20 Questions
1. 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. 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
11 years ago
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