ACCT 251 Exam 1 Review

ACCT 251 Exam 1 Review - ACCT 251 REVIEW OUTLINE EXAM 1...

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ACCT 251 REVIEW OUTLINE EXAM 1 MATERIAL CHAPTERS 2, 3 AND 4 CHAPTER 2 –Chapter 2 Quiz Be able to classify a cost item as either a production cost or a period cost. For production costs, be able to classify as DM, DL or OH. Be able to determine whether direct tracing, driver tracing or allocation is appropriate. For period costs, be able to classify as either a selling expense or a general administrative expense. Only production costs are assigned to products-not period costs. Be able to trace the flow of costs through raw materials inventory, work-in-process inventory (Exhibit 2-6 Page 45) and finished good inventory to cost of goods sold (Exhibit 2-5 Page 45 . Be able to prepare an income statement taking into account cost of goods sold and selling and general administrative expenses. (Exhibit 2-5 Page 45) CHAPTER 3 – Chapter 3 Quiz Be able to classify a cost as being either variable or fixed based on behavior. Be able to classify a cost as being either flexible or committed based on capacity.
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This note was uploaded on 04/01/2010 for the course ACCT 251 taught by Professor Schoener during the Fall '09 term at NMSU.

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ACCT 251 Exam 1 Review - ACCT 251 REVIEW OUTLINE EXAM 1...

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