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CMA1 - REVIEW SHEET FOR TERM TEST #2 April 2011 Topic Problems & Exercises Assigned or Demo’d Chapter 5: Activity Based Costing Theory aspects : limitations of traditional costing systems, and how ABC overcomes these problems; how ABC differs from traditional cost systems; identify which of the five activity levels applies to a given activity; examples of activity measure; steps to implement an ABC system; meaning of product cost in a traditional vs. ABC environment; changes that take place re costing of high volume vs. low volume products when a business switches to ABC and reasons for these changes; problems of implementing an ABC system in a service type business; See chapter highlights E5-7, E5-9 comparison E5-1, E5-17 activity levels Practical Aspects : Prepare schedules relating to the following: 1) First stage allocations; 2) Calculation of Activity rates; 3) Schedules to cost out a job; 4) Product Margin/Customer Margin report; 5) Action Analysis report E5-2, E5-3, E5-4, E5-5, E5-
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