EXAM 1 PRACTICE

EXAM 1 PRACTICE - MAJOR CHAPTER CONCEPTS 1-6 This should...

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MAJOR CHAPTER CONCEPTS 1-6 This should include most of topics discusses, but I am not promising it is an all-inclusive list. DM, DL, OH Product v. Period Costs COGM Schedule *memorize* Inventoriable costs 3 types of inventory – RM, WIP, FG Variable costs v. Fixed costs Direct v. Indirect costs Chapter 3: Process v. Job Order Costing Applying Manufacturing OH – 3 methods, know which accounts to use (WIP, FG, COGS) Over-applied vs. Under-applied Predetermined OH rate Journal entries Chapter 5: Two types of FC: committed and discretionary Relevant range Mixed costs High-Low method TC = VC + FC Two types of income statement: traditional and CM approach Chapter 6: Break-even calculation CM Ratio How to calculate profit How to change things and still find new BE point Margin of Safety 1
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Chapter 1 1. Which of the following statements are FALSE? I. Managerial accountants would normally prepare the yearly financial report that would be issued to stockholders. II. Financial accounting is more important to an organization than managerial accounting. III. Managerial accounting is governed by the generally accepted accounting principles. A. I only B. II only C. I and II D. I, II, and III E. None are false 2. Managerial accounting: A. Primarily involves recording the financial history of an organization. B. Is governed by generally accepted accounting principles. C. Involves providing information primarily to external users. D. Involves providing information primarily to internal users E. Is both B and C above. 3. Managerial accounting: A. Is a required for all companies B. Focuses more on timeliness than precision C. Is oriented more towards past information D. Is meant to be distributed to external parties 4. Which of the following is NOT one of the functions of managers? A. Planning B. Motivating C. Evaluating D. Decision-Making E. All of the above are functions of managers 5. Which of the following would most likely use managerial accounting information? a. SEC b. Employees c. Investors d. Creditors 6. Which of the following would most likely use financial accounting information? a. Creditors b. Chief Executive Officer c. Management d. Chief Financial Officer 7. Which of the following are functions of management? a. Planning b. Directing and Motivating c. Controlling d. All of the above 2
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8. Which of the following is not a benefit of a JIT system? a. Reduced Inventory Cost b. Tied-up funds c. Increased throughput d. High quality products e. All of the above are benefits Chapter 2 9. You have just graduated and have accepted a Cost Analyst position on the accounting staff at Littman Manufacturing Corporation. You spend part of your time analyzing factory costs and the rest of your time analyzing marketing expenditures. You are paid $40,000 per year. You salary would be classified as: a. part product cost and part period cost b. part product and part selling cost
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EXAM 1 PRACTICE - MAJOR CHAPTER CONCEPTS 1-6 This should...

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