BUAD 2050 University of Toledo Accounting for Business DecisionsBUAD 2050 –Fall 2011 Study Guide –Midterm 1 Exam Instructions:Bring Aurora HC101X or B calculator, Photo ID, No. 2 pencils and eraser. All electronic devices must be put away in backpacks, purses, etc. during the exam. No other electronic devices are allowed to be on display during exams. Use of cell phones is prohibited during exam times. Exam Format:25 multiple choice questions (conceptual & problems) each worth 4 points PLUS 3 bonus questions each worth 2 points. Exam Topics:The exam covers chapters 1, 2 & 3. Topics include the following: Chapter 1: Managerial Accounting & Cost oManagerial accounting versus financial accounting (users, restrictions, characteristics of information,…)oManagerial accounting and value added principle oManagerial accounting and corporate governance (fraud triangle, SOX and internal controls, ethics & IMA ethical standards) oClassifying product cost & effect of product cost on financial statements oCalculations:
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