Test 3 Study Guide - Acct 2200/Fall 2011 Test 3 Study Guide...

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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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