Part 1
- Define Management Accounting and its Purpose
- Identify the 3 primary responsibilities of managerial accounting.
- Describe how managerial accounting and financial accounting differ.
- Identify positions and responsibilities in an Organizational Structure.
- What is Ethical Conduct?
- Describe the four main areas normally included in a code of conduct.
Part 2
- Describe the Common Business Sectors including the type of Business Activities, Output, & Inventory associated with each.
- Identify the areas of the Value Chain& what types of items fall in each category of the value chain.
- Describe, identify & calculate:
Direct Cost
Indirect Cost
Total Costs
Average Costs
Product Costs
Period Costs
Prime Costs
Conversion Costs
Fixed Costs
Variable Costs
- Identify and Calculate items on the Income Statement including Inventory Accounts, Cost of Goods Manufactured, Cost of Goods Sold, Gross Profit & Operating Income
Part 3
- Describe the differences between job costing &process costing.
- Identify types of companies that would use either job costing or process costing.
- Identify and describe the components of the flow of Inventory Costs in a Manufacturing System with associated source documents.
- Identify different types of source documents and which accounts they support.
- Calculate the Predetermined Overhead Rate, Allocated Manufacturing Overhead,MOH variance & whether it is over or under allocated.
- Identify how Management might useJob or Product Cost in Business Decisions
Part 4
- What are the circumstances that favor using Department OH Rates instead of Plant-wide OH rates?
- What are the circumstances that favor using Activity Based Costing to allocate MOH?
- Describe the steps and calculate:
Departmental OH Rates&Allocated MOH using departmental rates
Activity-allocation Rates & Allocated MOH using activity based product costing (ABC)
- Compare the three methods of allocating MOH and determine if a job or product is over or under costed.
- Describe and identify the different types of Activity Cost Pools in the Cost Hierarchy
- How does Management using Activity-Based Costing information to make decisions?