AC505 Final Exam Hints[1]

# AC505 Final Exam Hints[1] - • Given data analyze a make...

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Final Exam Hints Review and/or re-read e-Book chapters 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, and 14 Review lectures/tutorials for weeks 1 through 7 Review Discussions for weeks 1 through 7 Review midterm and mastery tests for each week Review the practice finals. Topics Covered: Differences between Product and Period costs/expenses Given data, calculate COGM and COGS Define/understand Costs of Goods Manufactured and Costs of Goods Sold Given data, calculate units needed to be sold to achieve a Target Profit Define/Understand contribution margin in a capital intensive versus a labor intensive company Define/Understand the effects to contribution margin if variable costs and/or fixed costs increase and/or decrease Calculate the breakeven point in dollars Given data, prepare a flexible budget analysis useful for decision making (controlling costs) Understand and apply production constraints and effects to contribution margin

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Unformatted text preview: • Given data, analyze a make or buy decision • Given an ABSORPTION basis income statement and other data, discuss the differences in net income if VARIABLE costing methods were used • Understand and APPLY the concept of Overhead costs (what are OH costs?) • Apply over/under applied overhead concepts • Prepare a production report under the weighted average and/or FIFO method (process costing) • Given data, understand (not calculate) and apply NPV decision rules • Given data, calculate NPV for an investment project • Given data, understand and apply both NPV and PI criteria • Understand, explain, and defend the stance that, when evaluating several investment projects, management many not always select the project with the highest NPV *** Remember: the final exam must be completed in 3.5 hours ***...
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AC505 Final Exam Hints[1] - • Given data analyze a make...

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