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201B Exam 1 Study Guide Sp 07

201B Exam 1 Study Guide Sp 07 - Accounting 201B Spring 2007...

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Accounting 201B Spring 2007 Exam 1 (Prologue, Chap 1 – 4) Depending on which class you are in, the exam is composed of either 20 or 25 multiple choice questions and one problem. The problem is worth either 20 or 25 points. Partial credit will be possible but you must show your work for any credit. The problem may require you to: Prep a cost of goods manufactured schedule Prep a cost of goods sold calculation schedule Prep an income statement Create journal entries showing the flow of material and labor through the mfg process. Topics to study in: Chap 1 Definition of and difference between period and product costs and what type of costs typically fall into each category; also difference between prime and conversion costs. Characteristics of fixed and variable costs Definitions and types of direct materials, direct labor and manufacturing overhead costs. Significance of the ‘relevant range’. Definitions and types of sunk costs, opportunity costs, differential costs.
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