Premium Essay

Mba 641 Msf641 Review Sheet for Exam 1

In: Business and Management

Submitted By Anthony1900
Words 699
Pages 3
The exam is closed book and no notes. This is testing basic managerial accounting knowledge that everyone should know and understand to be able to add value to any type of organization. Make sure you bring a calculator. Please feel free to ask questions about the review sheet if you do not understand what I am asking. You will also have access to the answers to the online quizzes you have taken, so I would review these quizzes. The textbook website has interactive quizzes that you can take at the textbook website and get instant feedback, so that would probably be a good review process. Also, make sure you review the exercises I have set out below by the problem explanations. You have access to the partial chapter solutions in the course resources area after we have covered a chapter, so make sure you are solving the exercises correctly. You can definitely do well on this exam if you study. If you get to a problem on the test and feel confused, try to put something down so you might earn partial credit. If you understand the review sheet, you should do well on the exam.
25 Multiple choice 2 pts. each
1. Understand what Financial and Management accounting are?
2. What are the differences among Manufacturing, merchandising, and service companies?
3. How do you compute COGM, COGS, and operating income and what do these figures represent?
4. What are prime and conversion costs?
5. What is customer-profitability analysis?
6. Understand how changes in volume impact cost behavior.
7. What does the relevant range mean?
8. What are the attributes of an ABC method?
9. Determine gross margin.
10. Apply overhead to production using a predetermined overhead rate.
11. Compute the cost of job.
12. How is under or overapplied overhead adjusted at the end of an accounting period.
13. What type of companies use Job costing? Process Costing?…...

Similar Documents

Premium Essay

Exam 1 Review

...12345) Mid-Term Exam – Review Questions 1) All of these are pitfalls an organization should avoid in strategic planning EXCEPT (Ch. 1) Some pitfalls to watch for and avoid in strategic planning are these:  Using strategic planning to gain control over decisions and resources  Doing strategic planning only to satisfy accreditation or regulatory requeriments  Too hastily moving from mission development to strategy formulation  Failing to communicate the plan to employees, who continue working in the dark  Top managers making many intuitive decisions that conflict with the formal plan  Top managers not actively supporting the strategic-planning process  Failing to use plans as a standard for measuring performance  Delegating planning to a “planner” rather than involving all managers  Failing to involve key employees in all phases of planning  Failing to create a collaborative climate supportive of change  Viewing planning as unnecessary or unimportant  Becoming so engrossed in current problems that insufficient or no planning is done  Being so formal in planning that flexibility and creativity are stifled 2) The strategic-management process represents a(n) logical , systematic , and objective approach for determining an enterprise's future direction. 3) Strategic Management is used to refer to strategic formulation, implementation and evaluation, with strategic planing referring only to strategic formulation. 4) Which statement best describes......

Words: 1938 - Pages: 8

Premium Essay

Auditing Exam 1 Review

...Auditing Exam 1 Review Ch 1 Nature of Auditing: * Auditing is the accumulation and evaluation of evidence about information to determine and report on the degree of correspondence b/w the information and established criteria. * Auditing should be done by a competent, independent person. Information and Established Criteria: * To do an audit, there must be information in a verifiable form and some standards (criteria) by which the auditor can evaluate the information. Accumulating Evidence and Evaluating Evidence: * Evidence is any information used by the auditor to determine whether the information being audited is stated in accordance with the established criteria. Competent, Independent Person: * The auditor must be qualified to understand the criteria used and must be competent to know the types and amount of evidence to accumulate to reach the proper conclusion after the evidence has been examined. * The competence of the individual performing the audit is of little value if he or she is biased in the accumulation and evaluation of evidence. Reporting: * The final stage in the auditing process is preparing the Audit Report, which is the communication of the auditor’s findings to users. Distinguish b/t auditing and accounting: * Accounting is the recording, classifying, and summarizing of economic events for the purpose of providing financial information used in decision making. * Auditing is determining whether recorded......

