MGMT201-Topics for Midterm I

MGMT201-Topics for Midterm I - MGMT 201 TOPICS ON MIDTERM 1...

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MGMT 201 TOPICS ON MIDTERM 1 – FALL 2010 Below is an extended list of the topics/tools that we have studied so far. To help focus your attentions, I list below the four major areas that we have covered: 1. Cost definitions and the flow of costs 2. Product/service costing 3. Normal costing with under- or over-applied overhead 4. Cost estimation List of topics/questions/ideas to know 1. Cost definitions and the flow of costs What is a variable cost? What is a fixed cost? What is the relevant range? What are step or step-fixed costs? What are discretionary fixed costs? What are mixed or semi- variable costs? What are the key cost terms used in financial reporting that we have studied? Period versus product (or Inventoriable) costs—what are they for a manufacturer, a retailer, or a service firm. Manufacturing versus non-manufacturing costs What is the difference between a direct cost and an indirect cost? What are Direct Materials, Direct Labor and Overhead?
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This note was uploaded on 04/27/2011 for the course IE 383 taught by Professor Yi during the Spring '11 term at Southwestern.

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MGMT201-Topics for Midterm I - MGMT 201 TOPICS ON MIDTERM 1...

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