ACC 3365: WHAT’S GOING TO BE ON EXAM “TOM PUFFER” - EXAM 1: 33 questions all MCQ ; Set up same as quiz CHAPTER 1&2 (11 questions) ● ● ● ● ● ● ● ● Question 1 & 2: What is managerial & financial accounting? Question 3: value chain (know what goes on in both) Question 4: What are budgets for? Question 5: Standards of ethical conduct Question 6: Actual vs Budget Question 7: What is Cost assignment? Question 8: Cost tracing & Cost allocation? Question 9 & 10: 2 Questions on if sales change what happens to operating income? (1 from the quiz) ● Question 11: Data; What is the direct variable manufacturing cost? CHAPTER 3: (11 questions) ALL is Contribution margin ● ● ● ● ● ● ● ● ● ● ● Question 1: CM per unit Question 2: Operating income Question 3: Targeted Operating income Question 4: Breakeven Question 5: CM per unit and its relationship to operating income Question 6: Breakeven Question 7: Targeted operating income & AFTER-TAX INCOME (revenue and per unit) Question 8: CM per unit and relationship to operating income Question 9: Impact of additional fixed cost: Increase in fixed cost does not impact contribution margin in any manner because contribution is the difference of sales price and variable cost. Question 10: Operating leverage and cause of risk: Higher fixed costs lead to higher degrees of operating leverage; a higher degree of operating leverage creates added sensitivity to changes in revenue. A more sensitive operating leverage is considered more risky, since it implies that current profit margins are less secure moving into the future. Question 11: Breakeven CHAPTER 12: (11 questions) ● Question 1: CM question: what happens when we have price change ● Question 2: Definition questions: relevant info, irrelevant info, sunk cost, opportunity cost ● Question 3: Decision making: relevant costs ● Question 4: Relevant and irrelevant questions (same questionfrom the quiz) ● Question 5: keep or replace equipment ● Question 6: One time only special order ● Question 7 & 8: 2 make or by INSOURCE OR OUTSOURCE conceptual ● Question 9: Insource & outsource that has fixed cost implication ( figure out which ones relevant and irrelevant the fixed) ● Question 10 & 11: Product mix with constrained resource - First calculate CM and then CM per unit of constrained resource - EXAM 2: - EXAM 3:
