Explain the meaning of the term "Contribution Margin". Give an example of how this concept would be used in managerial accounting. Be able to calculate all equations pertaining to Contribution Margin analysis $($BE point units, BE point $$,$ Expected Operating Income, Margin of Safety$).$

Explain the difference between a Static budget and a Flexible budget.

Explain and calculate the two $(2)$ cost variances associated with direct materials. Provide an example. Be able to calculate these variances.

Explain and calculate the two $(2)$ cost variances associated with direct labor. Provide an example. Be able to calculate these variances.

Explain and calculate the two $(2)$ cost variances associated with factory overhead. Provide an example. Be able to calculate these variances.

Explain at least four $(4)$ capital budgeting analytical measures. Give an example of each applying the respective formula. Be able to calculate these measures $($Payback Period, ARR, Present Value, IRR$).$

Explain how a single, plant$-$wide factory overhead allocation rate is established. Give an example. Be able to calculate this rate.

Given an Income Statement and Balance Sheet, be able to calculate the standard Liquidity Analysis Ratios $($Return on Sales, Return on Assets, Return on Stockholder Equity, Earnings Per Share, PriceEarnings Ratio, Dividend Yield, Dividend Payout Ratio$).$

Given an Income Statement and Balance Sheet, be able to calculate the standard Profitability Analysis Ratios $($Current$,$ Quick, Acct Rec Turnover Ratio, Accts Rec Turnover in Days, Inventory Tumover Ratio, Inventory Turnover in Days$).$

Make sure you know how to calculate the Variable Rate and Fixed Cost using the Hi$-$Lo Method. Be able to construct the formula $($linear programming$)$ for calculating the TOTAL COST.

Be able to construct a Profit$-$Volume Graph $($CVP$),$ including the following functions: $($TFC$,$ TVC$,$ TC$,$ TR$,$ BE point, Profit Area, Loss Area$).$ Be able to use Method of Least Squares $($Excel$)$ to calculate the Total Cost Linear Programming Equation, and know what each element represents $($the variable rate, the fixed cost, and he Coefficient of Determination$)$: VarRate $x$ Output