ACC 202 test blue print
ACC 202 test blue print FIN 101
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This 3 page Study Guide was uploaded by ConnorBilancio on Wednesday January 27, 2016. The Study Guide belongs to FIN 101 at Ball State University taught by Daniel Haffner Boylan in Fall 2016. Since its upload, it has received 45 views. For similar materials see Personal Finance for Fiscal Wellness in Business at Ball State University.
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Date Created: 01/27/16
Test 1 BlueprintSpring 2016 Chapter 1 there will only be a few questions from this chapter. Items to review include the definition of Managerial Accounting, understand what Managerial Accounting is used for, differences between Managerial and Financial Accounting, and how ethics relates to Managerial Accounting. The remaining questions and problems are drawn about equally from Chapters 2 and 3. Chapter 2 reviewUnderstand cost definitions/terminologyfor example differential cost, sunk cost and opportunity cost. Understand cost behaviormixed, fixed and variablebe sure to understand the definition of these cost behaviors and examples of these costs. Also, for mixed costs understand how the formula y=a+bx works. Product costs understand the three product costs and what they meandirect materials, direct labor and manufacturing overhead (remember all manufacturing costs other than direct materials and direct labor go into manufacturing overhead)what types of items would be included in these costs. Period costsare selling and administrative costs and expensed in the period incurredthey do not go into the cost of the productunderstand what types of items go into these costsremember key words like selling, marketing, administrative are normally classified as Period costs. Costs with words like production, factory or manufacturing would go into one of the Product cost categories. Review these concepts and know the difference between Product and Period costs and how they are accounted for. Chapter 3 review how to calculate a predetermined overhead rate. Review how to apply overhead . Know how to determine whether overhead is over or underapplied overhead. Know how to determine the impact on cost of goods sold/gross margin/net operating income of closing over or underapplied overhead to cost of goods sold. Job costingreview how the three product costs are allocated to a job. Be able to calculate the cost of a job. Cost of goods manufacturedknow how to calculate. PROBLEM NOTICE: HEAVY HINT:One of the problems will be to prepare a Contribution Margin Income StatementI am telling you this because we will be using this statement approach throughout the semester hintrememberall variable costs are to be listed on one area and all fixed costs are to be listed in another area of this statement. The second problem will be either calculation of a job’s cost, estimating variable/fixed expenses using the high/low method, calculating over/under applied overhead or calculating cost of goods manufactured.
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