Week3 Tutorial Questions - ACCT2522 Management Accounting 1...

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1 ACCT2522 Management Accounting 1 Session 1, 2011 Tutorial Week 3 – Cost basics Overall Theme We will explore fundamental assumptions of cost functions and discuss the relationships between cost behaviour, cost estimation and cost prediction. The concept of cost driver analysis and its application to cost estimation and cost management will also be discussed. We will also describe how to estimate cost behaviour using managerial judgment, engineering methods and other quantitative techniques. Desired Learning Outcomes and Essential Reading Mowen, M. M., D. R. Hansen, G. Mitchell, and G. Tibbits (2010). Management Accounting , South-Western CENGAGE Learning. (Hereafter referred to as Mowen) Chapter 2 Exclude objective 3 (p. 41-2) Chapter 3 Chapter 4 p. 124-6 only Langfield-Smith et al. 2009 Appendix 3 portion on “Evaluating the regression equation” p. 113- 114. TOPIC 3 COST BASICS After completing this topic, you should be able to: 1. Why are costs important? 2. What does ‘different costs for different purposes’ mean? 3. Understand and apply various classifications of costs. 4. Understand cost drivers and the role of cost driver analysis. 5.
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This note was uploaded on 07/13/2011 for the course ACCT 2522 at University of New South Wales.

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Week3 Tutorial Questions - ACCT2522 Management Accounting 1...

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