Please use the below review to prepare for the accounting assessment quiz assignment.
The concepts tested on the accounting assessment are:
1.) Cost behavior—variable, fixed, and mixed. Make sure you understand how to identify cost behavior and also the relationship between cost behavior and changes in production or quantity. For example, assume that you have a cost that at 225 units of production is $67.50 and at 250 units of production is $75.00. Is this cost variable, fixed, or mixed? (answer: variable). Or, how about a cost that at 225 units of production is $97.50 and at 250 units of production is $105.00. Is this cost variable, fixed, or mixed? (answer: mixed).
2.) Cost classifications. Review product costs versus period costs.
3.) Budgeting using cost formulas. In chapter 9, we computed a planning and flexible budget using cost formulas. Make sure you understand how to use cost formulas to budget. For example, the cost formula for supplies is $1500 + $10Q. How much is total supplies (both fixed and variable) at a production level of 1200 units? (answer: $13,500).
4.) The contribution margin income statement. We worked with the contribution margin income statement in chapters 2 and 5. Make sure you understand how to compile a contribution margin statement and how the parts of the statement react to changes in quantity (this is the reverse C method that I taught you in chapter 5). For example, see the below contribution margin statement. What is net income at a production level of 3000 units? (answer: $26000)
Sales (1200 units) $36000
Variable Costs 21600
Contribution Margin $14400
Fixed Costs 10000
Net Income $ 4400
The assessment is 15 multiple choice questions worth 30 points.
The assessment will be administered in Canvas.
You will have one attempt and a time limit (60 minutes).
You must complete the exam in one sitting (you cannot save and exit).
You must answer a question before you can move to the next question. And after you submit an answer, you cannot go back and change the answer. This setting is required to maintain exam integrity.
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