Words: 1056 - Pages: 5

Free Essay

English Review Sheet

... English 2328 Spring 2011 Unit Two: Early Twentieth Century Review Sheets |Survey Highlights |Modernism in American Literature |Imagism, Imagery, Image | |Major Authors |Some distinguishing characteristics— |From Pound's "A Retrospect": | |Historical Context |Rejection of traditional values and assumptions, in society and art. |—Three principles of Imagism: | |Intellectual Movements |Strong break with traditional literary forms and techniques of |1. Direct treatment of 'thing' whether subjective or objective. | |Genres, Elements of Literature |expression. |2. To use absolutely no word that does not contribute to the | |Authors |—Avant-garde, innovative |presentation. | |Robert Frost, Ezra Pound, and T. S. Eliot |—Frost's "old-fashioned way to be new" |3. As......

Words: 2032 - Pages: 9

Premium Essay

Mba 540 Final Exam

...MBA 540 Final Exam 1. (10 pts.) Discuss how organizational architecture and corporate culture are related. Use an example of a real-life firm and discuss how its corporate culture blends with its organizational architecture. Organizational architecture and corporate culture should be intertwined within any successful company or organization. In the text, Brickley (2009), refers to organizational architecture as being three legs of a company: assignments of decision rights, 2) methods of rewarding individuals, and 3) the structure of systems to evaluate the performance of both individuals and business units. Organizational architecture is the framework of company departments such as managerial chain of command, the duty description and responsibility of each position. Corporate culture includes the ways work and authority are organized, the way people are rewarded and controlled for their work, as well as taboos, customers, heroes, slogans, and social rituals. The three elements of architecture help form the existence of how a culture is developed. A prime example is Merrill Lynch. Merrill is a well know investment company that manages the portfolio of investors. It suggested to its client to buy Info Space though, internally, analyst knew the stock had tanked in price. They were never upfront about selling the stock. Their ethical violations caused shockwaves in the investment community forcing other to ensure measures were in place to prevent a disaster. Merrill Lynch......

Words: 1651 - Pages: 7

Free Essay

Exam Review

...Final Exam Review Outline The final exam will be cumulative, though with more emphasis on the post-midterm material. Below is a list of topics covered by the exam. Pre-midterm 1. Prove basic properties of the integers using only the axioms. 2. Find the negation, converse, and contrapositive of a statement. 3. Use the following techniques of proof: proof by contradiction proof by contrapositive proof by induction or strong induction 4. Prove an “if and only if” statement. Prove two sets are equal. 6. State and use the definitions of union, intersection and complements of sets Cartesian product of two sets equivalence relation equivalence class 7. Binomial Theorem definition of binomial coefficients Binomial Theorem (Thm 4.21) Post-midterm (Note: theorems and propositions listed are useful statements that you may quote and use in your proofs. You must quote the statement, NOT the number of the theorem or proposition!) 1. Number Theory Division Algorithm (Thm 6.13) greatest common divisors Euclid’s Lemma (Prop 6.31) Unique factorization theorem (Thm 6.32) Integers mod n 2. Real numbers upper and lower bounds supremum (least upper bound) and infimum (greatest lower bound) Completeness Axiom 3. Limits Absolute values as distances, the triangle inequality (Prop 10.10) definition of convergence to a limit (be able to state the......

Words: 308 - Pages: 2

Free Essay

Bmgt230 Review Sheet

...or lurking variables Regression Line- the line that minimizes the sum of the squared residuals, as x increases by 1 unit the response on average changes by the value of the slope b1. Residuals: the distance from each point to the least-squared regression line gives us potentially useful info about the contribution of Individual data points to the overall pattern of scatter. Residual = observed – predicted, sum of residuals = 0 Conditions for Regression Model: Linearity, Independence, Equal Spread (residual plots check this) Residual plots- distance b/w y-observed & y-predicted, if fan shape no constant spread. Funnel shape = no equal spread. Random: if individual outcomes are uncertain but there is a regular distribution of outcomes in a large # of repetitions Probability: the portion of times the outcome would occur in a very long series of repetitions Probability models: describe, mathematically the outcome of random processes (two parts) > 1. Sample Space: set or list of all possible Outcomes of a random process, an event is a subset of the sample space Probability Properties: Probabilities range from 0 (no chance of event) to 1 (event has to happen) so if P(A) = 0 -> A is impossible Because some outcome must occur on every trial the sum of the probabilities for all possible outcomes must be exactly 1. Mutually Exclusive: (also known as disjoint) -events contains no common outcomes, Intersection is empty, they......

