MGMT_(201)_Ganguly_Midterm1_Review

MGMT_(201)_Ganguly_Midterm1_Review - MGMT (201) Ganguly...

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Unformatted text preview: MGMT (201) Ganguly MGMT (201) Ganguly Review for Midterm1 1. Basic Ideas 1. Basic Ideas Managerial Accounting Basics Product Cost vs. Period Cost Direct Costs vs. Indirect Costs Prime Cost & Manufacturing Overheads Material Costs, Conversion Costs, Total Costs Variable, Fixed and Semi­Variable Costs Opportunity Costs & Sunk Costs Marginal Costs vs. Average Costs COGS & COGM schedules & cost flows 2. Job Order & Normal Costing 2. Job Order & Normal Costing Application of Overheads Predetermined Overhead Rate Over­Application & Under­Application of overheads Adjustments due to over­ or under­application of overheads, both through COGS and by prorating to WIP, Fin. Goods & COGS 3. ABC Costing 3. ABC Costing Two­stage allocation of overheads instead of one­stage allocation Plant­wide vs. Department­wide vs. ABC allocations “Traditional” vs. ABC allocation methods Identifying cost drivers Dividing activities into cost pools and then allocating based on pool rates Unit costs and total costs 4. Process Costing 4. Process Costing Equivalent units of production (weighted average) Total costs to account for Costs per equivalent unit: Material Cost per equivalent unit Conversion Cost per equivalent unit Total Cost per equivalent unit Cost of goods transferred out Cost of ending (or beginning) WIP inventory Production in batches: operation costing Order of Importance (Descending) Order of Importance (Descending) 1. 1. What was done in class 2. 3. 1. HM homework What was Done in Recitations Class notes and slides (relate these to readings and HM problems) 4. 5. 1. 2. 3. Self­Study (Homework) Questions As samples: Sample exam Your Quiz 1 Sample Quiz Self­Study Questions worked out 6. Other readings not specifically covered above Please remember to… Please remember to… Conflicts Bring your University Picture ID Bring a calculator that 4 items of information required. Detailed in the syllabus. We will penalize you if you don’t Look at e­mail over the weekend to know your room assignment. If you have emergencies Is NOT programmable Is NOT a Financial Calculator (cannot do IRR, NPV, etc.) (If in doubt, simple $3.00 calculators with four basic functions and memory are best. Check syllabus for details.) Please make sure they are documented EXACTLY as stated in the syllabus Sample medical evidence Sample medical evidence Ms. Jennifer Lopez is under my medical care and was advised not to attend an exam held on February 14, 2006, between 7:00pm and 8:30pm. ­Signature [Licensed Medical Practitioner] Slip from PUSH or Arnett saying you were “seen at the clinic” or equivalent WILL NOT DO. During the exam… During the exam… No questions AT ALL Please pace yourself Show complete calculation even if you don’t have time to operate the calculator MAKE SURE YOU FILL IN ALL INFORMATION REQUIRED On the scantron On the exam itself Name, remember to fill bubbles PUID number, ten digits from left, remember to fill bubbles Section number, remember to fill bubbles TEST Number, remember to fill bubbles Name PUID, ten digits from left Section number During the exam… During the exam… No questions AT ALL Please pace yourself Show complete calculation even if you don’t have time to operate the calculator MAKE SURE YOU FILL IN ALL INFORMATION REQUIRED On the scantron On the exam itself Name, remember to fill bubbles PUID number, ten digits from left, remember to fill bubbles Section number, remember to fill bubbles TEST Number, remember to fill bubbles Name PUID, ten digits from left Section number During the exam… During the exam… No questions AT ALL Please pace yourself Show complete calculation even if you don’t have time to operate the calculator MAKE SURE YOU FILL IN ALL INFORMATION REQUIRED On the scantron On the exam itself Name, remember to fill bubbles PUID number, ten digits from left, remember to fill bubbles Section number, remember to fill bubbles TEST Number, remember to fill bubbles Name PUID, ten digits from left Section number Penalties if you don’t follow these instructions. After the exam… After the exam… Scores will be reported to you by CHECKPOINT 1 given on the syllabus Exams will be returned to you in the recitation session after that Please do not send e­mail asking about your exam, your score, expedited grading, etc. before Checkpoint 1 Good Luck! Good Luck! ...
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