ACC241– Fall 2011Exam #1 – TentativeStudy GuideThe exam is not finalized yet. Exam One will be administered in your breakout (lab) on Monday, September 19th.The multiple-choice questions may have several answers that appear to be correct; however, pick the BESTanswer. Make sure you bring a calculator, pencils and an eraser. We will be using scantrons for the MC questions and these will be provided. Additionally, you will notbe able to use the calculator available on cell phones. The exam will consist of 20 to 25 Multiple Choice question each worth a total of 100 points.Note: The following is not intended to be all inclusiveChapter 1 & 2Be able to:•Compare and contrast managerial accounting with financial accounting and distinguish between the information needs of external and internal users. •Identify product costs and period costs•Classify manufacturing costs as direct materials, direct labor, or overhead.•Understand the cost flow and calculate the cost of goods manufactured and cost of goods sold and income statement using
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