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20 Questions




Question;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#51770 | Written in 18-Jul-2015

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