Test 1 review Spring 2011

Test 1 review Spring 2011 - ACG 2071 Spring 2011 Test #1...

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ACG 2071 – Spring 2011 Test #1 Review Sheet (chapters 1-4) 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 @ 2 pts each = 104 points (10 T/F, 42 M/C) - 150 minutes maximum time allowed Note: The exam will be counted out of 100 points, therefore, there are 4 “bonus” points available on the exam. Allowed 3x5 handwritten note card, non-programmable calculator --------------------------------------------------------------------------------------------------------------- Chapter 1 Accounting information for external users (financial) – guided by rules, not flexible, historical, looks at company as a whole. Accounting information for internal users (managerial) – no rules, flexible, forward-looking, segmented information. Management involves decision making. Managerial accountants provide information to assist in the process. Planning activities – developing company objectives and goals Short–term – goals less than one year Long-term (strategic planning)– goals more than one year (ex – acquire assets, introduce new products, etc.) Directing activities – overseeing day to day business operations Control activities – monitor, motivate, evaluate performance Professional Ethics – competence, confidentiality, integrity, credibility Organizational Structure – review responsibilities of top managers such as CEO, COO, and CFO Controller – in-charge of accounting function, generally reports to CFO
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This note was uploaded on 08/11/2011 for the course ACG 2071 taught by Professor Smith during the Spring '07 term at University of Central Florida.

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Test 1 review Spring 2011 - ACG 2071 Spring 2011 Test #1...

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