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Study Guide 1_ Fall11

Study Guide 1_ Fall11 - University of Toledo Accounting for...

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BUAD 2050 University of Toledo Accounting for Business Decisions BUAD 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 o Managerial accounting versus financial accounting (users, restrictions, characteristics of information, …) o Managerial accounting and value added principle o Managerial accounting and corporate governance (fraud triangle, SOX and internal controls, ethics & IMA ethical standards) o Classifying product cost & effect of product cost on financial statements o Calculations:
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