Words: 912 - Pages: 4

Premium Essay

Pmp Exam Sheet Sheet

...CHEAT SHEET PMP Exam Cheat Sheet The purpose of this is to help you memorize information to dump onto scrap paper prior to starting exam. It is important that information used on this sheet is information that will be helpful to you on the exam. Every time you sit down to study, start by writing out your “cheat sheet” to see how much you remember. You will remember more each time. This document is an example of what I used for the test and includes step by step instructions to create each piece. You should come up with whatever tricks work for you. I make no guarantees that this will work for you or that there are no errors in here. All I can say is that it worked for me and I hope this helps you find something to work for you. Most of the benefit is in learning to create the spreadsheet not in actually using it. However, it’s a nice feeling to start the test by documenting things you know instead of starting by answering a question you don’t! Good luck and happy studying. By PMPExamPrep 1 CHEAT SHEET Part A: Process group and Knowledge Area Matrix from P 38 PMBOK 2000 Edition Process Groups Step 1: Fill in negative C0 Knowledge space with X (cells with I P E C^ Areas no processes). • Starting at the top X PIM X of Closing – go down 6 and over 1 S X X • Skip space in X T X X Closing and do “Down and up” C X X X • From top of Q X X Executing drop one and do 3 in a HR X X X row. • In inititating, block Comm X out all except Risk X X X Scope Proc X X Step 2: You need......

Words: 1760 - Pages: 8

Free Essay

Global Mba Rankings: Review and Recommendations

...| Global MBA Rankings: Review and Recommendations | | | Table of Contents Executive Summary 3 Review of Existing MBA Ranking Methodologies 3 A New MBA Ranking Methodology 5 KPI Categories 6 1. Internationalism 6 2. Career 6 3. Salary 6 4. Network and Student body 6 5. Faculty and Education 7 Data Collection and Standardization 7 Summary 7 Appendix 1: List of KPIs 9 Appendix 2: KPI Descriptions and Definitions 10 1. Internationalism KPIs 10 2. Career KPIs 10 3. Salary KPIs 11 4. Network & Student Body KPIs 12 5. Faculty and Education KPIs 12 Appendix 3: Salary Adjustment Process 14 Appendix 4: Data Standardization Processes 15 Appendix 5: School Questionnaire 16 Appendix 6: Alumni Questionnaire 17 Appendix 7: 2010 Survey Data 18 Internationalism 18 Career 19 Salary 20 Network and Student Body 21 Faculty and Education 23 References 24 Post Script: Lessons Learned 25 Executive Summary Over the last few weeks we have taken on the task of assessing the relevance of the two most recognized annual Global MBA ranking systems, published by the Financial Times and the Economist. We have concluded the need for a new ranking system that would address some of the key shortcomings of these systems. This new system would continue to build on the successes of the esteemed publications. We believe that a new system needs to take into account the needs of the emerging Y-generation, the millennials, a......

Words: 7159 - Pages: 29

Premium Essay

Mba 1

...PART: TWO Answer Q.1 Career planning is the process by which one selects career goals and the way to reach those goals. In HRM major focus is on assisting the employees achieve a better personal goal and the opportunities that are realistically available in the organization. Objectives of Career planning in Industry • Attract and retain talent by offering careers, not jobs • Using Human resouses effectively and achieve greater productivity • Reduce employee turn over • Improve employee morale and motivation So we can understand that employee is important for every organization, and their career planning is must. Since every employee has desire to grow , he feels highly motivated when the organization shows him a clear path as to how he can meet this personal ambition while trying to realize corporate goals. When reorganization doesn’t come in time for meritorious performance and a certain amount of confusion prevails in minds of employees whether they are part of organization, with a chance to grow or not, they look outside resulting in job attrition. So, the absence of a career plan is going to make a big difference to both the employees’ and the organization. When employees do not get the right breaks at a right time, their morale will be low and they are always on their toes trying to find escape routes. This scenario of high turnover is not in benefit of any organization. Therefore in each organization should try to put their career plans in place and......

