fully to the following questions regarding this task:Note: This is a two part question.1.) The managers will e-mail their weekly reports to you on Monday of the following week. You will then produce the summary report. Explain the process for doing this. Give a sample formula to total the number of mini-gizmos produced by the entire company in a week. 

2.) Each week, you will present the combined report to your boss, who wants to see both the summary and the individual sheets for each location. You want to add a header with the date and your name to each page. What is the easiest way to do this? Explain the process.

(Points : 40)

 

5. (TCO 9) You have been tasked with analyzing an extremely large amount of data and to ultimately produce a report to share with the board of directors. The data is currently in a text file and has over two thousand records of data. Explain how you would use Excel to analyze this data and organize it to prepare a written report. Be very specific on the variety of tools you would use and the steps you would go through to analyze the data and to ultimately prepare a detailed report with recommendations.

 
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ACCT 557 Final Exam (Set 2

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1. (TCO A) Amazon Building, Inc. won a bid for a new warehouse building contract.
Below is information from the project accountant.
Total Construction Fixed Price                       $15,000,000
Construction Start Date                                  June 13, 2012
Construction Complete Date                          December 16, 2013

As of Dec. 31…                                              2012                2013
Actual cost incurred                                        $6,500,000      $4,360,000
Estimated remaining costs                              $5,250,000      $-
Billed to customer                                           $5,000,000      $7,000,000
Received from customer                                  $4,500,000      $6,500,000
Assuming Amazon Building, Inc. uses the completed contract method, what amount of gross profit would be recognized in 2013? (Points : 5)

$4,140,000
$2,342,128
$2,390,000
$2,290,213

2. (TCO B) At the beginning of 2012, Annie, Inc. has a deferred tax asset of $7,500 and deferred tax liability of $10,500. In 2012, pretax financial income was $826,000 and the tax rate was 35%.
Pretax income included:
Interest income from municipal bonds                                               $15,000
Accrued warranty costs, estimated to be used in 2013                       $74,000
Prepaid rent expense, will be used in 2013                                        $31,000
Installment sales revenue, to be collected in 2013                              $56,000
Operating loss carryforward                                                              $71,000
What is taxable income for 2012? (Points : 5)

$727,000
$826,000
$915,000
$1,073,000

3. (TCO C) Presented below is pension information related to Amazing Goods, Inc. for the year 2013.
Service cost                                                                                   $96,000
Interest on projected benefit obligation                                              $53,000
Interest on vested benefits                                                               $25,000
Amortization of prior service cost due to increase in benefits              $10,000
Expected return on plan assets                                                       $19,000
The amount of pension expense to be reported for 2013 is (Points : 5)

$130,000.
$140,000.
$165,000.
$184,000

4. (TCO C) Apple Dumpling, Inc. sponsors a defined-benefit pension plan. The following data relates to the operation of the plan for the year 2013.
Service cost                                                                 $280,000
Contributions to the plan                                               $270,000
Actual return on plan assets                                          $260,000
Projected benefit obligation (beginning of year)                $2,900,000
Fair value of plan assets (beginning of year    )                $2,700,000
The expected return on plan assets and the settlement rate were both 10%. The amount of pension expense reported for 2013 is (Points : 5)

$280,000.00.
$310,000.00.
$300,000.00.
$570,000.00

5. (TCO D) Animal, Inc. leased equipment from Zoo Enterprises under a 4-year lease requiring equal annual payments of $51,000, with the first payment due at lease inception. The lease does not transfer ownership, nor is there a bargain purchase option. The equipment has a 4-year useful life and no salvage value. Animal, Inc.’s incremental borrowing rate is 10% and the rate implicit in the lease (which is known by Pisa, Inc.) is 8%. Assuming that this lease is properly classified as a capital lease, what is the amount of interest expense recorded by Animal, Inc. in the first year of the asset’s life?
PV Annuity Due         PV Ordinary Annuity
8%, 5 periods                          4.31213                       3.99271
10%, 5 periods                        4.16986                       3.79079 (Points : 5)

