AC222Mid1ReviewSheet - AC-2221stMidterm Study...

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Unformatted text preview: AC-2221stMidterm Study GuideDisclaimer: This can help you, but it wont always get you an A. If you do not receive the grade you wanted, I take no responsibility for it. TABLE OF CONTENTS1. Introduction2. Chapter 1: Managerial Accounting Overview3. Chapter 2: Cost Terms, Concepts, Classifications4. Chapter 3: Job-Order Costing5. Chapter 4: Process Costing6. Appendix 4B* (Service Department Allocations)7. Chapter 5: Cost Behaviors8. Chapter 6: Cost-Volume-Profit Relationships9. Tips and Tricks1. IntroductionFirst off, most of the people who took SM-121/122 may find this first exam easier than the first midterm that we took back in AC-221, as managerial accounting was the majority of what we first covered back in Freshman year rather than financial accounting. That being said, however, it still aint fucking easy, and this midterm is nearly a third of your grade-so listen the fuck up for once.Check on SMGTools for the study guide that the professors already put out for this class. It is pretty comprehensive, and carries a shitload of the terms and concepts with it. The only weakness it has is that is doesnt walkthrough the formulas and concepts on some of the tougher things, which is what Ill try to do here. Regardless, unlike my previous study guides which had everything, this is meant to be used as a supplement to the study guide that the professors already put out. Therefore, I suggest that you read both.2. CHAPTER 1: MANAGERIAL ACCOUNTING OVERVIEW:-Understand that managerial accounting does not have to be as precise as financial accounting because managerial accounting is INTERNAL. It is used to allow managers to make decisions, and thus a more broad range of values is actually acceptable, as well as a smaller range of relevant data. Managerial accounting is also much more focused on the future.TERMS:-Three Major Management Activities: Planning(establish strategy, select course of action, specify implementation), Directing/Motivating, and Controlling(ensuring that the plan is actually carried out and modified according to the situation.)-Planning is often done by expressing the year in terms of budgets, which are prepared by the controller.-Directing and Motivating are exactly what they sound like, shitforbrains!-Controlling involves getting Feedbackand receiving Performance Reports, which compares budgeted to actual results.-Planning and Control Cyclegoes from Planning to Directing to Motivating and then back again.-Decentralization: Splitting up decision-making powers throughout an organization.-Line Position:Directly involved in achieving the basic objectives of an organization, i.e. the steel mill worker, the guy who grills the burgers, etc....
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AC222Mid1ReviewSheet - AC-2221stMidterm Study...

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