accounting 285 exam 2

Accounting 285 exam 2

Exam Length: you may take up to 60 minutes

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Format:- 20 multiple choice questions (4 pts per question for a total of 80 points + 1 bonus question)

– Questions are a mix of conceptual and computational

CHAPTER 5 (7 questions)

 Understand why variable costing and absorption costing income differ and how to reconcile their net operating incomes. – 2 questions

 Determine cost (per unit and in total) and operating income using variable costing – 2 questions

 Determine cost (per unit and in total) and operating income using absorption costing – 2 questions

 Prepare a segmented income statement that differentiate traceable fixed costs from common fixed costs and use it to make decisions – 1 question

CHAPTER 6 (7 questions)

 Understand activity-based costing and how it differs from a traditional costing system – 2 questions

 Calculate product costs assigned to a cost objective by using activity-based costing including first and second stage allocations – 3 questions

 Use activity-based costing to compute product and customer margins – 2 questions

CHAPTER 7 (7 questions)

ï‚· Understand cost classifications used in making decisions and identify relevant costs in decision making – 1 questions

ï‚· Make a decision regarding adding or dropping a product line or other segment – 2 question

ï‚· Make a make or buy decision – 1 question

ï‚· Make a special order decision – 1 question

ï‚· Make a decision regarding utilization of a constrained resource -1 question

ï‚· Make a sell or process further decision involving joint costs – 1 questions