ACCOUNTING 102 MIDTERM EXAM REVIEW SHEET FORM 16A There will be 50 multiple choice questions on the exam

and a bonus question worth up to 10 points. The bonus question will be an essay question. CHAPTER 16 1. 2. 3. 4. 5. 6. 7. 8. 9. Journal entries to move dollars through the manufacturing process. What are product costs? What do the dollars in the manufacturing accounts represent? Who is direct labor? Difference between managerial and financial accounting Be able to identify a period cost and a product cost. What items are manufacturing or product costs? How many inventories does a manufacturing company have and be able to name them. Define manufacturing overhead

CHAPTER 17 10. 11. 12. 13. 14. 15. 16. 17. Job cost sheets are used for what kind of manufacturing process? Know what activity-based costing is When should a company use job costing and when should a company use process costing? Why do companies use an application rate for overhead but not for direct materials and direct labor? The balance in Work-In-Process represents? Be able to apply overhead to a job. The balance in Finished Goods represents? Given a list of companies, be able to pick the company most likely to use job order costing.

CHAPTER 18 18. 19. 20. 21. 22. What is the use of equivalent units? What is the difference between job costing and process costing? Be able to calculate equivalent units How do you evaluate the efficiency of a production department? Given a list of companies, be able to pick the company most likely to use process costing.

CHAPTER 19 23. 24. 25. 26. What is the objective of activity-based management? What is the purpose of target costing? Product quality costs fall into 4 categories, what are the categories? A good just-in-time systems includes?

27. 28. 29. 30. 31.

Be able to identify an external failure cost. What is a value-added activity, be able to identify one. What is excluded from quality costs? During cycle time, when is value added? Know the components of the value chain.

CHAPTER 20 32. 33. 34. 35. 36. 37. 38. What is a fixed cost? Be able to identify one Where is break-even? How do you compute the margin of safety? Calculate break-even point in units and dollars. Be able to identify a variable cost. Be able to calculate contribution margin. Be able to calculate other parts of the break-even formula.