1. Describe the three management functions commonly executed by managers within their organization.

2. What are the benefits of ethical practices and corporate governance?

3. Explain the differences between managerial accounting and financial accounting.

4. What are the four practices that are used as part of the Lean Business Model?

5. Explain the differences between variable costs and fixed costs.

6. Explain what a cost object is and give some examples.

7. Explain the difference between direct costs and indirect costs.

8. Explain the difference between period costs and product costs.

9. Prepare the current assets section of the balance sheet in the correct
order based on the following information:
Accounts Receivable $150,000
Work in process $75,000
Prepaid Expenses $103,000
Cash $20,000
Finished goods $311,000
Raw materials $82,000

10. Prepare a cost of goods manufactured schedule for Premium
Manufacturing Company for 2022.
Premium Manufacturing Company has the following cost and expense data
for the year ended December 31, 2022:
Raw materials, January 1 $ 30,000 Insurance – factory building
$ 14,000
Raw materials, December 31 20,000 Property taxes – factory bldg.
6,000
Raw materials purchased 205,000 Sales (net)
1,500,000
Indirect materials 15,000 Delivery expenses
100,000
Work in process, January 1 80,000 Sales commissions
150,000
Work in process, December 31 50,000 Indirect Labour
90,000
Finished goods, January 1 110,000 Factory machinery rent
40,000
Finished goods, December 31 120,000 Factory utilities
65,000
Direct labour 350,000 Depreciation – factory building
24,000
Factory manager’s salary 35,000 Administrative expenses
300,000