ACCT 2521 Final Exam Study Guide | Accounting Review, Key Concepts & Practice Questions

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ACCT 2521 Final Exam Study Guide | Accounting Review, Key Concepts & Practice Questions

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ACCT 2521 Final Exam Study Guide | Accounting Review, Key Concepts &
Practice Questions

managerial vs. financial accounting - ANS ✔✔financial

- externals

- historical

- GAAP

managerial

- internal (same data)

- future

- no GAAP

product cost - ANS ✔✔direct materials, direct labor, & MOH (expensed when goods sold)

-inventory -> balance sheet

~ sale ~

- COGS -> income statement

ex: wood used in a table, labor to assemble a table, cost of electricity at the factory

inventoriable cost

period cost - ANS ✔✔selling, general, & administrative costs; non-manufacturing costs

expensed immediately when incurred

ex: salary of administrative secretary, sales commissions

advertising and depreciation are always fixed !!!!

how to calculate prime costs - ANS ✔✔DM + DL

, how to calculate conversion costs - ANS ✔✔DL + MOH

variable costs - ANS ✔✔increase as activity increases, decreases as activity decreases (direct
proportion)

per unit- remain constant

ex: cost of electricity at factory

fixed costs - ANS ✔✔in total- remain constant

per unit- increase as activity decreases, decrease as activity increases (inverse proportion)

ex: salary of factory supervisor

how to calculate COGS - ANS ✔✔beg inventory

+ purchases

= goods available

- ending inventory

= COGS

traditional income statement - ANS ✔✔sales

- COGS

= gross profit

- OE

= NI

contribution margin income statement - ANS ✔✔sales

- VC

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Uploaded on: June 25, 2026
Number of pages: 6
Written in: 2025/2026
Type: Exam (elaborations)
Contains: Questions & answers

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