Principles
of Accounting Competency Exam (PACE)
For those
individuals that plan to attend a four-year college or university,
be advised that you may be required to take and pass the PACE exam,
especially if you intend to enroll in a School of Business or
Accounting at
that institution.
My research
shows, without exception, that most four-year institutions require
students to take some form of the PACE exam, either prior to
registering, or within a few
weeks after starting an applicable degree program course (usually
accounting, finance, business administration, etc.).
To help you
prepare for the PACE, I am providing the following materials to
assist in the study process. These are the subjects and types
of questions you will encounter when taking the exam.
You may not need
this study material immediately, so at least download the files and
save them for future use when you may need them.
Click on the
green "XXXXXX"s for the desired format, to download a
copy.
Chapter
21 Homework Problem 21-4A
For Parts 1 and 2 of the homework problem, use the
General Model format (the textbook does not use the formula format for the
assignment).
Since we did not spend a lot of time on the overhead variances
in the chapter, I am providing the answers to Part 3 -
Overhead Variances for your homework assignment.
Controllable Variance:
Actual overhead ($2,350,000 +
$2,200,000)......$ 4,550,000
Budgeted overhead (at 90%
capacity)................ 4,560,000
Controllable
variance..............................................$ 10,000 (F)
Fixed Overhead Volume Variance:
Budgeted total overhead (at 90%
capacity)....................$ 4,560,000
Standard overhead applied (270,000 hrs @ $18)...........
4,860,000
Fixed overhead volume
variance...................................... $ 300,000 (F)
Note: I left the "(
)" off the negative amounts since the Connect System answers do not
use them.
Comprehensive
Problem
Since we have completed the required textbook chapters, you
are in a position to start work on this comprehensive problem.
This
is an optional extra credit problem.
Additional Notes for Completion of the Problem:
Part 1:
1. This problem is to be accomplished manually using the
forms you create, or the generic forms you download from the
"Course
Resources" webpage.
2. After completing this part, submit your
General Journal (for transactions" a." through "
l.") and June 30, 20xx Trial Balance.
Part 2:
1. Submit your formulas and
calculations for each of the requirements (items 1 through 5).
Make copies of the comprehensive problem
submission documents and send them to me by email. The
graded results will be posted to your grade book in Canvas.
Anyone desiring to complete this problem can obtain a copy of
the problem transactions and instructions, by clicking on
the desired format in the "Problem
/ Documents Downloads" section
above.
Connect eBook Access
To gain access to the Connect eBook for the purposes
of reviewing a chapter, working an assignment, researching a topic,
or other issue, follow these steps:
(1) Log-on
to the Connect System, then click on your accounting course from
the Connect menu.
(2) When the
"Assignment" menu appears, click on the ebook icon
reflected in the left hand column.
(3) When the
eBook webpage comes up, click on the Menu icon at the upper top of
the screen (icon looks like 3 blue
fingers.
When you place the cursor on the icon, you will see the word
"Contents").
(4) Go down
the Contents list and click on the desired subject or chapter.
(5) A
subject listing appears. Go down that listing to the desired
subject or item. Click on that tab.
(6) The next
screen will take you to the eBook page for the selected subject.
