UCF-ACG2071 Study Guide Test 2A

UCF-ACG2071 Study Guide Test 2A - ACG 2071 Test#2 Study...

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ACG 2071 Test #2 Study Guide (Covers CH 6 Cost Behavior and CH 7 Cost-Volume-Profit Analysis) The information provided is intended to be a list of key topics included on the test. More detailed knowledge of the topics listed, including the capability of working problems, is required to answer many of the questions. To successfully prepare for tests you should understand your homework, quizzes, rework the in class examples (available under "Modules”, review lecture notes and read the book. It is important to not just memorize working problems, as on the test you may be presented with a variation of a problem you have memorized and you will have to use your analytical ability to solve the problem. Always try to ask yourselves why you are solving a problem in a certain way. Tests will contain many calculations, not just terminology. You will be provided a piece of scratch paper in the lab and you may bring in a non-graphing calculator or business analyst calculator. Tests have a maximum time of 120 minutes and have approximately 50 questions. Questions may include true/false, multiple choice, matching and fill in the blank. --------------------------------------------------------------------------------------------------------------- CH 6 Cost Behavior Understand key characteristics of costs and their graphs o Variable costs per unit remain constant, variable cost change in proportion to changes in volume. Fixed cost stay constant. Total Mixed costs increase with volume. Relevant range – what is it? o Normal Operating range of activity that variable cost per unit and fixed cost remain unchanged

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