0
$13,513
$16,290
$17,593

6. (TCO E) On December 31, 2013, Bob’s Trucking, Inc. appropriately changed its inventory valuation method from weighted-average cost to FIFO method for financial statement and income tax purposes. The change will result in an $800,000 increase in the beginning inventory at January 1, 2013. Assume a 40% income tax rate. The cumulative effect of this accounting change on beginning retained earnings is (Points : 5)

$-.
$800,000.
$480,000.
$320,000

7. (TCO E) Which of the following is not a change in accounting estimate? (Points : 5)

Change in amortization period for an intangible asset.
Change from straight-line to sum-of-the-years’-digits method of depreciation.
Change because of understatement of inventory.
Change in residual value of a depreciable plant asset

8. (TCO F) Amazing Glory, Inc. recognized a net income of $95,000 including $20,500 in depreciation expense.
Additional changes from the balance sheet are as follows.
Accounts Receivable                $800               decrease
Prepaid Expenses                   $14,000           decrease
Inventory                                  $25,000          increase
Accrued Liabilities                    $6,500            decrease
Accounts Payable                    $12,000          increase
Compute the net cash from operating activities based on the above information. (Points : 5)

$79,000
$50,700
$110,800
$132,000

9. (TCO G) Items that affect the realizability of accounts receivable that are revealed after the balance sheet date but before the financial statements are issued should be (Points : 5)

disclosed only in the Notes to the Financial Statements.
discussed only in the MD&A (Management’s Discussion and Analysis) section of the annual report.
used to record an adjustment to Bad Debt Expense for the year ending December 31, 2013.
used to record an adjustment directly to the retained earnings account

10. (TCO G) Adventure, Inc. is a company that operates in four different divisions. The following information relating to each segment is available for 2013.
Sales revenue  Operating profit (loss) Identifiable assets

A  $85,000           $31,000                      $56,000
B  $105,000         $(16,000)                    $82,000
C  $250,000         $112,000                     $640,000
D  $20,000           $4,000                        $35,000

Required:
For which of the segments would information have to be disclosed in accordance with professional pronouncements? (Points : 5)

 

Segments A, B, C, and D
Segments A, B, and C
Segments A and B
Segments A and D

1. (TCO A) Adam’s Adorable Creations Company
Adam’s Adorable Creations Company provided the following financial information for its installment-sales for the current year.
Financial Data:
Installment sales for current year                    $2,500,000
Cost of goods sold on installment basis          $2,000,000
Repossessed merchandise: Estimated value   $32,000
Repossessed merchandise: Unpaid balances  $45,000
Payments by customers                                $1,600,000
Required:
a) Prepare journal entries for the end of the year based on the information above.
b) Prepare the entry to record the gross profit realized in the current year.

2. (TCO B) The Accent Corporation shows the following information.
On January 1, 2012, Accent purchased a donut machine for $600,000.
A) Pretax financial income is $3,200,000 in 2012 and $3,500,000 in 2013.
B) Taxable income is expected in future years with an expected tax rate of 40%.
C) The company recognized an extraordinary gain of $200,000 in 2013 (which is fully taxable).
D) Tax-exempt municipal bonds yielded interest of $240,000 in 2013.
E) Half-year convention for 6 years for financial reporting (See Appendix 11A.)
F) Straight-line basis depreciation for 4 years for tax purposes
Required:
1)        Compute taxable income and income taxes payable for 2013.
2)        Prepare the journal entries for income tax expense, income taxes payable, and deferred taxes for 2013.
3)        Prepare the deferred income taxes presentation for December 31, 2013 balance sheet

