Midterm 1 Study Guide - Accounting 2600 Fall 2015 Midterm Study Guide Chapter 1 Definitions\/Concepts 1 Understand the meaning and purpose of managerial

Midterm 1 Study Guide - Accounting 2600 Fall 2015 Midterm...

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Accounting 2600 – Fall 2015 Midterm Study Guide Chapter 1 Definitions/Concepts 1. Understand the meaning and purpose of managerial accounting 2. How is managerial accounting different from financial accounting 3. Standards of ethical conduct for managerial accountants (Section 1-5 of textbook) Chapter 2 Definitions/Concepts 1. Understand the meaning and purpose of managerial accounting 2. How is managerial accounting different from financial accounting 3. Standards of ethical conduct for managerial accountants 4. Direct Costs 5. Indirect Costs 6. Expenses 7. Period costs 8. Opportunity Costs 9. Direct Materials 10. Direct Labor 11. Total Product Cost 12. Manufacturing Overhead 13. Examples of differences between direct costs and overhead 14. Per-unit costs 15. How do per-unit costs change as production changes? 16. Prime cost vs Conversion Cost 17. Period Cost (all costs that are not product costs) 18. Cost of Goods Sold vs Cost of goods manufactured 19. What types of costs are included in cost of goods sold?
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