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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