Words: 293 - Pages: 2

Premium Essay

Exam 1 Review

...Finance Final Review: Part 1 of 3 Accounting 101 Financial statements The reason you need to understand how a financial statements works is because it summarizes the financial information of a firm (firm’s operating performance.) such as its assets, how the firm generates and uses cash (good to know if you are an investor, tells you if the firm is being stupid or not with their money) and changes to stockholder’s wealth. This is why publicly traded companies are required to file annual (yearly) reports that inform investors (you) about their operations and financial conditions. The type of financial statements that are important to financial analysis are the balance sheet, income statement and statement of cash flows. Balance Sheet The balance sheets shows a firm’s assets and the financing mix (liabilities and equity) use to obtain those assets. HINT: the financing mix is the cost of capital. Remember that hellish equation, ka = (wd)(kd)(1-t) + (wp)(kp) + (we)(ke). This is where the weighted (Wd, Wp, We) comes from. The accounting equation must hold true for the balance sheet: Assets = Liabilities + equity The balance sheet shows a snapshot of the firm’s status on a specific date Income Statement The income statement illustrate what revenues the firm collects, the expenses required to support revenues, and the firm’s profitability over a specified period of time. Income statement reflect performance over a period of time. This is where you can calculate the EPS...

Words: 9900 - Pages: 40

Free Essay

Geography Exam 1 Review

...1. What is Geography? Geography (from geo, “earth”, and grapein, “to write”) is the science that studies the relationships among natural systems, geographic areas, society, and cultural activities and the interdependence of all of these over space. 2. What is physical geography? Physical geography is the spatial analysis of all the physical elements and process systems that make up the environment: energy, air, water, weather, climate, landforms, soils, animals, plants, microorganisms, and Earth itself. 3. What are the inner core, outer core, mantle, asthenosphere, lithosphere, oceanic crust, and continental crust? o Inner core: solid iron well above the melting temperature of iron at the surface, but remains solid b/c tremendous pressure (combination of silicon, oxygen, sulfur) o Outer core: molten, metallic iron (fluid) with lighter densities than the inner core o Mantle: 80% of earth’s total volume, rich in oxides of iron and magnesium and silicates (FeO, MgO, and SiO2), • Lower mantle: denser, contain a mixture of iron, magnesium, and silicates, with some calcium and aluminum. • Upper mantle: a high-velocity zone just below the crust where seismic waves transmit through a rigid, cooler layer, divides into three fairly distinct layers: i. Upper mantle ii. Asthenosphere iii. Uppermost mantle o Asthenosphere: (plastic layer) contains pockets of increased heat from radioactive decay and is susceptible to slow convective currents in these hotter, less......

Words: 335 - Pages: 2

Free Essay

Mba Exams

...Exams conducted all over India for MBA admission(top 8) 1. CAT 2. MAT 3. XAT 4. FMS 5. SNAP 6. ATMA 7. TANCET 8. GMAT 1.CAT(Common Admission Test): • The Common Admission Test (CAT) is a Computer Based Test in Quantitative Ability, Data Interpretation, Verbal Ability and Logical Reasoning. • The Indian Institutes of Management (IIMs), Indian Institutes of Technology (IITs) and the Indian Institute of Science (IISc) use the test as an important component in selecting students for the business administration programs. 2.MAT(Management Aptitude Test): • Management Aptitude Test is both computer based and hand written test in Quantitative ability,Data Interpretation,Data Sufficiently,Verbal Ability and Reading,Comprehension,General Awareness,Analytical and Logical reasoning. • Management Aptitude Test or MAT as it popularly knows is conducted 4 times (in February, may, September & December) by the centre for Management service (CMS) a division of all India management association (AIMA) ( • Educational Qualification: Applicant should be graduate (10+3) in any stream (arts / science / engineering / commerce/ architecture) from a recognized university or its equivalent. 3. XAT(Xavier Admission Test): • XLRI is conducting Admission Test on all India level to select the most appropriate students for management education. • There are more than 60 Management......

