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Study Guide_ Final Exam

Study Guide_ Final Exam - University of Toledo Accounting...

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BUAD 2050 University of Toledo Accounting for Business Decisions BUAD 2050 - Fall 2011 Study Guide for Final Exam Exam Date: Wednesday December 14 th 2:45-4:45 pm in Driscoll Center 1019 Exam Instructions: Bring Aurora HC101X or B calculator, Photo ID, No. 2 pencils and eraser. All electronic devices are not allowed and must be put away in backpacks, purses, etc. during the exam. Use of cell phones or any other electronic devices is prohibited and will be considered cheating. Appropriate measures will be taken. Exam Format: 50 multiple choice questions (conceptual & problems) each worth 3 points. Exam Topics: The exam is cumulative. Topics include the following: Chapter 1: Managerial (users, characteristics, restrictions & ethical considerations) vs. financial accounting Function of cost: Product cost (manufacturing) vs. Period cost (GSA) Different effects of product cost (inventoriable asset) & period cost (expense) on financial statements Calculating: average product cost per unit, cost of good sold (COGS) & ending inventory Chapter 2: Behavior of cost: Variable vs. fixed (total and per unit basis) / Mixed cost Behavior as independent & context sensitive (activity measure) High-low method for estimating cost: Unit variable cost & Total fixed cost Operating leverage: Definition, calculation, risk & effect on profitability Chapter 3: Breakeven point: Meaning, calculation in units and dollars (contribution & equation methods) & graph
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