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Exam1 Study Guide

Exam1 Study Guide - environment Technical – compute cost...

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Bus 215 Midterm 1 Study Guide Following are the theoretical and technical aspects from each chapter. Use this list to determine if you feel comfortable with either the concepts or with the computations of each topic. Chapter 1 Theoretical – importance of business strategy, three categories of customer value propositions, describe the three major activities of a manager, four steps in the planning and control cycle, comparison of financial and managerial accounting, understand the basic concepts underlying Lean Production, Theory of Constraints and Six Sigma, Code of Conduct for Management Accountants (guidelines for ethical behavior and resolution for an ethical conflict). Technical - none Chapter 2 Theoretical – manufacturing cost classifications, flow of costs in a manufacturing
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Unformatted text preview: environment, Technical – compute cost of goods manufactured and cost of goods sold for a manufacturing company, preparation of income statements, calculate costs of different types of inventory accounts. Chapter 3 Theoretical – types of productions systems, specifics about job-order costing, concept of predetermined overhead, the benefit of using multiple overhead rates compared to one company-wide overhead rate Technical – compute predetermined overhead, apply overhead to a job, determine over/under-applied overhead, close overhead either directly to CGS or on an allocation basis, determine product cost using a job-order costing system....
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