REVIEW FOR FINAL EXAM HRM 732 ON-LINE APRIL 2012 Your exam consists of multiple choice questions

and short answer questions. There are 9 multiple choice questions with a total of 43 individual questions for a total of 76 marks There are 3 short answer questions for a total of 24 marks. MULTIPLE CHOICE: You must know the following: Weygandt Text: CHAPTER 1 given a list of financial information, know how to calculate the following: o ending capital, o changes in owners equity o net income or loss o total assets o total liabilities how to determine the effects of transactions on the accounting equation characteristics of the monetary unit assumption the primary objective of financial reporting the purpose creditors, tax authorities, employees use accounting information Practice: Questions 1, 2, 3 (pg. 28) Question 10 (pg. 29); Brief Exercise: BE1-1 (pg. 29); Problems: P1-6A (pg.40), P1-9A (pg.42), P1-6B (pg. 46), P1-9B (pg.48); Note: Although P1-9a and P1-9B asks to prepare financial statements, they force you to calculate all of the items I mentioned above. CHAPTER 10 how to calculate missing amounts in the journal entries to record the payroll and the employee benefit expenses Practice: Brief exercise: BE10-11, BE10-12, BE10-13 (pg. 590); Exercise: E10-11 (pg. 594)

MULTIPLE CHOICE Jiambalvo text: CHAPTER 1 characteristics of variable and fixed costs Practice: Question: No. 5 (pg. 26) CHAPTER 2 given information, how to calculate the cost of goods manufactured how to determine errors in income when costing jobs Practice: Problems: P2-1(a) (pg. 71/72); P2-2(a) (pg. 72) P2-3(a) (72/73) P2-4 (pg. 73) CHAPTER 4 how to estimate variable cost per unit, fixed cost per unit, total variable cost and total fixed cost characteristics of a mixed cost, variable cost and fixed cost the relationship between sales, variable costs and contribution margin how to calculate profit how to determine Break-even point in $ how to determine fixed costs at Break-even point (Hint: remember Contribution margin & Fixed cost are equal at break-even point) Practice: Questions: 1, 3, 4, 5, 6 (pg. 148); Exercises: E4-8 (a & b) (pg. 150), E4-9(a), E4-10(a) (pg. 151), E4-12, E4-13, E4-15 (pg. 152); Problems: Problem 4-1 (pg. 153) CHAPTER 7 how to calculate the impact on profit if a product line is dropped how to determine relevant costs in a make- buy decision how to calculate the net result in a keep-replace equipment decision (refer to the online material for this module) characteristics of the following and examples of each o avoidable costs o sunk costs o relevant costs o differential costs Practice: Exercises: E7-7 (pg. 271), E7-8 (pg. 272), E7-13 (pg. 273); Problems: P7-4, P7-5 (276), P7-9(a) (pg. 278)

MULTIPLE CHOICE Jiambalvo text: CHAPTER 10 how to calculate missing amounts in cash collections budget schedule Practice: Exercises: E10-11 (pg. 386), E10-13 (pg. 387); Problems: P10-10 (Cash receipts only) (pg. 397) CHAPTER 12 how to calculate invested capital (given operating income, turnover & ROI) (note: refer to the formulas shown on page 446 you must know them) how to calculate residual income (given invested capital, minimum required rated of return & operating income) how to calculate changes in sales to achieve a certain ROI NOTE: Invested Capital is also known as Average Operating Assets. So these terms can be used interchangeably in any of your questions take note) how to calculate profit margin (same as margin) to achieve a certain ROI Practice: Exercises: E12-5 (pg. 472), E12-10 (pg. 473), E12-11, E12-12 (pg. 474); Problems: P12-2(pf. 476), P12-6 (pg.477), P12-17 (a-1), (b-1) (pg. 481) SHORT ANSWER QUESTIONS Jiambalvo text: CHAPTER 1 how to explain why the level of detail in the financial statements is not sufficient to manage an operation know at least three non-financial measures a manager finds useful how can performance on certain measures be improved be able to list at least three fixed or variable costs one can use in an operation characteristics of variable costs and how they would differ between different companies (example: service companies and merchandising companies all based on your understanding of the material, no textbook answer) Practice: Problem :P1-6 (pg. 31) CHAPTER 10 know why staff participation in the budget process is the key to a successful budget know two things beside participation that management can do to successfully implement a budget Practice Refer to material in the chapter (no specific questions in text)

GOOD LUCK TO ALL!