1. Especially referring to pages 8, 9, 10 of the EBook, Management Accounting: Principles and Applications (Coombs, Hugh, Jenkins, et al), are there some topics with which you have some familiarity? Explain in complete sentences.
2. Describe the major difference/difference between financial and managerial accounting.
3. What are the 3 manufacturing costs of production for any manufacturing firm?
4. What would be a pro and a con of the strategy put forth in the article, "Unlocking the Future of Fuel: Turning Variable Costs into Fixed Costs." Use complete sentences.
5. Why don't online sales pay the rent? Either reply to the question or comment on the article. Include the terms fixed and variable costs in your response.
6. Using what you know about fixed and variable costs, explain the popularity of frequent flier programs from the airline's point of view. Use complete sentences.
7. As automation replaces individual workers in the labor market, how will that affect the variable and fixed cost distribution? Use complete sentences.
8. Comment on "Rober Griffin III and the Sunk Cost Fallacy" and include your own or a colleague's personal or professional example of sunk costs. Use complete sentences.
9. Comment on "Do the Math: How Opportunity Costs Multiply Tuition" and include your own or a colleague's personal or professional encounter with opportunity costs. Use complete sentences.
https://www.youtube.com/watch?v=f2IfDoenioM
https://www.youtube.com/watch?v=vdE2cGLwLEE&list=PL9FD724DF97C6C225&index=1
Coombs, Hugh, Jenkins, Ellis, and Hobbs, David. Management Accouting: Principles and Applications.
In this quiz, you will give examples for a manufacturer that you choose. If you'd like, you can look up the financial statements for this manufacturer online to review their accounts, but that is not required; nor are dollar amounts required. Use the cost classifications learned this week and the cost glossary to assist you.
10. In the box provided here, state the name of manufacturer you will be using in this exercise. If it is not well known, describe what that manufacturer produces.
11. List 2 period expenses that would likely be fixed.
12. List 1 period expense that would likely be variable.
13. List 2 types of direct materials.
14. List 1 type of direct labor cost.
15. State which specific items would make up a prime cost for this company. You may reuse items from the above.
16. List 1 indirect material cost
17. List 1 indirect labor cost
18. Looking only at the costs you have listed above, state which ones are manufacturing overhead.
19. Looking only at the costs you have listed above, what other cost besides manufacturing overhead is included in conversion costs?
20. List one cost not mentioned above that is manufacturing overhead AND state whether that cost is fixed, variable, or mixed. Explain as needed.
21. Within this company or any manufacturing company, what are the 3 general terms for costs of production?