New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

Study Guide Midterm #1

by: Brandon Sangster

Study Guide Midterm #1 Acc 204

Marketplace > Pace University > Business > Acc 204 > Study Guide Midterm 1
Brandon Sangster
Financial Accounting
Picheng Lee

Almost Ready


These notes were just uploaded, and will be ready to view shortly.

Purchase these notes here, or revisit this page.

Either way, we'll remind you when they're ready :)

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

Here's the Study Guide that I created I hope you guys do well on the test and that this information helps you with your studying. Good Luck!!! :)
Financial Accounting
Picheng Lee
Study Guide
50 ?




Popular in Financial Accounting

Popular in Business

This 4 page Study Guide was uploaded by Brandon Sangster on Friday October 16, 2015. The Study Guide belongs to Acc 204 at Pace University taught by Picheng Lee in Fall 2015. Since its upload, it has received 75 views. For similar materials see Financial Accounting in Business at Pace University.

Similar to Acc 204 at Pace


Reviews for Study Guide Midterm #1


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 10/16/15
Study Guide Midterm 1 ACC 204 Chapters 2 3 5 7 Chapter 2 Managerial Accounting and Cost Concepts Kev Terms and Definitions Prevention Costs Support activities Whose purpose is to reduce the number of defects Appraiill Costs Incurred to identify defective products before the products are shipped out Internal Failure Costs Incurred as a result identifying defects before they ship External Failure Costs Incurred as a result of defective products being delivered to customers ISO 9000 Standards Companies must demonstrate a quality control system and must be sustained to be certified by a company Manufacturing Costs Direct Materials Direct Labor and Manufacturing Overhead Nonmanufacturing Costs Selling costs Administrative costs Prime Cost Is the sum of direct materials cost and direct labor cost Conversion Cost Is the sum of direct labor cost and manufacturing overhead costs Variable Cost Cost that varies in direct proportion to changes in the level of activity Fixed Cost Cost that remains constant regardless of the changes in the level of activity Activity Base A measure of What causes the incurrence of a variable cost Product Costs Associated with the Balance Sheet Income Statement Period Costs Associated With just the Income Statement Examples Variable and Fixed cost Behavior refer to Pg 34 22 Mixed Cost Behavior Pg 37 2 5 Fixed cost and the Relevant Range Pg36 23 all in the Connect Textbook winter 3 Job Order Costing Kev Terms and Definitions 0 Allocation Base It is used to assign manufacturing overhead to individual jobs Also it is used to track overhead costs to certain jobs and has a range of many different items The manufacturing overhead costs are fixed even though there is uctuation and is a cost driver 0 gPOHRg Used to apply overhead to jobs determined before the period begins 39 J 0b Cost Sheet Involves a requisition form and time ticket to track an item and calculate the unit and total cost 0 Under applied overhead When overhead applied to jobs during the period is less than the total amount of overhead 0 Over QDDlied overhead When overhead applied to jobs during the period is greater m the total amount of overhead Work In Process The time between the raw materials being made into finished goods Raw Materials Any materials that go into the final product Finished Goods Completed units of products that have not been sold to customers Cost of Goods Manufactured The manufacturing costs associated With the goods that were finished during the period 0 Total Manufacturing CostsIt s the direct materials used plus direct labor and Manufacturing overhead Examples Flow of Costs 35 to 38 Pg 9497 Cost of Goods Manufactured and Sold 311 3 12 Pg 102104 Under applied and Over applied overhead 313 314 Pg 105107 in the Connect Textbook Chapter 5 CostVolumePro t Relationships Kev Terms and Definitions 0 Operating Leverage Is a measure of how sensitive net operating income is to percentage changes in sales 0 Erget Profit AnalsLis 0 Contributjon Income Statement 0 Break Even Sales in Units 0 mrgin of ngetv in Doll Contributjon Margin Is the amount remaining from sales revenue after variable expenses have been deducted Breg Even sales in Doll Examples Margin of Safety Pg 204 205 Sales Mix 54 55 Pg 210 Cost Structure Pg 206 208 in the Connect Textbook Chapter 7 Activitv Based Costing Kev Terms and Definitions Activitv Based Costing It is designed to provide managers With cost information and it differs from traditional cost accounting in that it uses both nonmanufacturing and manufacturing cost and that it uses more cost pools Activity An event that causes the consumption of overhead resources Transaction Driver Duration Driver Unit Level Batch Level Action Analysis Report Activity Rate Ouantitv Break Even Sales Breg Even Examples ABC Model 72 73 Pg 292295 Mechanics of ABC Pg 295305 74 to 712 Comparison of Tradition to ABC Model Pg 306307 713 714 in Connect Textbook Chapter 1 Ethical Conduct Kev Term nd Definitions 0 Competence Being able to provide accurate information to a company Without Violating laws that would hurt the company 0 Confidentgllitv Keeping information Within the company and not using the information for personal benefits and gratification O Integrity Anytime there is a Violation of ethical conduct committed the integrity of that person and company comes into question 0 Credibilitv Making sure that the information given is fully disclosed Without hiding any details that may persuade a decision


Buy Material

Are you sure you want to buy this material for

50 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."

Janice Dongeun University of Washington

"I used the money I made selling my notes & study guides to pay for spring break in Olympia, Washington...which was Sweet!"

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"


"Their 'Elite Notetakers' are making over $1,200/month in sales by creating high quality content that helps their classmates in a time of need."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.