Assessment Objectives for Accounting 2302

Managerial Accounting, 13e, Garrison, Noreen, Brewer

 

Objective 1: Distinguish between financial and managerial accounting.

Objective 2: Based upon a T-Account analysis of the manufacturing process, prepare the Schedule of Cost of Goods Manufactured and Sold.

Objective 3: Allocate manufacturing overhead cost to Work-in-Process, indentify and adjust differences between actual MOH and MOH applied.   

Objective 4: Classify costs on the basis of behavior and prepare an income statement using the contribution format.

Objective 5: Perform cost-volume-profit analyses under varying cost-behavior assumptions.

Objective 6: Understand the advantages and disadvantages of absorption and variable costing methods. 

Objective 7: Describe the master budgeting process and the role of profit planning in decision-making.

Objective 8: Compare and contrast a static budget and flexible budget.

Objective 9:  Demonstrate an understanding of the use of standard costing as a performance measure and interpret the results of variance analysis. Distinguish activity variances from price and efficiency variances.

Objective10:  Explain responsibility accounting systems and evaluate management performance for profit centers and investment centers.   

Objective 11: Apply relevant costing concepts to short-term operating decisions and to long-term capital budgeting decisions.