Acct 2200/Fall 2011 Test 3 Study Guide NOTE: This study guide should only be used as a GENERAL guide. It will only list out the major concepts covered on your exam. Please refer to your notes/slides for a more in-depth discussion of each concept. Chapter 10 • Understand what is meant by standard costs • Know the difference between ideal and practical standards • Determine direct material and direct labor standards • • • • Compute delivery cycle time, throughput time, and manufacturing cycle efficiency (MCE) Chapter 11 • What is responsibility accounting? • Know what is meant by decentralization and know the advantages and disadvantages of decentralization • Prepare a segmented income statement using the contribution format • Identify and explain the difference between traceable fixed costs and common fixed costs
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