Order Managerial Accounting and the Business Environment

Order Managerial Accounting and the Business Environment

1 Identify and give examples
of each of the three basic
manufacturing cost categories.
2 Distinguish between product
costs and period costs, and
give examples of each.
3 Prepare an income statement,
including the calculation of
cost of goods sold.
4 Prepare a schedule of cost of
goods manufactured.
5 Explain the differences
between variable and fixed
costs.
6 Identify the differences
between direct and indirect
costs.
7 Describe the cost classifications
used in making decisions:
differential costs, opportunity
costs, and sunk costs.

Order Managerial Accounting and the Business Environment

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