Words: 982 - Pages: 4

Free Essay

Human Growth and Development Review Sheet

...DEP 2000 – EXAM 1 REVIEW SHEET CHAPTER 1 1. The pattern of movement that begins at conception and continues through the human life span. Each of us develop: * Party like some individuals i.e. with those whom we share similar genetic makeup example our parents, siblings. * Partly like no other individuals i.e. the genetic recombination and environment factors which makes us unique. * Partly like all other individuals with those whom we share similar gender, age, and other such physiological factors. 2. Development includes Growth and Decline (see page 5) * Consider a 75 year old man, his goal will not be able to improve his golf swing, but to maintain his independence and to play golf at all. 3. Traditional vs Life-Span Approach (see page 2) * Traditional Approach suggests that, most if not all changes occur from birth to adolescence (infancy), no change in adulthood and decline in old age. * Life-Span Approach suggests that we undergo changes throughout the course of our life, i.e. all stages of life, from birth till death. 4. Life Span vs. Life Expectancy * Life Span is the longest recorded age a human has lived, which is to be 122 years. Life Span has not changed since the beginning of recorded history. * Life Expectancy is the average number of years an individual born in a particular year/era is expected to live. Life Expectancy has gone up by 30 years in the 20th century. 5. Characteristics of...

Words: 2040 - Pages: 9

Free Essay

History 1301 Exam 1 Review

...Prompt 1: Migration * According to anthropologists, where did the first human beings live? Why did they leave that place? How did they get to North America? According to anthropologists the first human beings lived in Ethiopia, Africa around 2 million years ago for example: Lucy known as the oldest human found there. The most probable reason why the first human left Africa is because of the Ice Age. The cold made life so difficult to survive and somehow reduced in their population. They went through a land bridge, which existed to connect North America and Asia during the Ice Age. * What was the Columbian Exchange? How did the Columbian Exchange affect Europe? How did it affect North America? The Columbian Exchange is basically understand as the exchange in foods, animals, plants as well as diseases between the New World (North America) and the Old World (Europe) followed after the discovery of America by Columbus. The Columbian Exchange affected both world in many ways. For Europe, it brings avocado, potato, tomato, corn, beans, tobacco, turkeys as positive effects and the negative effect are diseases like tuberculosis and syphilis. For North America, positive effects: coffee beans, olive, banana, sugar cane, grape, sheep, pig, horse. And the negative effects impact North America are: smallpox, chickenpox, measles etc… * Name four groups of people who migrated to British North America in the 17th century. Why did each of those groups......

Words: 1673 - Pages: 7

Free Essay

Microbiology Exam 1 Review

...BIOL 3332 Spring 2016 Unit 1/Exam 1 Review (Chapters 1, 3, 6, and part of 4) A. Chapter 1  Microbial Life:  Origin & Discovery a. Impact of microbiology on our lives i. Ecology, public health, biotechnology, knowledge of cell biology and  genetics b. Defining what a microbe is: * a microbe is a living organism that requires a microscope to be seen c. Where did microbes come from?  Evolutionary origins, fossil evidence; prokaryotic cells  eukaryotic cells * bacteria is the oldest known life form. Oldest datable geographical evidence was 3.8 bya * eukayotic cells arose from divergent prokaryotic lines. Endosymbioses came from mitochondria and chloroplasts. Unicellular types came from simple multicellular forms metazoans; significance of cyanobacterial ancestors * presence of cyanobacteria-like chains of cells in stomatolite fossils represent growth of cyanobacteria * cyanobacteria photosynthesize like plants; they use H2O to synthesize O2. d. Microbial taxonomy & phylogeny (3 domains: Archaea, Bacteria, & Eukarya ) * the 3 domains (bacteria, archaea, and eukaryotes) evolved from a common cell * Archaea and bacteria include prokaryotes * Eukarya includes algae, plants, fungi, animals, and protists eukaryotes * Monera includes all 3 domains i. Taxonomic groupings: microbes in the different kingdoms of those domains ii. Similarities & differences: eukaryotic & prokaryotic cells; genomes iii. Metagenomics e....

Words: 3125 - Pages: 13