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Chapter 1 1. Know a managers primary responsibilities. 2. Distinguish between financial and managerial accounting. 3. Know the various major positions in an organizational structure noting the role of the treasurer, controller, internal audit function, and the audit committee. 4. Know the skills needed by managerial accountants. 5. Be familiar with the 4 standards required by the IMA. 6. Know the major aspects of SOX. 7. Know what sustainability, ERP, and lean thinking are.

Chapter 2 1. Know the 3 different kinds of companies and the difference in their inventory accounts. 2. Know the 3 different kinds of inventory for a manufacturing company. 3. Know the parts of the Value Chain. 4. Be able to distinguish between direct and indirect costs as related to a given cost object such as a product or department, controllable vs. uncontrollable costs, relevant vs. irrelevant costs, fixed vs. variable costs, and average cost per unit. 5. Know what the 3 elements of product cost are for a manufacturer and the difference between product cost and period cost. 6. Define and be able to find prime cost and conversion cost. 7. Be able to prepare a schedule of raw materials used, cost of goods manufactured, cost of goods sold, and an income statement.

Chapter 3 1. Be able to differentiate between companies that should use job costing versus process costing. 2. Know the major components of a job costing system and how they interconnect and be able to use the system. 3. Be able to compute predetermined overhead rate and allocate overhead. 4. Know how to journalize and post all the normal journal entries required for a job cost system. 5. Know how to determine what jobs are in WIP, FG, and COGS. 6. Know how over and under allocated overhead is determined and how to close it to Cost of Goods Sold and determine adjusted Cost of Goods Sold, and Gross Profit. 7. Know how to determine cost-plus pricing.

Chapter 4 1. Compare use of plant wide rate to ABC cost allocations and the pros and cons of both. 2. Know and be able to apply the 4 basic steps for computing and using ABC and get the total cost per unit for ABC. Also be able to work backwards to find total MO. Be able to apply the steps for computing department rates and get the total cost per unit. 3. Be able to distinguish which cost types belong to each cost hierarchy for all 4. 4. Understand the benefits and limitations of ABC/Activity Based Management (ABM) systems 5. Be able to explain and identify: i. Value-added activities ii. Non-value added activities iii. Signs that the old system may be distorting costs

6. Describe and identify lean operations such as: a. Lean thinking b. The eight wastes of traditional operations DOWNTIME (defects, overproduction, waiting, not utilizing people to their full potential, transportation, inventory, movement, excess processing) i. Exhibit 4-22 The 8 Wastes c. Characteristics of lean operations such as i. Just-in-Time (JIT) inventory philosophy ii. Continuous flow iii. Pull system iv. Shorter manufacturing cycle times v. Reduced set-up times vi. Smaller batches vii. Emphasis on quality viii. Supply-chain management

7. Know the 4 categories of the Cost of Quality Report and identify the types of costs that are in each category. Chapter 5 1. Be able to distinguish between the types of companies that use job vs. process costing. 2. Using the average cost method (the only method in the chapter) be able to do the 5 steps to prepare a product cost report for the first department and also a subsequent department. Also be able to work backwards to find any one of the four missing numbers given 3 of them in the physical flow of production. (BWIP, units started, units completed and transferred out, and EWIP) 3. Be prepared to journalize all entries related to process costing. Many are the same as job costing in chapter 3 but now you can have more than 1 work in process account and you have transferred in and out costs as the product moves so does the cost.

Chapter 6 1. Define variable cost, fixed cost, and mixed cost and be able to identify all 3 from cost data. Also define step cost and curvilinear cost. 2. Write the formula for a variable cost, a fixed cost, and be able to determine the formula for a mixed cost using the High-Low Method. 3. From the output of a regression analysis performed on excel be able to identify the variable cost per unit, the fixed cost, and write the equation for the cost. Also be able to identify the R-square and explain what it means. 4. Be able to use the cost formulas derived from either method above to predict a cost given the prediction of the cost driver. Also be able to work backwards to find the variable cost or fixed cost if given the total cost and either fixed cost, variable cost per unit or cost driver. 5. Differentiate between absorption and variable costing and be able to calculate the amount of inventory on the balance sheet and the expenses that appear on the income statement for both methods. Describe the uses of each. 6. Prepare a contribution margin income statement and a traditional income statement and the impact of the 2 methods on operating income. 7. Compare operating income: variable versus absorption costing i. When inventory levels remain constant (Exhibit 6-25) ii. When inventory levels increase (Exhibit 6-26) iii. When inventory levels decrease (Exhibit 6-27)