1. Distinguish between managerial and financial accounting. |
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2. Identify the cost components of a product made by a manufacturing company: the cost of materials, labor, and overhead. |
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3. Explain the effects on financial statements of product costs versus general, selling, and administrative costs. |
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4. Distinguish product costs from upstream and downstream costs. |
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5. Explain how product costing differs in service, merchandising, and manufacturing companies. |
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6. Show how just-in-time inventory can increase profitability. |
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7. Explain how cost classification can be used to manipulate financial statements. |
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8. Identify the standards of ethical conduct and the features that motivate misconduct. |
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9. Explain how the Sarbanes-Oxley Act affects management accountants. |
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10. Identify emerging trends in accounting. |