ACC 330 Exam 1 Study Guide Sheet - ACC 330 Exam I...

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ACC 330 Exam I Information Sheet – Fall, 2016 Exam I is on Monday, October 3 during entire class period Exam Format (likely): 20-25 multiple choice questions 2-3 problems Chapter 2 – An Introduction to Cost Terms and Purposes Be familiar with cost accounting terms in Chapter 2. Know the difference between manufacturing/retail/service industries Identify costs as direct or indirect when given different cost objects. Understand the importance of cost tracing and allocation. Identify costs as fixed or variable based on behavior (i.e. fixed costs are fixed in total, yet vary per unit). Understand the importance of unit costs. Identify various costs as period or product (inventoriable) costs. Calculate the cost of a product. Know the flow of costs from RM to WIP to FG to COGS. Be able to prepare a Statement of Cost of Goods Manufactured and Income Statement (esp. calculation of Cost of Goods Sold) Chapter 4 - Job Costing Know which businesses would use Job Costing.
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