Review_Exam1Fall2011_BB

Review_Exam1Fall2011_BB - Review Exam 1 Wednesday 9/21...

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Review Exam 1 Wednesday 9/21 Chapters 1, 2 & 3 25 MCQs (Conceptual + Problems) @ 4 each =100 Points + Bonus 3 MCQs @ 2 Points each Advice Read chapters and notes. Redo demos, pre-built practice sets, end of chapter problems, and HW. Narrated slides, Self Review Problem and online quizzes on text webpage ( Learning Center ) Practice Quizzes & Practice Exam Tutoring
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1-2 Managerial Accounting What? ( Information for decision making, and control of an organization’s operations) Versus financial (users, information type, level of aggregation, time focus, subject, regulation, information characteristics, frequency of reporting) Features Users & Characteristics of information Restrictions Value Added Behavioral Implications Common features of unethical behavior (fraud triangle: opportunity, pressure & rationalization) Corporate Governance: SOX, Internal Controls & IMA Ethical Standards
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1-3 Cost Concepts & Classifications Cost? Giving up of resources for a particular purpose. Different cost for different purposes Classifications (Independent Concepts): Product – Period Purpose: Financial Reporting / Pricing Upstream - Downstream Timing: Financial Reporting Direct - Indirect Traceability: Allocating Overhead Prime – Conversion Traceability: Allocating Overhead Relevant – Irrelevant Relevancy: Making Decisions Variable - Fixed Behavior: Prediction & Profitability Analysis
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1-4 Product (Inventory) Cost What ? Manufacturing-related cost (cost of producing product or providing service) Material (direct, indirect, fixed & variable): cost of raw material Labor (direct, indirect, fixed & variable): wages for production workers, plant supervisors Other OH: depreciation for equipment, factory utilities,…
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Review_Exam1Fall2011_BB - Review Exam 1 Wednesday 9/21...

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