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BUSN 278 Final Exam

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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 1

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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 Exam

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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

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Temeka Bodine2's insight:

(TCO A) Benny Building, Inc. won a bid for a new warehouse building contract.
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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BUSN 258 Final Exam Set 2

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Temeka Bodine2's insight:

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 Exam

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Temeka Bodine2's insight:

(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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ACCT 567 Final Exam

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Temeka Bodine2's insight:

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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ACCT 555 Final Exam

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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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