BUS 475 FINAL EXAM GUIDE 1

BUS 475 FINAL EXAM GUIDE 1

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BUS 475 FINAL EXAM GUIDE 1

BUS 475 Final Exam Guide 1

1) A well-designed activity-based costing system starts with __________.

2) “Generally accepted” in the phrase generally accepted accounting principles means that the principles __________.
3) The income statement and balance sheet columns of Pine Company’s worksheet reflects the following totals:
Income Statement Balance Sheet
Dr. Cr. Dr. Cr.
Totals $58,000 $48,000 $34,000 $44,000
The net income (or loss) for the period is __________.
4) These are selected account balances on December 31, 2008.
Land (location of the corporation’s office building) $150,000
Land (held for future use) 225,000
Corporate Office Building 900,000
Inventory 300,000
Equipment 675,000
Office Furniture 150,000
5) The first step in activity-based costing is to __________.
6) Hess, Inc. sells a single product with a contribution margin of $12 per unit and fixed costs of $74,400 and sales for the current year of

$100,000. How much is Hess’s break even point?
7) Sam’s Used Cars uses the specific identification method of costing inventory. During March, Sam purchased three cars for $6,000,

$7,500, and $9,750, respectively. During March, two cars are sold for $9,000 each. Sam determines that at March 31, the $9,750 car is

still on hand. What is Sam’s gross profit for March?
8) These are selected account balances on December 31, 2008.
Land (location of the corporation’s office building) $100,000
Land (held for future use) 150,000
Corporate Office Building 600,000
Inventory 200,000
Equipment 450,000
Office Furniture 100,000
Accumulated Depreciation 300,000
What is the net amount of property, plant, and equipment that will appear on the balance sheet?
9) The income...