The multiple-choice questions may have several answers that appear to be correct; however, pick
the BEST answer. Make sure you bring a calculator, pencils and an eraser. We will be using
scantrons and these will be provided. Additionally, you will not be able to use the calculator
available on cell phones.
Final Exam: Friday, May 6th, from 4:50 – 6:40pm. Rooms will be announced
The exam consists of 40 multiple choice questions for a total of 100 points. (2.5 points each)
The exam coverage will roughly be as follows (not intended to be all inclusive):
Chapter 1, 2, 3, 4 (25%)
Be able to:
•Compare and contrast managerial accounting with financial accounting and distinguish
between the information needs of external and internal users.
•Identify product costs and period costs
•Understand the difference between direct and indirect costs.
•Calculate a product cost per unit, given a set of data.
•Understand the cost flow and calculate the cost of goods manufactured and cost of goods
sold.
•Explain the need for using predetermined overhead rates and demonstrate the use of
predetermined overhead rates in product costing.
•Understand when you may use a job costing system versus process costing.
•Classify overhead costs as unit, batch, product, or facility level.
•Calculate the cost of a product using ABC and compare traditional volume-based costing
to ABC.
•Recognize issues related to the allocation of manufacturing overhead cost to products
•Understand how ABC can be used for cost reduction and overall advantages of ABC to
plant-wide costing system. When would you want to consider an ABC system.
Chapter 6, 7, 8 (30%)
Be able to:
•Identify/classify a cost behavior as either fixed, variable, or mixed costs.
•To analyze mixed costs using the high/low method.
•Use the contribution margin per unit and the contribution margin ratio to determine the
impact of changes in sales on income.
•Analyze what-if decisions, using contribution margin per unit and/or contribution margin
ratio.
•Compute a company’s break-even point in a single product environment. (Also be able to
calculate units, sales dollars, etc. with a target profit).
•Identify relevant costs and revenues
•Analyze the pricing of a special order.
•Analyze a decision involving the outsourcing of labor or making or buying a component.
•Analyze a keep or drop a product line.
Chapter 9, 10, 11 (22%)
ACC241–Spring 2011
Final Exam – TENTATIVE STUDY GUIDE
Be able to:
•Understand how budgets are used for planning, operating and controlling.
•Understand the advantages of budgeting and understand the behavioral dimensions of
budgeting (participative vs top-down approach)
•Prepare budgets for production and cash receipts
•Compute and interpret material price and usage variances.
•Compute and interpret labor rate and efficiency variances.
•Understand how to calculate ROI and RI and when it is used for performance evaluation
•Identify the various responsibility centers and understand what performance evaluation
reports to use to evaluate each type of center.
Chapter 12 (23%)
Be able to:
•To calculate the NPV of a capital investment, considering taxes or without taxes, given a
set of facts
•Calculate the payback period and accounting rate of return of a capital investment given a
set of facts.
•To determine whether certain transactions increase or decrease cash flow when using NPV
•Identify the advantages and disadvantages of NPV, payback period, an accounting rate of
return.
Understand the homework problems and other problems (activities) completed both in MEGA and
breakout sections.
Powered by TCPDF (www.tcpdf.org)
