ACCT 2121 FINAL EXAM: KEY
CONCEPTS IN FINANCIAL &
MANAGERIAL ACCOUNTING EXAM
QUESTIONS AND ANSWERS. VERIFIED
2026.
What percentage of the overall grade is the Final Exam worth in ACCT 2121? - ANS 20%
How many questions are on the Final Exam? - ANS 50 questions
What is the maximum score possible on the Final Exam? - ANS 100% (excluding extra credit)
What type of material is NOT included in the Final Exam? - ANS Old material from Quiz and
Exam 1, plus the Multiple-Step Income Statement from Exam 2
Which chapters are included in the 'New' material for the Final Exam? - ANS Chapters 11, 13
(LOs 13.1, 13.3, 13.4, 13.5), and 15 (LOs 15.1, 15.2, 15.3, 15.4)
What is the IMA Statement of Ethical Professional Practice? - ANS Handout 12 included in the
Final Exam materials
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
, What is the purpose of the 9-step financial statement closing process? - ANS To differentiate
between temporary and permanent accounts
What does LO 1.2 refer to in the context of the Final Exam? - ANS Learning Objective 1.2,
specific content not detailed in the notes
What is the contribution margin (CM) formula? - ANS Sales - Variable Costs = Contribution
Margin
How is the break-even (BE) point calculated in units? - ANS Fixed Costs ÷ CM per unit
What is the formula for target net income in units? - ANS (Fixed Costs + Target Profit) ÷ CM
per unit
What does Just-In-Time (JIT) inventory aim to minimize? - ANS Inventory holding costs
What are the four perspectives of the Balanced Scorecard? - ANS Financial, Customer,
Internal Business Processes, Learning & Growth
What does Environmental, Social, and Governance (ESG) reporting focus on? - ANS Impact in
environmental, social, and governance areas
How do fixed costs behave in total? - ANS They remain constant regardless of activity level
What is the difference between applied and actual overhead? - ANS Applied overhead is
assigned using the predetermined overhead rate; actual overhead is the real costs incurred
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
CONCEPTS IN FINANCIAL &
MANAGERIAL ACCOUNTING EXAM
QUESTIONS AND ANSWERS. VERIFIED
2026.
What percentage of the overall grade is the Final Exam worth in ACCT 2121? - ANS 20%
How many questions are on the Final Exam? - ANS 50 questions
What is the maximum score possible on the Final Exam? - ANS 100% (excluding extra credit)
What type of material is NOT included in the Final Exam? - ANS Old material from Quiz and
Exam 1, plus the Multiple-Step Income Statement from Exam 2
Which chapters are included in the 'New' material for the Final Exam? - ANS Chapters 11, 13
(LOs 13.1, 13.3, 13.4, 13.5), and 15 (LOs 15.1, 15.2, 15.3, 15.4)
What is the IMA Statement of Ethical Professional Practice? - ANS Handout 12 included in the
Final Exam materials
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
, What is the purpose of the 9-step financial statement closing process? - ANS To differentiate
between temporary and permanent accounts
What does LO 1.2 refer to in the context of the Final Exam? - ANS Learning Objective 1.2,
specific content not detailed in the notes
What is the contribution margin (CM) formula? - ANS Sales - Variable Costs = Contribution
Margin
How is the break-even (BE) point calculated in units? - ANS Fixed Costs ÷ CM per unit
What is the formula for target net income in units? - ANS (Fixed Costs + Target Profit) ÷ CM
per unit
What does Just-In-Time (JIT) inventory aim to minimize? - ANS Inventory holding costs
What are the four perspectives of the Balanced Scorecard? - ANS Financial, Customer,
Internal Business Processes, Learning & Growth
What does Environmental, Social, and Governance (ESG) reporting focus on? - ANS Impact in
environmental, social, and governance areas
How do fixed costs behave in total? - ANS They remain constant regardless of activity level
What is the difference between applied and actual overhead? - ANS Applied overhead is
assigned using the predetermined overhead rate; actual overhead is the real costs incurred
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
