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Exam 2 Review

by: Jacob Shamblin

Exam 2 Review Acty 2110

Jacob Shamblin
GPA 3.15
Principles of Accounting 2

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About this Document

This is the cumulative study guide for chapters 5 and 6 for accounting 2 according to pearson books.
Principles of Accounting 2
Study Guide
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This 2 page Study Guide was uploaded by Jacob Shamblin on Wednesday October 21, 2015. The Study Guide belongs to Acty 2110 at Western Michigan University taught by Mason in Fall 2015. Since its upload, it has received 229 views. For similar materials see Principles of Accounting 2 in Accounting at Western Michigan University.


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Date Created: 10/21/15
ACTY 2110 Introduction to Managerial Accounting Exam 2 Study Guide This exam will be worth 100 points It will consist of multiple choice questions andor problems related to terminology and problems If a problem is in multiple choice format it is best for you to work the problem out and then review your answer choices Chapter 5 Cost Behavior 1 Definitions 2 Costs and behavior of following costs per unit and in total Variable costs fixed costs Mixed costs 3 Understand and analyze mixed costs using Scattergraph method HighLow method Compute contribution margin Compute unit contribution margin CMU Compute contribution margin ration CMR Prepare simple contribution margin income statement with no period costs involved Understand why and by how much there would sometimes be differences in Net Operating Income NOI on a Variable Costing Income Statement vs a FullAbsorption Income Statement see GA 4 ch 5 for example 9 39FquotUquot39gt Chapter 6 CostVolumeProfit a lvsis 1 Definitions 2 Computation of breakeven point in both units and sales dollars target profit in both units and sales dollars margin of safety in units sales dollars and as a percentage of actual or budgeted sales 3 Ability to use the three methods of computing the above Profit equation method Unit contribution margin method Contribution margin ration method 4 Compute effects of changes in price andor cost Example change in price would result in a new breakeven point or might change number of units needed to earn a specific target profit 5 Compute Degree of operating leverage Ability to use the degree of operating leverage to compute how much a change in sales will affect the change in profit This guide is continued on page 2 1Page D Mason CPA ACTY 2110 Introduction to Managerial Accounting Exam 2 Study Guide Study aides 1 Lecture notes 2 Practice problems remember solutions are posted in elearning 3 Connect homework problems Learn Smart and Interactive videos I Additional practice problems can be found in quotConnect practice the dumbbell symbol 4 Graded activities there must be a reason these problems were selected for you to additional work with Again remember solutions are posted in elearning quot This list may not be allinclusive The exam may include material from the book the lectures online homework and inclass work I will bring calculators for you to use You may not use a programmable calculator You may not use a cellphone as a calculator Cell phones must be turned off You may not wear or use any electronic devices other than a simple calculator You may not wear ear buds All hats with brims should be removed or reversed The only items on your desk should be the exam your writing tools and calculator All other items should be placed below your desk A drink will be allowed 9 O 90 O 90 O 90 O 90 O 90 O 90 1PaEE D Mason CPA


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