FINAL EXAM REVIEW ACCT 3320 001 Spring2015 Questions

Topics: Cost, Costs, Cost accounting Pages: 10 (2191 words) Published: May 2, 2015
FINAL EXAM REVIEW
ACCT 3320 -001
Spring 2015

I. FINAL EXAM TIME AND LOCATION:

Location: SB 2100

Time: 12:30 PM – 2:30 PM on Tuesday (May 05, 2015)

II. FINAL EXAM POLICY:

Please note the exam is closed book and closed note exam.
You are allowed to bring pens, a two-sided cheat sheet (8.5 x 11 inches), pencils, simple function calculators to the exam.

III. EXAM FORMAT:

There are 35 multiple choice questions including both conceptual and calculation questions. The exam will be done through My Accounting Lab.

IV. FINAL EXAM COVERAGE

Final Exam covers the following chapters:
Chapter 4: Job Costing
Chapter 5: Activity-Based Costing and Activity-Based Management Chapter 8: Flexible Budgets, Overhead Cost Variances, and Management Control Chapter 10: Determining How Costs Behave
Chapter 13: Pricing Decisions and Cost Management
Chapter 15: Allocation of Support-Department Costs, Common Costs, and Revenues Chapter 16: Cost Allocation: Joint Products and Byproducts
Chapter 17: Process Costing
Chapter 19: Balanced Scorecard: Quality, Time, and the Theory of Constraints Chapter 21: Capital Budgeting and Cost Analysis
Chapter 22: Management Control Systems, Transfer Pricing, and Multinational Considerations

Review topics:

(a) Chapter 4
Distinguish process costing and job costing systems
Distinguish actual costing and normal costing approaches
Implementation of job costing (7 steps)
Journal entries to record cost flows under job costing system Methods of adjusting over- and under-allocated manufacturing overhead

(b) Chapter 5
Broad averaging and related consequences
Activity-based costing (cost hierarchies and ABC implementation) Distinguish between simple costing and ABC.

(c) Chapter 8

Variable overhead variance analysis
Fixed overhead variance analysis
Relevant journal entries

(d) Chapter 10
Cost function
Cost estimation methods
Nonlinear cost functions

(e) Chapter 13
Factors affecting pricing decisions
Long-run vs. short-run pricing
Target Costing
Cost-plus pricing
Noncost factors in pricing decisions

(f) Chapter 15

Methods to allocate support department costs: single-rate method vs. dual-rate method. Methods of allocating support costs to production department: Direct, Step-down, and Reciprocal Methods. Allocating common costs: Stand-alone and incremental cost allocation methods.

(g) Chapter 16

Joint cost terminology
Joint cost allocation methods:
Sales value at splitoff point
NRV
Constant gross margin percentage NRV
Physical measures
Sell-or-Process further decisions

(h) Chapter 17
Process costing allocation
Distinguish between weighted-average process costing method and FIFO method. Related journal entries
Weighted-average processing costing with transferred-in costs and FIFO process costing with transferred-in costs (just need to understand the concepts, exam questions will not include calculation questions on process costing with transferred-in costs).

(i) Chapter 19

Basic aspects of quality
Quality from four perspectives of balanced scorecard
Operational measures of time
Time from four perspectives of balanced scorecard

(j) Chapter 21

The concept of Capital budgeting
Capital budgeting method:
NPV
IRR
Payback period
AARR

(k) Chapter 22

The concept of Management Control Systems
Decentralization
Transfer pricing
Three methods of transfer pricing
Minimum transfer price

V. PRACTICE QUESTIONS:

Please circle the best answer for the following questions:

Answer the following questions 1-3 using the information below:

Sport-in Corporation manufactured 10,000 golf bags during April. The following fixed overhead data pertain to March:

ActualStatic Budget
Production20,000 units20,500 units
Machine-hours5,100 hours6,150 hours
Fixed overhead cost for March$250,000$258,300

1. What is the flexible-budget amount?
A) $250,000
B) $200,500
C) $258,300
D) $204,700...
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