ACCT 2101 Study Guide - Midterm Guide: Contribution Margin, Cubic Foot, Fixed Cost
Document Summary
Multiple choice questions (45@ 5. 82 points each). The extra points are to compensate for any weakness in the main test instrument and misunderstanding in the question wording. Students need to bring their own scantrons and #2 pencils. You are permitted to use a simple four-function calculator (cell phones are not simple four-function calculators. You will have 120 minutes to complete the exam, including bubbling in your scantron. Do not start writing on the exam before you are instructed to begin. Chapter 1: define managerial accounting and understand characteristics. Managerial accounting is the generation and analysis of relevant information to support management"s decision-making activities. Managerial accounting adds value to the organization by helping managers do their jobs more efficiently and effectively: list and understand the responsibilities and four general activities of managerial accountants. Managerial accounting is designed to assist managers with four general activities: planning, controlling, evaluating, and decision making: planning: managers participate in both short-term and long-term planning activities.
