Managerial Accounting Study Guide: Functions, COGM, COGS, and

School: Georgia State University - Course: ACCT 2102 - Subject: Accounting

Acct 2102 Midterm 1 Study Guide (Spring 2022) Chapter 14 - Managerial Accounting 1.Identify the features of managerial accounting and the functions of management. 2.Describe the classes of manufacturing costs and the differences between product and period costs. 3.Demonstrate how to compute COGM (Cost of Goods Manufactured) and COGS (Cost of Goods Sold) and prepare financial statements for a manufacturer. 4.Discuss trends in managerial accounting, including the value chain, ERP systems, just-in-time (JIT) inventory systems, balanced scorecard, and corporate social responsibility. Chapter 15 - Job Order Costing 5.Describe cost systems and understand the flow of costs in a job order system. 6.Use a job cost sheet to assign costs to work-in-process. 7.Demonstrate how to determine and use the predetermined overhead rate.

8.Prepare entries for manufacturing and service jobs completed and sold. 9.Distinguish between under and overapplied manufacturing overhead. Chapter 17 - Activity-Based Costing 10. Discuss the difference between the traditional costing and activity-based costing. 11. Apply activity-based costing to a manufacturer. 12. Explain the benefits and limitations of activity-based costing. 13. Apply activity-based costing to service industries. 14. Explain just-in-time (JIT) processing.

Chapter 18 - Cost-Volume-Profit 15. Explain variable, fixed, and mixed costs and the relevant range. 16. Apply the high-low method to determine components of mixed costs. 17. Prepare a CVP income statement to determine contribution margin. 18. Compute the break-even point using three approaches. 19. Determine the sales required to earn target net income and determine margin of safety. 20. Describe how regression analysis is used to classify mixed costs.