Essay About Calculation Of Cost Of Goods And Cost Of Goods Soldchapter 3Flow Of Costs

Managerial Accounting in a Dynamic World Final Study Guide
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ACCT 5130 Spring 2017 Final ExamSaturday March 11, 2017 10am-12 noon in Sage Hall 333 The exam is comprehensive and consists of 50 multiple choice questionsPlease bring pencils and an ID to the exam.You may use a simple four-function calculator on the exam; please bring one with you.If you plan to take your exam at a testing center, please read the policy in the syllabus and contact Dr. Jimenez with the testing center contact information and instructions for submitting the exam by Monday February 27, 2017.Chapter 1Managerial accounting and its objectivesManagerial versus financial accountingBalanced scorecardCapacity and two ways to define itChapter 2Product and period costsRaw materialsWork in-processFinished-goodsManufacturing costsDirect materialDirect laborManufacturing overheadIndirect materialIndirect laborVariable and fixed costsCosts shown on income statement versus balance sheet for retailing  companies and manufacturing companiesManufacturing cost flows including calculation of cost of goods manufactured and cost of goods soldChapter 3Flow of costs in manufacturing firms (including t-accounts and journal entries)Understand how to account for manufacturing overhead costs in a job-order costing systemPredetermined overhead rateApplication of overheadOver- or under-applied overheadChapter 5Understand how to apply overhead in an activity-based costing systemDefine: cost pools, cost driver, pool rateUnderstand cost hierarchyBe able to compute the pool rate and use it to apply overheadUnderstand the advantages of ABCChapter 6Define: cost behavior patterns, variable cost, step-variable cost, fixed cost, step-fixed cost, semivariable (mixed) cost, curvilinear cost, relevant range, engineered cost, committed cost, discretionary costBe able to classify costs by type (i.e. classify as variable, step-variable, fixed, step-fixed, semivariable, curvilinear)Understand and be able to perform the following cost estimation techniques:High-low methodChapter 7Be able to calculate the break-even pointContribution marginBreak-even point in unitsBreak-even point in dollarsContribution margin ratioChapter 9Define budgetary slackBe able to prepare a master budgetSales budget (understand factors that influence the sales forecast and that the sales budget is completed first)Operational budgets (production, purchases, Direct Labor, etc.)Financing budgets (cash receipts, cash disbursements, cash budget)Chapter 10Know what a standard cost system is and how it is usedUnderstand the purpose of variance analysis and how to compute the following variances DM QuantityDL EfficiencyUnderstand the behavioral impacts of standard costingChapter 11Understand flexible budgeting and be able to prepare a flexible budget. Be able to prepare and understand a flexible budget formulaUnderstand overhead application in a standard costing systemBe able to compute the following variancesVOH spending varianceChapter 12Understand responsibility centers and the major types of centers. Be able to identify the type of center for various real-world examplesBe able to compute and interpret segment contribution marginUnderstand the balanced scorecard including lead indicators and lag indicatorsChapter 14Be able to identify relevant costs and benefitsBe able to make special decisionsSpecial ordersOutsourcing (make versus buy)Add or drop a service, product, or departmentReplace old equipmentChapter 16Understand capital budgeting decisionsBe able to compute net present valueUnderstand the discount (hurdle) rateUnderstand the payback method