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Ch123 Summary Points - Mid-Term Exam 1 Chapters 1 2 and 3...

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Mid-Term Exam # 1: Chapters 1, 2, and 3 Key Concepts for Each Chapter Chapter 1 Reasons for studying management accounting – purposes of the course Key data bases as a source of management accounting data (text, Fig 1.1) Key transactions systems that generate data for use by management (text, Fig 1.2) Code of ethics Chapter 2 Basic relationships: Inputs Work Outputs Costs Cost Drivers Cost Objective Cost of goods manufactured and sold (the statement format) Set up the format: Sales Cost of goods sold (See Fig 2.1) Materials: Purchases + Beginning materials inventory – Ending materials inventory Materials used Direct labor Factory overhead Total manufacturing costs (this period) + Beginning work-in-process – Ending work-in-process Cost of goods manufactured (this period) + Beginning finished goods inventory – Ending finished goods inventory Cost of goods sold (this period) Gross margin – Operating expenses (period costs) Net Income  Resources  Activities   Products
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Key terms: Cost driver Cost objective Prime Conversion Cost function: a
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