Exam_2_Guide - Chapter 9 Why are budgets important In what...

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ACCOUNTING 2592 EXAM GUIDE Chapters 7-10 The best strategy for studying is to focus on the topics we have covered in class; I do not test on things we have not covered. Focusing on the exercises and homeworks will be useful. There are solutions to extra problems on Blackboard which should also be helpful. Topics Chapter 7 Prepare income statements and calculate ending inventory using variable and absorption costing Reconcile differences in net income between variable and absorption costing Discuss how managers could manage earning using absorption costing Chapter 8 What is the purpose of Activity Based Costing? Perform the mechanics of ABC costing
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Unformatted text preview: Chapter 9 Why are budgets important? In what ways can budgets affect employee motivation? Prepare sales, production, and direct material budgets and pro forma (i.e. budgeted) Income Statements and Balance Sheets Prepare a cash budget, including calculating cash receipts and cash disbursements Chapter 10 Prepare a flexible budget Prepare a performance report that combines activity variances and spending variances Prepare an overhead performance report using a cost driver. Discuss common errors made in preparing performance reports based on budgets and actual results....
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