ACCOUNTING 350 FINAL EXAM- ACC-350 Final Exam Questions and Answers: Grand Canyon University
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ACC-350
ACC-350 Final Exam
TRISH DO
1) Five Seasons is a merchandiser of packed foods. The company provides the following information for the year 2015:
Sales Revenue $140,000
Cost of Goods Sold $63,000
Operating Expenses $67,500
Net Income $9,500
Number of Units Sold 27,000
How much was the ...
ACC-350 Final Exam
TRISH DO
1) Five Seasons is a merchandiser of packed foods. The company provides the following
information for the year 2015:
Sales Revenue $140,000
Cost of Goods Sold $63,000
Operating Expenses $67,500
Net Income $9,500
Number of Units Sold 27,000
How much was the unit cost per unit of product sold?
A) $3.14
B) $5.18
C) $2.33
D) $0.82
2) Jezebel Company incurred fixed costs of $300,000. Total costs, both fixed and variable, are
$450,000 when 50,000 units are produced. It sold 35,000 units during the year. Calculate the
variable cost per unit.
A) $9
B) $12
C) $6
D) $3
3) True or False: Purely Pizza Company sells pizzas in two different sizes—medium and large.
The number of medium pizzas sold is twice the number of large pizzas sold. The contribution
margin of a medium pizza is $10 and the contribution margin of a large pizza is $16. The
weighted average contribution margin is $15.
Answer is TRUE
4) Jame Company sells glass vases at a wholesale price of $3 per unit. The variable cost of
manufacture is $1.75 per unit. The fixed costs are $7,500 per month. Jame sold 5,500 units
during this month. Calculate Jame's operating income (loss) for this month.
A) $9,000
B) $625
C) ($625)
D) ($7,500)
5) Which of the following formulae is the right formula for calculating contribution margin
ratio?
A) Contribution margin ratio = Contribution margin + Net sales revenue
, B) Contribution margin ratio = Contribution margin ÷ Net sales revenue
C) Contribution margin ratio = Contribution margin × Net sales revenue
D) Contribution margin ratio = Contribution margin - Net sales revenue
6) True or False: The NPV method of evaluating capital investments suggests that a project with
positive net cash inflows that exceed the cost of the investment should be accepted.
Answer is FALSE
7) A3+ has prepared its 3rd quarter budget and provided the following data:
Jul Aug Sep
Cash collections $50,000 $40,000 $48,000
Cash payments:
Purchases of inventory 31,000 22,000 18,000
Operating expenses 12,000 9,000 11,600
Capital expenditures 13,000 25,000 0
The cash balance on June 30 is projected to be $4,000. The company has to maintain a minimum
cash balance of $5,000 and is authorized to borrow at the end of each month to make up any
shortfalls. It may borrow in increments of $5,000 and has to pay interest every month at an
annual rate of 5%. All financing transactions are assumed to take place at the end of the month.
The loan balance should be repaid in increments of $5,000 whenever there is surplus cash.
How much will the company have to borrow at the end of July?
A) $0
B) $5,000
C) $15,000
D) $10,000
8) A summary of significant accounting policies and explanations of specific items on the
financial statements will be given in:
A) the balance sheet.
B) the income statement.
C) notes to financial statements.
D) the report of independent registered public accounting firm.
9) When the total fixed costs increases, the breakeven point:
A) increases.
B) decreases.
C) decreases proportionately.
D) remains the same.
10) The vertical analysis statement of Nobell Inc. is as below:
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