Hello,

I was wondering if I can receive assistance with this study guide and the best strategies to understand the material. Thank you for your help in advance!

ACCT505 Final Exam Study Guide YOU MAY WANT TO PRINT THIS GUIDE. 1. The Final Exam is open book and open notes. The maximum time you can spend in the exam is 3 hours, 30 minutes. If you have not clicked the Submit for Grading button by then, you will be exited from the exam automatically. In the Final Exam environment, the Windows clipboard is disabled, so you will not be able to copy exam questions or answers to or from other applications. 2. You should click the Save Answers button in the exam frequently. This helps prevent connection timeouts that might occur with certain Internet service providers and also minimizes lost answers in the event of connection problems. If your Internet connection does break, when you reconnect, you will normally be able to get back into your Final Exam without any trouble. Remember, though, that the exam timer continues to run while students are disconnected, so students should try to log in again as quickly as possible. The Help Desk cannot grant any student additional time on the exam. 3. See the Syllabus section "Due Dates for Assignments & Exams" for due date information. 4. Reminders You will only be able to enter your online Final Exam one time. Click the Save Answers button often. If you lose your Internet connection during your Final Exam, log on again and try to access it. If you are unable to enter the Final Exam, first contact the Help Desk and then your instructor. You will always be able to see the time remaining in the Final Exam at the top right of the page. 5. Assessments With Multiple Pages Make sure to click the Save Answers button before advancing to the next page (we also suggest clicking on Save Answers while you are working). Complete all of the pages before submitting your Final Exam for instructor review. Do not use your browser's Back and Forward buttons during the Final Exam. Please use the provided links for navigation. 6. Submitting Your Final Exam When you are finished with the Final Exam, click on the Submit for Grading button. Please note: Once you click the Submit for Grading button, you will not be able to edit or change any of your answers. 7. Exam Questions There are two randomly selected multiple choice questions each worth 5 points, for a total of 10 points. One of the multiple choice questions is a problem. There are two randomly selected short answer questions each worth 25 points, for a total of 50 points. Both of the short answer questions are problems. There are four randomly selected essay questions each worth 25 points, for a total of 100 points. Each of these essay questions is a problem. There are three randomly selected essay questions each worth 30 points, for a total of 90 points. Each of these essay questions is a problem. The Final Exam covers all course TCOs and Weeks 1-7. The Final Exam consists of three pages, which can be completed in any order. You may go back and forth between the pages. The Final Exam questions are pooled. This means that not everyone will have the same questions. Even if you do have some of the same questions, they may not be in the same order. These questions are distributed among the TCOs. The entire exam is worth 250 points. On the short answer and essay questions that are problem based, you need to show all of your work. Some students opt to work on the essay questions first, due to their higher point value and the length of time needed to adequately address each question, but this is entirely your choice. Remember to always use proper citation when quoting other sources. This means that any borrowed material (even a short phrase) should be placed in quotation marks with the source (URL, author/date/page number) immediately following the end of the passage (the end quote). Changing a few words in a passage does not constitute putting it in your own words, and proper citation is still required. Borrowed material should not dominate a student's work; it should only be used sparingly to support the student's thoughts, ideas, and examples. Heavy usage of borrowed material (even if properly cited) can jeopardize the points for that question. Uncited material can jeopardize a passing grade on the exam. As a part of our commitment to academic integrity, your work may be submitted to turnitin.com, an online plagiarism-checking service. So please be very mindful of proper citation. 8. Some of the key study areas are shown below. Although these are key areas, remember that the exam is comprehensive for all of the assigned course content and this study guide may not be allinclusive. TCO A o Understand the differences between product and period costs. o Given data, be able to calculate cost of goods manufactured and the cost of goods sold. o Define and understand cost of goods manufactured and the cost of goods sold. TCO B o Be able to calculate a predetermined overhead rate. o Prepare a production report using the weighted-average method. TCO C o Given data, calculate the breakeven point in units and/or dollars. o Given data, calculate units and/or dollars needed to be sold to achieve a target profit. TCO D o Given an absorption costing income statement and other data, prepare a variable costing statement. o Be able to reconcile the differences between absorption costing and variable costing statements. TCO E o Understand unit-level, batch-level, product-level, and organization-sustaining activities as defined by activity-based costing (ABC). TCO F o Given data, prepare a flexible budget analysis useful for decision making (calculating variances to control spending). TCO G o Given data, calculate return on investment (ROI). TCO H o Given data, numerically analyze a make-versus-buy decision and state your decision. o Given data, numerically analyze a product discontinuance decision and state your decision. TCO I o o Given data, calculate NPV to make a capital-budgeting decision. Be able to apply NPV decision criteria to determine whether or not to accept the project. 9. Take the Practice Final Exam and review your results. The Practice Final Exam will be discussed in Week 7 graded Discussion topic 2. 10. Review your Midterm, Quiz 1, and Quiz 2 results. 11. Review Concepts discussed in the Weeks 1 through 7 Discussions, especially practice exercises. 12. Review the lessons, including tutorials and interactive self-quizzes. 13. Review the practice assignments. 14. Review the concepts covered in Project 1 and Project 2. 15. Review and/or reread Chapters 2 through 13. The Review Problems at the end of the chapters should be helpful. 16. Reviewing the TCOs, which are listed below for your convenience, will also be a great preparation for the Final Exam. A Given a manufacturing environment, illustrate how cost classifications are used to assign costs to cost objects, predict cost behavior, prepare financial statements, and aid in management decision making. B Given an absorption costing system, estimate the distribution of manufacturing costs to units manufactured using both job-order costing and process costing to aid in management decision making. C Given a manufacturing environment, apply the relationship between cost, volume, and profit to evaluate how changes in activity impact contribution margin and net operating income. D Given a variable costing system, compare and contrast variable costing and absorption costing and construct income statements using each system. E Given a manufacturing environment, distinguish between activity-based costing and a traditional costing system and illustrate the assignment of costs to cost pools. F Given an organization's sales, financial and business goals, construct a master budget and a flexible budget that formally depicts these goals. G Given an organization's use of responsibility accounting, illustrate the link between decision-making authority and the outcomes of those decisions. H Given differential analysis, distinguish between relevant and irrelevant costs and illustrate these concepts in strategic management decisions such as adding and dropping product lines or other segments of a business. I Given a capital budgeting decision, use the payback, net present value, and internal rate of return methods to evaluate the acceptability of a proposed capital investment. Finally, if you have any questions for me, please post them to our Q & A Forum or e-mail me. Good luck on the exam