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Exam 1 - This test covers chapter 1 through 3 In...

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This test covers chapter 1 through 3. In particular, the following topics are emphasized. Chapter 1 Distinguish between managerial accounting and financial accounting Distinguish between cost and expense Define and understand cost, direct cost, indirect cost, opportunity cost, variable cost and fixed cost Define value chain and understand value-added activities and non-value-added activities included in a typical value chain Chapter 2 Define and understand direct material costs, direct labor costs, and manufacturing overhead Understand the basic cost flow equation Distinguish between normal costing and actual costing Understand a normalized overhead rate Distinguish between job order costing and process costing Understand features of operation costing Understand features of Just-In-Time method (production and sales) Calculate predetermined overhead rate and use it in job order costing to determine
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