3. (TCO D) Absolute Leasing, Inc. agrees to lease equipment to Allen, Inc. on January 1, 2012. They agree on the following terms:
1) The normal selling price of the equipment is $600,000 and the cost of the asset to Absolute Leasing, Inc. was $475,000.
2) At the end of the lease, the equipment will revert to Absolute Leasing, Inc. and have an unguaranteed residual value of $60,000. Their implicit interest rate is 10%.
3) The lease is noncancelable with no renewal option.  The lease term is 10 years (the same as the estimated economic life).
4) Absolute Leasing, Inc. incurred costs of $10,000 in negotiating and closing the lease. There are no uncertainties regarding additional costs yet to be incurred and the collectability of the lease payments is reasonably predictable.
5) The lease begins on January 1, 2012 and payments will be in equal annual installments.
6) Allen will pay all maintenance, insurance, and tax costs directly and annual payments of $65,000 on January 1 of each year.

Required:
a) Determine what type of lease this would be for the lessee and calculate the initial obligation.
b) Prepare Allen, Inc.’s amortization schedule for the lease terms.
c) Prepare all the journal entries for Allen, Inc. for 2012. Assume a calendar year fiscal year

4. (TCO F) Cash flows from operating activities (indirect and direct methods).

Presented below is the income statement of Angola, Inc.
Sales    $324,000
Cost of goods sold      $214,000
Gross profit     $110,000
Operating expenses     $67,000
Income before income taxes   $43,000
Income taxes   $17,200
Net income      $25,800

In addition, the following information related to net changes in working capital is presented.
Debit              Credit
Cash    $10,600
Accounts receivable                $2,400
Inventories                  $3,600
Salaries payable (operating expenses) $12,000
Accounts payable        $15,000
Income taxes payable  $1,400

Depreciation expense for the year was $14,700
Deferred tax liability account increased $1,800

Required:
Prepare a schedule computing the net cash flow from operating activities that would be shown on a statement of cash flows
-(a)       using the indirect method.
-(b)      using the direct method

5. (TCO G) Selected financial ratios.
The following information pertains to Allbright, Inc.
Cash                                                    $75,000
Accounts receivable                            $190,000
Inventory                                            $130,000
Plant assets (net)                                 $650,000
Total assets                                          $1,045,000

Accounts payable                                $140,000
Accrued taxes and expenses payable  $32,000
Long-term debt                                   $165,000
Common stock ($10 par)                    $265,000
Paid-in capital in excess of par           $120,000
Retained earnings                               $495,000
Total equities                                       $1,045,000

Net sales (all on credit)                       $1,800,000
Cost of goods sold                              $1,200,000
General & Admin Expenses               $430,000
Net income                                          $170,000

Required
Compute the following: (It is not necessary to use averages for any balance sheet figures involved.)
(a)       Current ratio
(b)      Inventory turnover
(c)       Receivables turnover
(d)      Book value per share
(e)       Earnings per share
(f)       Debt to total assets
(g)      Profit margin on sales
(h)      Return on common stock equity

6. (TCO E) Please describe the requirements for a change in accounting principle and at least four reasons why companies might implement a change in accounting principle

 
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ACCT 555 Final Exa

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1. (TCO A) There are ten generally accepted auditing standards, divided into three categories. What are the standards of reporting?

2. (TCO A) Distinguish between generally accepted auditing standards (GAAS) and generally accepted accounting principles (GAAP). What professional organization establishes GAAS? What professional organization establishes GAAP?

3. (TCO B) Assume you are the partner in charge of the audit of Franklin Corporation’s 2002 financial statements. The audit report has not yet been prepared. In each independent situation following, indicate the appropriate opinion you should issue and why you would issue that opinion.

4. (TCO C) State whether there is any violation of the AICPA Code of Professional Conduct, and the nature of the violation. Where there is a violation, evaluate the potential legal liability the accountant may face. Justify your position.

5. (TCO D) Discuss at least five of the actions that can be taken by individual CPAs, to protect themselves from legal liability

6. (TCO E) Bobby Thigpen, waiter at Relief Stop, has been taking cash from the restaurant. Thigpen prepares a customer’s check from which the customer pays. Thigpen then destroys the check, and prepares a new one with different items of lower cost. He presents the new check and indicated amount on the check to the cashier, and saves the excess cash for himself. Question: Formulate three internal control features that the restaurant could implement, to eliminate this defalcation.

