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Topics for final exam - ACC 102 Chapter 1 - Managerial Accounting o Differences between managerial accounting and financial accounting o

Topics for final exam - ACC 102

·       Chapter 1 - Managerial Accounting

o  Differences between managerial accounting and financial accounting

o  Manufacturing costs - direct materials, direct labor, manufacturing overhead

o  Cost of Goods manufactured

o  Product versus period costs

·       Chapter 2 - Job order costing

o  Job order cost flow of costs - raw materials, work in process, finished goods, cogs

o  Journal entries for job order costing

o  Predetermined overhead rate

o  Under and over-applied manufacturing overhead

·       Chapter 3 - Process Costing

o  Journal entries for process costing

o  Equivalent units of production

o  Assigning costs to units transferred out and ending work in process

o  Comparing job order costing to process costing

·       Chapter 4 - Activity-Based Costing

o  Need for a new system

o  Activity-based overhead rates

o  Assigning overhead using activity-based rates

o  Advantages and limitations

·       Chapter 5 - Cost - Volume - Profit

o  Variable, fixed, and mixed costs

o  High-low method

o  CVP income statement

o  Break -even and target profit

o  Contribution margin and contribution margin ratio

·       Chapter 6 - Cost-Volume-profit additional issues

o  Margin of safety

o  Sales mix break-even

o  Sales mix with limited resources

·       Chapter 7 - Incremental Analysis

o  Special Orders

o  Make or Buy

o  Sell or Process Further

o  Repair or Replace

o  Unprofitable segments


 

·       Chapter 9 - Budgetary Planning

o  Master Budget

o  Production budget

o  Direct materials budget

o  Direct labor budget

o  Cash budget - including cash receipts and payments

·       Chapter 10 - Budgetary Control and Responsibility Accounting

o  Static budget

o  Flexible budget

o  Return on Investment (ROI)

o  Residual Income

o  Profit Center responsibility report

·       Chapter 11 - Standard Costs and Balanced Scorecard

o  Analyzing and reporting variances

o  Direct materials price and quantity variances

o  Direct labor price and quantity variances

o  Manufacturing overhead variances - volume and controllable

·       Chapter 12 - Planning for Capital Investments

o  Methods used to evaluate, which are better, which use CF versus NI, which use TVM

o  Payback period

o  Net present value

o  Internal Rate of Return

o  Annual Rate of Return

 

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