Review Problems for Exam 1

Review Problems for Exam 1 - ACCT 226 Fergusson Spring 2011...

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ACCT 226 – Fergusson Spring 2011 Review Topics/Problems for Exam 1 Topics that you should study include, but are not limited to , the following: Financial versus Managerial Accounting Cost Classifications Calculating the amount of various types of costs Examples of companies likely to use job-order and process costing Calculating a POHR and applying MOH to WIP Underapplied/Overapplied MOH Closing out balance in MOH account Journal entries in a job-order costing system Identifying costs in T-accounts Calculating COGM Calculating unadjusted and adjusted COGS PLEASE NOTE: The above list is only a brief outline of the topics that you should study. Some of these topics (like cost classifications) cover a lot of material. Remember, you are responsible for all of the material in Chapters 1-2, all the homework assignments, well as everything that I have covered in class, unless I have specifically said that you will not be tested on certain material. . The practice problems below are intended to provide you with some additional practice, but definitely do not cover every topic on the first exam! The Chapter 2 comprehensive problem that we work in class would be another good practice
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Review Problems for Exam 1 - ACCT 226 Fergusson Spring 2011...

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