7. (TCO G) Three types of legal documents and records that auditors examine in the planning phase of an audit are the corporate charter and bylaws, corporate minutes of meetings of the board of directors and stockholders, and contracts. Discuss the audit-relevant information contained in each of these three types of documents that an auditor should be aware of early in the audit

1. (TCO F) What are specific audit objectives? Explain their relationship to the general audit objectives.

2. (TCO H) Explain why it is necessary to allocate the preliminary judgment about materiality to individual accounts (segments) in the financial statements. Also explain why allocating to balance sheet accounts is more common than allocating to income statement accounts

3. (TCO I) For each of the following potential misstatements, provide one potential audit test that could be used to detect the misstatement

4. (TCO I) Describe how the auditor tests the classification objective for accounts receivable. (Points: 25)

The classification objective is tested by reviewing the aged trial balance for material receivables from affiliates, officers, directors, or other related parties. If notes receivable or accounts that should not be classified as a current asset are included with the regular accounts, these should also be segregated. Finally, if credit balances in accounts receivable are significant, it is appropriate to reclassify them as accounts payable

5. (TCO I) The design of tests of details of balances for inventory is affected by audit results from multiple cycles. Identify the cycles, other than the inventory and warehousing cycle, that affect the audit of inventory

6. (TCO J) Describe three computer auditing techniques available to the auditor

7. (TCO K) Match seven of the terms (a-p) with the description/definitions provided below (1-7):

 
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BUSN 258 Final Exam Set

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1. Question : (TCO 1) The first step to reduce waiting time is to:

2. Question : (TCO 2) Communication turnoffs often occur when employees are ignorant of:

3. Question : (TCO 3) Small companies can compete against larger ones if they offer:

4. Question : (TCO 4) Value arises from a tradeoff between:

5. Question : (TCO 5) To enhance value through goodness of product fit:

6. Question : (TCO 4) If several people are asking the same question, you have:

7. Question : (TCO 5) Intrinsic value arises from:

8. Question : (TCO 5) The best companies to work for:

9. Question : (TCO 5) Customer convenience stems from:

10. Question : (TCO 4) Communication effectiveness is NOT best achieved when the message is:

11. Question : (TCO 9) Excellent organizations are:

12. Question : (TCO 8) Behavior is:

13. Question : (TCO 8) One problem with not seeing the person you are talking to is:

14. Question : (TCO 9) How far from your mouth should the telephone mouthpiece be?

15. Question : (TCO 8) To end a call:

16. Question : (TCO 10) Customer dissatisfaction with a firm’s phone call handling stems from:

17. Question : (TCO 10) Open communication occurs best when:

18. Question : (TCO 10) Feedback is a form of:

19. Question : (TCO 10) Which of the following strategies is NOT a great method of soliciting feedback?

20. Question : (TCO 12) Positive language conveys more of what than negative language?

21. Question : (TCO 12) A good strategy with an angry customer is:

22. Question : (TCO 6) Assertiveness and abrasiveness are:

23. Question : (TCO 11) An average company will lose what percentage of its customers every five years?

24. Question : (TCO 13) Interactivity between businesses and customers:

25. Question : (TCO 13) The fastest growing population in the U.S. today is:

1. Question : (TCO 1, 2) Evaluate the following statement. Your complaining customer is often your least valuable/most valuable customer. Back up your answer with concepts and examples.

2. Question : (TCO 4, 5) Discuss the impact of ignoring e-mails or delaying responses to e-mail from customers in a business setting.

3. Question : (TCO 6, 7) Describe the two personalities a customer will encounter when doing business with an organization, and provide examples of each from your own experience.

