Managerial Accounting

Final Exam Review

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Chapter 1

Product Cost vs. Selling, General & Admin Expense (aka Period Costs)

Total Product Cost

Product Cost per Unit

Ending Inventory

Cost of Goods Sold

Net Income

Chapter 2

Fixed vs. Variable Cost

Contribution Margin

Understand cost structure fixed vs. variable and which is more profitable

Chapter 3

Contribution Margin per Unit

Breakeven Point

Target Profit

Est. Fixed Cost using High/Low Method

Chapter 4

Overhead Cost Allocation

Chapter 5

Sunk Cost

Relevant Revenue & Cost

Special Decisions

Special Offer

Segment Elimination

Chapter 6

Activity Based Costing

Chapter 7

Accounts Receivable Balance

Cash Collections

Cash Budget

Inventory Purchases

Chapter 8

Sales Variance volume, price, & total

Material Variance volume, price & total

Labor Variance volume, price & total

Chapter 9

Return on Investment

Margin

Turnover

Residual Income

Chapter 10

Present Value of Future Cash

Net Present Value

Internal Rate of Return

Chapter 11

Total Manufacturing Costs

Cost of Goods Manufactured

Cost of Goods Sold

Ending Inventory (Raw Materials, WIP, Finished Goods)

Net Income

Predetermined Overhead Rate

Applied Overhead

Over/Underapplied Overhead

Chapter 12

Be able to calculate same items as in Chapter 11, but using Job Order Cost System

**You do not have to know equivalent units.

Chapter 14

Be able to calculate net cash flows from operating, investing & financing activities

Know which activities and accounts are operating, investing or financing activities