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Test 3 review Spring 2011 - ACG 2071 Spring 2011 Test#3...

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ACG 2071 – Spring 2011 Test #3 Review Sheet (chapters 10, 11, 12, 14) Test Dates: Tuesday April 26 - Thursday April 28 (you are strongly encouraged to take the test no later than 6:00 pm Thursday . There are a large number of exams closing on Thursday evening and you will not be given additional time to take the exam due to long lines at the testing center) Note – the information provided is intended to be a list of key topics potentially included on the test. More detailed knowledge of the topics listed, including the capability of working problems, is required to answer many of the questions. There may also be other information not included on this review sheet that could be tested. 52 questions (12 T/F, 40 M/C) - 150 minutes maximum time allowed, please keep track of time. Allowed 3x5 handwritten note card, non-programmable calculator. --------------------------------------------------------------------------------------------------------------- Chapter 10 (10-22, 25, Flexible Budget Case) Planning (Static) Budget – Budget does not change with changes in sales volume Flexible Budget – Budget does change with changes in sales volume With Flexible Budget, may go back after the fact and adjust budget for “actual” volume. This usually involves changing revenue and variable expense budget #’s (fixed expenses stay the same). Sales Volume Variance – difference between static budget and a flexible budget at actual output Flexible Budget Variance – difference between flexible budget and actual results
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