4. Question : (TCO 8, 9) Sometimes we walk into a store and we feel like we’re the most important person in the world. Other times, we enter a business, and we might as well be invisible. What are some examples of companies that succeed and companies that fail in engaging their customers? What are your recommendations for improvement for places you do business?

5. Question : (TCO 13) Explain the concept of personalized self-serve solutions and the role of Web content as it relates to a customer’s individual needs.

 
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BIS 245 Final Exa

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(TCO 1) Which object would you use to enter, delete, or modify data?

(TCO 1) Which object would you use to retrieve customers who live in Germany and the United States?

(TCO 1) To design a report you should do all of the following EXCEPT

(TCO 1) Which of the following is NOT a Report Section?

(TCO 1) A Detail line is used to

(TCO 2) For the following image, which of the following is TRUE?

(TCO 2) A symbol used in ER diagrams for an entity is a

(TCO 3) A property that provides a “user friendly” name to a column in Datasheet View is a

(TCO 3) Summarized data in an easy-to-read view is known as a

(TCO 3) Which of the following is NOT true of a property?

(TCO 4) Which of the following does NOT describe the following one-to-one relationship?

(TCO 5) Which form type displays records in a tabular format similar to a Datasheet view but has more editing options such as adding graphics?

(TCO 5) A calculated control

(TCO 6) Which of the following is a term used to describe the names of controls, fields, or properties?

(TCO 6) Data aggregates

(TCO 7) When making vertical data comparisons, you should use the following chart.

(TCO 7) Discrete data

(TCO 8) A switchboard is a

(TCO 9) To secure an Access database, all of the following should be done EXCEPT

(TCO 9) All of the following describe a certification authority EXCEPT

(TCO 10) Which of the following file format types removes all VBA code from the database and prohibits users from making changes to forms and reports?

(TCO 4) The term “cascading” refers to

(TCO 1) Describe three-tier architecture. Explain the functions performed by each tier.

(TCO 2) Explain business logic and describe how it relates to a relational database

(TCO 4) From first normal form, second normal form, or third normal form, select one of these forms and explain (1) how that normal form is often violated by inexperienced database designers and (2) how to correct such a violation of that normal form

(TCO 4) Explain 1NF, 2NF, and 3NF as related to database design

 
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1. (TCO A) On what should the government-wide financial statements report? (Points : 5)

Net position and results of the financial operations of the government as a whole.
Budgetary Compliance
The cost of government services
Fiscal accountability

2. (TCO B) According to GASB standards, when should transfers be recognized? (Points : 5)

When earned.
When collected in cash.
When authorized by the budget ordinance.
In the period the interfund receivable and payable arise.

3. (TCO C) Comparisons of budgeted versus actual revenues and expenditures are a requirement of which of the following situations? (Points : 5)

Required by GAAP for the general fund and major special revenue funds for which an annual budget has been legally adopted.
Required by GAAP for all government fund types.
Required by GAAP for internal management reports only, they are not permitted for external financial reporting.
It is optional under GASB standards for all funds.

4. (TCO D) The revenues account of a government entity is debited when (Points : 5)

the budget is recorded at the beginning of the year.
property taxes are recorded.
the account is closed to fund balance-unassigned at the end of the year.
property taxes are collected.

5. (TCO E) During the year, a wealthy local businessman donated a building to city of Perris. The original cost of the building was $340,000. Accumulated depreciation at the date of the gift amounted to $220,000. The appraised fair market value of the donation at the date of the gift was $525,000 of which $35,000 was the value of the land on which the building was situated. At what amount should the city record this donated property in the governmental activities accounts at the government-wide level? (Points : 5)

$220,000.
$120,000.
$340,000.
$525,000.

6. (TCO E) Which of the following resource inflows would be recorded as a revenue of a debt service fund? (Points : 5)

Receipt of the premium on a new bond issue.
Property taxes levied by the debt service fund for debt service purposes.
Taxes collected by the General Fund and transferred to the debt service fund.
Transfer of the residual equity of a capital projects fund to the debt service fund.

