Review Sheet - Introductory Cost Accounting - Term Test #2, December 16, 2011Learning OutcomeReferenceChapter 9: BudgetingTheory: definitions for budget, master budget, planning, control, continuous or perpetual budget, participative or self-imposed budget, responsibility accounting, budget committee, sales forecast, zero-based b.Advantages of budgeting - 6 items listed on p. 384Preparation sales, production E 9-2, raw material purchases budget E9-39-2, 9-3, 9-13, 9-18Preparation of Direct Labour, Mfg. Overhead, Ending inventory, selling & admin exp. budgets9-4, 9-5, 9-6, 9-14, 9-15, 9-18Preparation of Cash Collection, Cash Payments schedules and Cash Budget; ending A/R and ending A/P balances9-1, 9-16, 9-18, 9-20 Completion of a Master Budget for a merchandising businessincluding Purchases of Merchandise budget, Income Statement and Balance Sheet9-19, 9-23, 9-26Chapter 12: Relevant CostingUnderstand the characteristics of a relevant cost and related terms, incremental cost, avoidable cost, sunk costP21 plus theory questions on
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