ACCT 161 Practice Set Reflection #5

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Date:

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Instructions:

Part 1: Answer the following specific questions about the practice set:

1. Budgeted Income Statement:

a. What did YOU calculate as the Budgeted Net income for before seeing the solution:
i. 2026 - $ 98522.27____________
b. Did your calculation match the solution? No, because I did not realize the rent
expense was only for 8 months and I calculated them as if they were for 12 months.
c. Can Pablo take the planned owner draws in 2026? Explain your response. Yes, he
can. Because the budgeted net income is higher than the anticipated drawings.

2. Incremental Analysis:
a. Based on your analysis, should Pablo retain or replace the office equipment at the
beginning of 2026? He should retain the equipment.
i. Why or why not, please be specific, explain your response and include
numbers from YOUR Excel analysis here. Because the benefits of the lower
operation costs from the new machine ($625) don’t offset the purchase
cost of the new machine ($2500), even considering the additional expense
of repairing the current machine ($1000).

Part 2: Reflection:

In a short paragraph (approx. 5-7 sentences),

For this final Reflection, please provide your personal feedback on the Practice Set process. What did
you like? What did you dislike? Please feel free to provide constructive feedback for improvements to
the process.

I enjoyed the structured approach and variety of topics covered in the Practice Sets. However, more
flexibility in pacing and exercise selection would be beneficial. I found some topics to be covered a bit
ACCT 161 Practice Set Reflection #5

shallowly; deeper dives into complex subjects would be appreciated. Implementing a peer feedback
system with a focus on group approach would enhance learning outcomes. Finally, integrating
multimedia elements was very helpful and fostering community interaction could further enrich the
Practice Set experience.

What would you have done differently, if anything, in your approach to this material if you had it to do
all over again? How did this process (applied, practical learning) impact your ideas on what accounting
and financial management mean to your future?

If I could redo my approach to this material, I would spend more time mastering foundational concepts
before moving on to practical applications; also, I would make sure to double check my answers before
submitting them. This approach would have provided a stronger base for tackling more complex
problems later. The process of applied and practical learning has reshaped my understanding of
accounting and financial management, emphasizing their critical role in decision-making and resource
management. I now view these disciplines as indispensable tools for ensuring financial stability and
driving business growth in my future career.