The exam is closed book and no notes. This is testing basic managerial accounting knowledge that everyone should know and understand to be able to add value to any type of organization. Make sure you bring a calculator. Please feel free to ask questions about the review sheet if you do not understand what I am asking. You will also have access to the answers to the online quizzes you have taken, so I would review these quizzes. The textbook website has interactive quizzes that you can take at the textbook website and get instant feedback, so that would probably be a good review process. Also, make sure you review the exercises I have set out below by the problem explanations. You have access to the partial chapter solutions in the course resources area after we have covered a chapter, so make sure you are solving the exercises correctly. You can definitely do well on this exam if you study. If you get to a problem on the test and feel confused, try to put something down so you might earn partial credit. If you understand the review sheet, you should do well on the exam.
25 Multiple choice 2 pts. each
1. Understand what Financial and Management accounting are?
2. What are the differences among Manufacturing, merchandising, and service companies?
3. How do you compute COGM, COGS, and operating income and what do these figures represent?
4. What are prime and conversion costs?
5. What is customer-profitability analysis?
6. Understand how changes in volume impact cost behavior.
7. What does the relevant range mean?
8. What are the attributes of an ABC method?
9. Determine gross margin.
10. Apply overhead to production using a predetermined overhead rate.
11. Compute the cost of job.
12. How is under or overapplied overhead adjusted at the end of an accounting period.
13. What type of companies use Job costing? Process Costing?