ACCT215 B-LG1.1: Business Professional Knowledge & Competence
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Description
1. Understand the major similarities and differences between financial and managerial accounting. 2. Distinguish between period and product costs. 3. Understand cost behavior and use it to predict costs at various activity levels. 4. Explain the relationship between cost, volume and profits. 5. Calculate costs of goods and services in different costing environments (Standard vs. Activity-Based Costing, Process vs. Job Order Costing) 6. Understand how to prepare master and flexible operating budgets, identify budgeted-to-actual variances and recommend improvement approaches.