Review Sheet_ TT1_09

Review Sheet_ TT1_09 - Review Sheet Introductory Cost...

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Review Sheet - Introductory Cost Accounting - Term Test #1, October 2010 Learning Outcome Reference Chapter 1 Managerial Accounting and the Business Environment Emphasis is on theory concepts and terminology ; planning, directing, controlling, line v. staff positions, budgets, decentralization, feedback, performance report, CFO, controller, differences between financial and managerial accounting, corporate governance, business process, value chain, lean thinking model , JIT production and push v. pull, Six Sigma, non-value added activities, enterprise system, enterprise risk management See chapter highlights; see E 1- 1, E1-2 or Quiz Chp 1 Main categories of ethical standards ( competence, confidentiality, integrity, objectivity) Chapter 2 Cost Terms and Concepts Theory: meaning of DM, DL, indirect materials, indirect labour, MO, prime cost, conversion cost, marketing and administrative costs, product or inventoriable costs, period vs. product costs, RM stores, WIP, FG, COGS ; variable vs. fixed costs; cost object, differential costs, incremental costs, sunk costs, opportunity cost, Classifying costs by type of cost Prepare a Schedule of Cost of Goods Manufactured and Income Statement for a mfg. business using an actual cost system
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Review Sheet_ TT1_09 - Review Sheet Introductory Cost...

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