Econ 139 - Final Review Session

Econ 139 - Final Review Session - Final REVIEW SESSION...

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Final REVIEW SESSION Friday, March 14, 2008 7:02 PM 100 points 50 questions 20 theory 30 problem   Flexible budget Ch.11 (3 questions)   I. Pre Mid-Term (theory) a. When will you use following cost systems: i. Job Order Costing ii. Process Costing iii. Activity-Based Costing b. Fixed Cost and Variable Cost c. Managerial Accounting vs. Financial Accounting d. Job Cost Sheet e. Activity Level (Activity Based Costing)   II. Post Mid-Term (Theory) a. Hi-Lo Method b. Flexible Budget c. Contribution Approach Income Statements     Problems: 1. Answer: C 2. Answer: B 3. Answer: A 4. Answer: A 5. Answer: B 6. Answer: D 7. Answer: A 8. Answer: C   Profit = Sale - Cost = PQ -VQ-FC = (P-V)Q-F Cost = variable cost + fixed cost   9. Answer: B Sale-TVC = 200,000 - (50000+26000) = 124000
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10. Answer: A 500000-35000 / 5000 = 3 11. Answer: C Sales = 640 contribution margin = 160 vc = 480 f= 160+40 = 200  NI = (40) ==>0 Make cm => 200 sales => 800 quantity needs to go up by (200/160) = 1.25 so vc *1.25  and sales *1.25 ON EXAM!
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