accounting 285 final exam

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Accounting 285 Final exam

Exam Length:you may take up to 90 minutes

Format: – 30 multiple choice questions (4 pts per question for a total of 120 points + 1 bonus question) – Questions are a mix of conceptual and computational.

CHAPTER 1 (1 question)

 Understand the purpose of managerial accounting – 1 question

CHAPTER 2 (2 questions)

 Understand the difference between manufacturing (product) costs and non-manufacturing (period) costs. – 1 question

 Understand cost behavior patterns including variable, fixed, and mixed costs. – 1 question

CHAPTER 3 (2 questions)

 Understand contribution margin and contribution margin ratio. – 1 question

 Understand and determine the break-even point. – 1 question

CHAPTER 4 (1 question)

 Understand pre-determined overhead rate: how to calculate it and why it is needed. – 1 question

CHAPTER 5 (1 question)

 Determine cost (per unit and in total) and operating income using variable costing – 1 question

CHAPTER 6 (1 question)

 Calculate product costs assigned to a cost object by using activity-based costing including first and second stage allocations – 1 question

CHAPTER 7 (2 questions)

 Understand cost classifications used in making decisions and identify relevant costs in decision making –1 question

 Make a special order decision –1 question

CHAPTER 8 (1 question)

 Evaluate the acceptability of an investment project using net present value including even and uneven cash flows – 1 question

CHAPTER 9 (1 question)

 Prepare a master budget – 1 question

CHAPTER 10 (1 questions)

 Create a flexible budget including activity and spending variances – 1 question

CHAPTER 11 (7 questions)

 Compute standard cost variances – 4 questions

 Understand standard cost variances and their causes – 3 questions

CHAPTER 12 (8 questions)

 Identify a rational transfer price – 1 question

 Calculate return on investment – 1 question

 Evaluate segment performance using return on investment – 1 question

 Calculate residual income – 1 question

 Evaluate segment performance using residual income – 1 question

 Understand the balanced scorecard – 1 question

 Understand how performance measures impact behavior – 1 question

 Calculate delivery cycle time, throughput time, and manufacturing cycle efficiency – 1 question

APPENDIX A (3 questions)

 Make a pricing decision using a cost based with market or find target cost for a new product – 3 questions

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