Cost accounting is killing me brehs..this teacher is insane
Final Test Study Guide
Chapter 3: Cost Estimation, Absorption and Variable Costing
1. State the reasons that companies estimate relations between costs and cost drivers.
2. Recognize the following basic cost patterns: variable, fixed, step (semifixed), and mixed.
3. Describe regression analysis results and use the R2 and t-statistics to evaluate a regression analysis and choose the best regression model. Write the cost equation determined by a regression model and estimate future costs based on that equation.
4. Prepare income statements using absorption and variable costing.
5. Reconcile income under absorption and variable costing.
6. Discuss the advantages and disadvantages of absorption and variable costing.
7. Discuss the ethical issues concerning the intentional overproduction of inventory.
Chapter 9- Breakeven Point and Cost-Volume-Profit Analysis
1. Build a basic cost-volume-profit (CVP) financial model.
2. Build a CVP model that reflects the effects of taxes and multiple products.
3. Apply scenario and sensitivity analyses to the CVP model; answer questions related to changes in factors present in model and the impact on BE, target profit, margin of safety, and other measures.
Chapter 10: Relevant Information and Decision Making
1. Structure business decision-making problems into objectives, alternative actions, and expected outcomes.
2. Identify both quantitative and qualitative relevant costs and benefits of decision alternatives.
3. Use a benefit-cost approach for common decisions such as obtaining new technology or capability; constrained resource decisions; outsourcing (make versus buy); modifying, adding, or dropping a product, service, or business unit; and pricing, including special orders.
Chapter 15: Capital Budgeting
1. Explain the nature of capital budgeting decisions and the focus on cash flows.
2. Use forecasts of quantitative effects of strategic investments (including taxes and depreciation) in payback period analysis and net present value analysis.
3. Discuss the impact of qualitative criteria in capital budgeting decisions
4. Discuss when and why post investment audits should be performed.
LEARNING OBJECTIVES-Comprehensive Part
Chapter 1: Introduction to Cost Management...
 List the IMA professional ethical standards and explain how to apply them to the resolution of ethical conduct
Chapters 3, 4, and 5: Predetermined Overhead Rates, Job Costing and Activity-Based Costing
 With the same information, compute total and unit cost for products under the traditional and activity-based costing systems. Discuss the advantages and disadvantages of each system.
Chapter 8: the Master Budget
Explain the interrelationships among the master budget and its supporting schedules (the order in which the budgets are prepared)
Prepare sales budget and a schedule of cash collections and a production budget
Chapter 13: Support Department Cost Allocations
1. Explain the importance of managing support-service costs and the reason these costs are allocated.
2. Allocate support-service department costs using the step method.
Chapter 7: Standard Costing and Variance Analysis
1. Describe how standard costing and variance analysis is used.
2. Discuss the definitions and implications of favorable and unfavorable variances.
to my soul