Final%20Exam%20Study%20Guide

Final%20Exam%20Study%20Guide - Below is a list of items...

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Below is a list of items that you should know for the Final Exam: The management planning and control cycle. The major differences between financial accounting and managerial accounting. The difference between variable and fixed cost behavior patterns, and the simplifying assumptions made in this classification method. Why expressing fixed costs on a per unit of activity basis is misleading and may result in faulty decisions. How the contribution margin ratio is calculated and how it can be used in CVP analysis. The meaning and significance of the break-even point and how the break-even point is calculated. The concept of operating leverage. The role of cost accounting as it relates to financial and managerial accounting. How cost management plays a strategic role in the organization’s value chain. The difference between direct and indirect costs and how they relate to a product or activity. The difference between product costs and period costs, and the three components of product cost.
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Final%20Exam%20Study%20Guide - Below is a list of items...

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