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Comprehensive Review Exam for AGEC 407: Chapters 1-9 Overview in Management and Accounting

This review exam for AGEC 407 covers essential management and accounting concepts from Chapters 1 to 9. It includes topics such as record keeping, cash vs. accrual accounting, depreciation methods (straight-line, SOYD, declining balance), balance sheets, financial ratios (liquidity, solvency, ROA, ROE), income statements, cash flow structures, production levels, cost concepts, and the law of diminishing marginal returns. This guide is a valuable resource for students preparing for their exams in agricultural economics.

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Comprehensive Review Exam for AGEC 407: Chapters 1-9 Overview in Management and Accounting

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  1. Review Exam I • Chapters 1 and 2 • Management • Chapter 3 • Record Keeping • Cash vs. Accrual Accounting • Chapter 4 - Depreciation • Straight line • SOYD • Declining balance AGEC 407

  2. Review Exam I • Chapters 5 – Balance Sheet • Assets – Liabilities = Net Worth • Liquidity • Current ratio • Working capital • Solvency • Debt/Asset • Debt/Equity • Equity/Asset AGEC 407

  3. Review Exam I • Chapters 6 – Income Statement • Structure • ROA • ROE • OPMR • Chapter 13 - Cash Flow • Structure • Uses AGEC 407

  4. Review Exam I • Chapters 7 – Choosing Production Levels • Marginalism • Production Function: TPP, APP, MPP • Law of diminishing marginal returns • MVP = MIC • MR = MC • Equal Marginal Principle AGEC 407

  5. Review Exam I • Chapters 8 – Choosing Input and Output Levels • Substitution Ratio is a technological relationship • Input • Substitution ratio >= Price ratio • Output • Profit ratio >= Substitution ratio AGEC 407

  6. Review Exam I • Chapters 9 – Cost Concepts • Opportunity Cost • Short run vs. Long run • Fixed Costs, Variable Costs, Total Costs • AFC, AVC, ATC • Marginal Cost • Economies of Size AGEC 407

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