Exam 2 review topics

Exam 2 review topics - Busi 33 Opportunity for Excellence...

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Unformatted text preview: Busi 33 Opportunity for Excellence #2 Review Chapter 5 What is the relevant range? What is a mixed cost? Be able to apply the hi-low method to determine fixed costs and variable cost per unit. Be able to interpret an Excel regression printout. 1. Adjusted R squared 2. intercept (a) 3. X variable 1 (b) Know what regression does. Be able to express a mixed cost in the format Y = a + bX Be able to predict a mixed cost given a and b. Be able to prepare and interpret a contribution format income statement. Chapter 9 What are the purposes of budgeting? What is the sequence of preparing a master budget? Be able to prepare the components of a master budget. - Sales- Cash collections - Production - Materials - Cash disbursements - Labor - Overhead - Cash Chapter 10 What are standard costs and how are they set? What are variances, and know what favorable and unfavorable variances represent. Be able to compute a standard cost for a product. Be able to compute variances for- materials (price and quantity) - direct labor (rate and efficiency) - variable overhead (spending and efficiency) Who is generally responsible for each variance? How are variances used by managers? Be able to compute throughput time and manufacturing cycle efficiency. 1. The usual starting point for a master budget is: a. the direct materials purchase budget. b. the budgeted income statement. c. the sales forecast or sales budget. d. the production budget....
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Exam 2 review topics - Busi 33 Opportunity for Excellence...

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