7. (TCO G) Which of the statements concerning agency funds is a true statement? (Points : 5)

Agency funds use the same basis of accounting as permanent funds.
Agency funds are reported only on the statement of fiduciary net position.
Agency funds use the temporary accounts—Additions and Deductions.
Agency funds never receive cash.

8. (TCO J) Which of the following items are typically reported differently between the governmental fund statements and the governmental activities column of the government-wide statements? (Points : 5)

Inventories
Cash collected on property taxes receivable
Capital outlays
Accounts Payable and other accrued expenses

9. (TCO H) A condition whereby the design or operation of a control does not allow management or employees in the normal course of performing their assigned functions, to prevent or detect and correct misstatements on a timely basis is called a(an) (Points : 5)

system design weakness.
deficiency.
unacceptable reportable condition.
audit alert item.

10. (TCO H) Under FASB Standards, how would a not-for-profit organization recognize a conditional pledge? (Points : 5)

It would disclose the amount of the conditional pledge in the notes to the financial statements.
It would debit Pledges Receivable and credit Deferred Contributions.
It would debit Pledges Receivable and credit Contributions—Temporarily Restricted.
It would not recognize the conditional pledge until pledge conditions are substantially met.

11. (TCO I) Which of the following items would not affect the amounts reported in the Revenues and Gains section of the statement of activities for a private college or university? (Points : 5)

Student tuition and fees
Net assets released from restriction
Tuition and fees discounts and allowances
Deferred revenues

12. (TCO I) The primary source of revenues for most hospitals are (Points : 5)

investment income.
capitation fees from health maintenance organizations.
exchange transactions, such as fees for services.
nonexchange transactions, such as contributions.

1. (TCOs D, E, F, and G) Please list the name of the fund(s) in which each of the following transactions or events would be recorded

2. (TCO F) The garbage collection of the city of Rockwell could be accounted for through the General Fund, a Special Revenue Fund, or an Enterprise Fund. Please identify the circumstances in which each of these fund types might be appropriate. (Points : 40)

3. (TCO I) During the fiscal year of June 2012, Jefferson General Hospital, a not-for-profit healthcare organization, had the following revenue-related transactions. (The amounts are summarized for the entire year.)

4. (TCO E) Enter the template provided in the answer space and record the following transactions in the Capital Projects Fund in the general journal for the following transactions.

5. (TCO F) The following Statement of Cash Receipts and Disbursements was prepared by the bookkeeper of the City of Glass City Museum of Science. The museum is a component unit of the City of Glass City and must be included in the city’s financial statements. It began operations on January 1, 2012 with no liabilities or commitments and only two assets.

(1) $6,000 in cash and (2) Land that was acquired for $11,000

 
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Below is information from the project accountant.

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%.

(TCO C) Presented below is pension information related to Baked Goods, Inc. for the year 2013

(TCO C) Bunny Hopping, Inc. sponsors a defined-benefit pension plan. The following data relate to the operation of the plan for the year 2013

(TCO D) Bucky, Inc. leased equipment from Green Enterprises under a 4-year lease requiring equal annual payments of $65,000, with the first payment due at lease inception. The lease does not transfer ownership, nor is there a bargain purchase option. The equipment has a 4-year useful life and no salvage value. Bucky, Inc.’s incremental borrowing rate is 10% and the rate implicit in the lease (which is known by Pisa, Inc.) is 8%. Assuming that this lease is properly classified as a capital lease, what is the amount of interest expense recorded by Bucky, Inc. in the first year of the asset’s life?

