ACCT 2302

Specific topics to review for Exam III

There are 25 M/C questions worth 3 points each, and 2 problems worth approximately 12 & 16 points, respectively, for a total of 103 available points on the exam.

M/C question formats will include, but are not limited to, the following:

Theory

Definitions

Logical thinking

Problems

Topics covered may include, but are not limited to, the following:

• Review basic concepts and how to apply them.  Also briefly review definitions.

• Ch. 7 – Master Budgets (15 questions, 1 problem - not M/C):

• Know terminology & general theories
• Timeframes involved
• Uses of budget information
• Order of preparation for Master Budget
• Recognize components of various budgets/schedules (i.e., Cash Budget)
• Calculate components of budget such as cash receipts or payments (3 M/C questions - read given information very carefully)

• Ch. 8 – Flexible Budgeting (8 M/C questions, 1 problem – not M/C):

• Common formats & general theories
• Purpose of flexible budgets and appropriate levels
• Calculate single components of flexible budget from given static budget (i.e., CM, VC, FC, etc. – 2 M/C questions)
• Similarities and differences between static & flexible budgets
• Variances – know rules of thumb
• Calculate total variance & identify as favorable/unfavorable from given data set

NOTE:  The two problems, which you will work out manually, are similar to problems we worked in class from chapters 7 & 8, or to the problems in the PowerPoint slides.  These problems will require you to apply concepts learned throughout the semester, as well as logical thinking processes.

These problems will be graded on the basis of partial credit, so please do at least attempt to work them.  I cannot give ANY credit for a blank page!

The M/C portion of the exam will be recorded on an 882-E scantron, as always.  The problems will be turned in separately from the M/C questions, and must have your name on them.

Please be sure to bring your scantron, calculator (you will need it), number 2 pencils, and a good eraser with you for the exam.

Good luck!  I’ve enjoyed having you in my class this semester.

K E Moffatt