Distinguish between managerial and financial accounting.
Identify the cost components of a product made by a manufacturing company: the cost of materials, labor, and overhead.
Explain the need for determining the average cost per unit of a product.
Distinguish between a cost and an expense.
Explain the effects on financial statements of product costs versus general, selling, and administrative costs.
Explain how cost classification affects financial statements and managerial decisions.
Identify the standards of ethical conduct and the features that motivate misconduct.
Distinguish product costs from upstream and downstream costs.
Explain how products provided by service companies differ from products made by manufacturing companies.
Explain how emerging trends such as activitybased management, value-added assessment, and just-in-time inventory are affecting the managerial accounting discipline.