(TCO E) On December 31, 2013, Antique Salvage, Inc. appropriately changed its inventory valuation method  from weighted-average cost to FIFO method for financial statement and income tax purposes. The change will result in a $1,000,000 increase in the beginning inventory at January 1, 2013. Assume a 40% income tax rate. The cumulative effect of this accounting change on beginning retained earnings is

(TCO E) Which of the following is not a change in accounting estimate

(TCO F) Balancing Act, Inc recognized net income of $489,000 including $7,500 in depreciation expense

(TCO G) The disclosure of accounting policies is important to the financial statements when determining

(TCO G) Adventure, Inc is a company that operates in four different divisions. The following information relating to each segment is available for 2013

(TCO A) Bentley Corporation has several divisions. All operations keep their own accounting books and have chosen the appropriate method of revenue recognition

(TCO B) Buffy, Inc. qualifies to use the installment-sales method for tax purposes and sold an investment on an installment basis. The total gain of $750,000 was reported for financial reporting purposes in the period of sale. The installment period is 3 years; one third of the sale price is collected in 2012 and the rest in 2013. The tax rate was 40% in 2012, 35% in 2013, and 35% in 2014. The accounting and tax data is shown below

(TCO D) Bing Leasing, Inc. agrees to lease equipment to Boyd, Inc. on January 1, 2012. They agree on the following terms:

(TCO F) Financial data of Beautiful Beadwork Company for 2013 and 2012 are presented below

(TCO G) Selected financial ratios.
The following information pertains to Allbright, Inc

(TCO E) Changes in accounting principle include direct and indirect effects. Please discuss how the indirect effects of a change in accounting principle should be treated and disclosed

 
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1. (TCO E) For federal tax purposes, income attributable to the direct efforts of the tax payer, such as salary, is classified as:

2. (TCO D) Which of the following is an example of a nontaxable like-kind exchange?

3. (TCO H) Alex and Amy file a joint return for the 2012 tax year. Their adjusted gross income is $90,000. They had net investment income of $8,000. In 2012, they had the following interest expenses:
• Personal credit card interest: $5,000
• Home mortgage interest: $10,000
• Interest paid on qualified education loans: $2,000
• Investment interest (on loans used to buy stocks): $10,000
What is the interest deduction for Alex and Amy for the 2012 tax year?

4. (TCO B) Unreimbursed expenses of employees are considered to be deductions:

5. (TCO A) Which of the following expenditures is always an itemized deduction for individual taxpayers?

6. (TCO E) Adam sold a piece of business equipment that had an adjusted basis to him of $50,000. In return for the equipment, Adam received $80,000 cash and a painting with a fair market value of $20,000 from the buyer. The buyer also assumed Adam’s $25,000 loan on the equipment. Adam paid $5,000 in selling expenses. What is the amount of Adam’s gain on the sale?

7. (TCO I) Gary and Gerdy Gray purchased a home for $125,000 on September 15, 2010. On October 7, 2011 they were divorced, and as part of the divorce agreement, the home was transferred to Gerda, who sold the home on October 18, 2012 for $350,000. How much can Gerda exclude?

8. (TCO I) Under the accrual method of accounting, expenses are generally accrued when:

9. (TCO D) Sean, a calendar year taxpayer, purchased stock on June 18, 2011 for $8,000. The stock became worthless on June 4, 2012. What is Sean’s loss in 2012?

10. (TCO A) Which of the following is a primary source of tax authority?

11. (TCO F) A nonbusiness bad debt is deductible for tax purposes as a(n):

12. (TCO A) The art of using existing tax laws to pay the least amount of tax legally possible is known as:

13. (TCO C) Which of the following items is not taxable?

14. (TCO B) Under the terms of their divorce agreement executed in October 2011, Keith transferred Corporation M stock to his former wife, Karen, as a property settlement. At the time of the transfer, the stock had a basis to Keith of $20,000 and a fair market value of $50,000. What is the tax consequence of this transaction to Keith, and what is Karen’s basis in the Corporation M stock?

15. (TCO G) During 2012, Edward East had wages of $10,000 and received unemployment compensation of $6,200 from the state. Edward is single and 45 years old. What is the amount of unemployment compensation to be included in his gross income?

