ACC221Exam1StudyGuidesp08 - • Conversion costs vs prime...

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ACC221 Exam 1 Study Guide – Spring 2008 Exam 1 is closed book and closed notes and will consist of 30 multiple choice questions (worth 3 points each) and 1 problem (worth 10 points). You should be familiar with the following topics Difference between managerial accounting and external accounting Users of managerial accounting information Line vs. staff positions Just-in-time inventory systems Theory of constraints Various terminology in chapters 1,2 and 3 Difference between direct and indirect costs Difference between sunk, opportunity and incremental costs
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Unformatted text preview: • Conversion costs vs. prime costs • Calculation of cost of goods sold for both manufacturing and merchandising companies • Calculation of the cost of goods manufactured • What is included in total manufacturing costs • Calculation of direct materials used • Documents used in a job order costing system • Calculation of predetermined overhead rates • Application of overhead • Determination and causes of over/underapplied overhead • Journal entries in a job order costing system...
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This note was uploaded on 06/09/2008 for the course ACC 221 taught by Professor Tribunella during the Spring '08 term at Rochester.

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