FINAL EXAM REVIEW ACCT 3320 001 Spring2015 Questions
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
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