16. (TCO F) Hobby expenditures are deductible to the extent of:

1. (TCO E) In 2012, Uriah Stone received the following payments:

• Interest on refund of federal income tax for 2011: $400

• Interest on award for personal injuries in 2009 automobile accident: $300

• Interest on municipal bonds: $1,500

• United States savings bonds interest (Series H): $1,000

What amount, if any, should Mr. Stone report as interest income on his 2012 tax return?

2. (TCO G) Would any of the following items be deductible on an individual’s income tax return? If so, would the item be deductible for or from AGI? Explain each item.

(a) Hobby expenditures of $2,000 in excess of hobby gross income

(b) $3,000 loss on the sale of a personal sailboat

(c) Interest of $8,000 on money borrowed to purchase tax-exempt securities

3. (TCO F) Michael and Mary Mason sold for $380,000 in November of 2012 their residence that they had purchased in 2002 for $75,000. They made major capital improvements during their 10-year ownership totaling $25,000.

(a) What is their excluded gain? How much must they recognize?

(b) Suppose, instead, that the Masons sold their home for $720,000. They moved into a smaller house costing $220,000. What is their excluded gain? How much must they recognize?

4. (TCO G) John Baron, a professional baseball player, raises Black Angus cattle under circumstances that would indicate that the activity is a hobby. His adjusted gross income for the year is $50,000, and he has $500 of other miscellaneous itemized deductions, all of which are subject to the two-percent floor. During the taxable year, the feed for the cattle cost $1,500. The income from the sale of cattle was $1,400.

(a) Under the hobby loss rule, to what extent is the expense of $1,500 deductible?

(b) Under the two-percent-of-adjusted-gross-income limitation, how much is the overall deductible amount of his itemized deductions?

5. (TCO I) Rick, a single individual with a salary of $45,000, incurred and paid the following expenses during the year:

Student loan interest: $800

Medical expenses: $5,000

Alimony: $11,000

Mortgage interest on personal residence: $3,000

State income taxes: $4,000

Moving expenses: $1,500

Contribution to a traditional IRA: $2,000

Analyze the above expenses, and determine which ones are deductible for AGI. Please support your position.

6. (TCO I) Kim had the following transactions for 2012:

Salary: $48,000

Damage award (compensatory) for city bus accident: $18,000

Loss on sale of stock investment: $5,600

Loan from father to purchase auto: $14,000

Alimony paid to ex-wife: $8,000

What is Kim’s AGI for 2012?

7. (TCO F) Sara owns a sole proprietorship, and Phil is the sole shareholder of a C (regular) corporation. Each business sustained a $9,000 operating loss and a $2,000 capital loss for the year. Evaluate how these losses will affect the taxable income of the two owners?

8. (TCO B) Dave forms a corporation and transfers property having a basis to him of $22,000 and a fair market value of $29,000 to the corporation for 1,000 shares of $11 par stock. One year later, Hank transfers property having a basis to him of $3,500 and a fair market value of $4,500 for 100 shares of the stock. Hank is not related to Dave. The corporation issued no other stock.
(a) How much gain does Dave recognize on his exchange? What is the basis to Dave of his 1,000 shares?
(b) What gain or loss is recognized by the corporation when it issues its shares to Dave? What is the basis to the corporation of the property it received from Dave?
(c) What is the gain or loss that Hank recognizes on this transaction, and what is his basis in his 100 shares?

9. (TCO F) In 2012, OK Company had a net loss of $82,000 from operations. Jane owns OK Company and works 20 hours a week in the business. She has a large amount of income from other sources and is in the 35% marginal tax bracket. Would Jane’s tax situation be better if OK Company were a proprietorship or a C corporation? Explain why.

10. (TCO H) On May 18, 2012, Sara purchased 30 shares of ABC stock for $210, and on October 29, 2012, she purchased 90 additional shares for $900. On November 28, 2012, she sold 48 shares, which could not be specifically identified, for $576, and on December 8, 2012, she sold another 25 shares for $150. What is her recognized gain or loss?

 
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