1.Describe the total quality management approach to continuous improvement 2. Identify and give exam

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


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