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20 Questions




1.Describe the total quality management approach to continuous improvement;2. Identify and give examples of each of the three basic cost elements involved in the manufacture of a product;3. Distinguish between period and product costs and give examples of each;4. Explain the difference between the financial statements of a merchandising company and a manufacturing company 4. Prepare a schedule of cost of goods manufactured in proper form;5. Explain the flow of direct materials cost, direct labor cost and manufacturing overhead cost from the point of incurrence to the sale of the completed project;6. Explain the components of contribution margin and net income and explain how changes in activity affect both;7. Compute the contribution margin ratio and use it to comput changes in contribution margin and net income;8. Show the effects on contribution margin of changes in variable cost, fixed cost, selling price per unit volume;9.compute break-even point;10. Use the CVP formulas to determine the activity level needed to achieve a desired target net profit figure;11. explain the concepts of "margin of safety" and "operating leverage;12. Define budgeting and explain difference between planning and control;13. List and explain the principal advantages of budgeting;14. Explain master budget interrelationships;15. Prepare the following budgets: sales, production, purchases and cash;16. Distinguish and explain the difference between ideal standards and practical standards;17. explain how direct materials and direct labor standards are set;18. enumerate the advantages and disadvantages of using standard costs;19. compute the direct materials price and quantity variances and explain their significance;20. Explain how a manager would determine whether a variance constituted an "exception" that would require his or her attention


Paper#18414 | Written in 18-Jul-2015

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