ACCT 302 MW100 Midterm1 Study Guide

Topics: Cost, Costs, Management accounting Pages: 2 (324 words) Published: May 4, 2015
ACCT 302: Cost Accounting Spring 2015, Professor Tama-Sweet

Midterm 1 Review/Study Guide

General guidelines: The exam will cover chapters 1-5, with an emphasis on chapters 3 & 4.

Please bring pencils, a scantron and a basic 4-function calculator. If you do not have a basic calculator, I will provide one for you. No other type of calculator (i.e., financial, engineering, mathematical, programmable, etc.) will be allowed.

The exam will have both multiple choice questions and problems for you to work out. The multiple choice questions will be both conceptual and computational. You must show all your work to receive full credit.

Be prepared to answer questions on the following topics:

Chapter 1
Differences between managerial and financial accounting
Roles and tasks of management accountants
The five step managerial decision making process

Chapter 2: Intro to cost terms and purposes
Classifying costs: Fixed vs variable, Direct vs indirect and Total vs unit Changes in fixed and variable costs as units produced changes Cost flows through t-accounts/financial statements
Journal entries for cost flows

Chapter 3: CVP
Basic equations:
Sales – VC – FC = OI or Q(SP-VCu)-FC=OI
OI * (1-tax) = NI
BEQ = FC/CMu, BERevenue = FC/CMratio
Q=(FC+OI)/CMu
Operating leverage
CVP for multiple products

Chapter 4: Job costing
Total job costs = DL + DM + MOH
Allocate overhead under actual and normal costing methods
Identify allocation bases and overhead costs
Compute the allocation rate
Compute the amount allocated
Compute the over/under allocation of overhead using normal costing When/why is normal costing used instead of actual costing? How do they differ? Job costing journal entries

Chapter 5: ABC
Compute product costs using ABC and simple cost allocation methods
Identify activities and allocation bases (cost drivers)
Compute the allocation rate and the amount allocated
Compute total costs
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