AFM101 Study Guide - Final Guide: Net Income, Sunk Costs, Watch

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM101
• Professor: Haihao Lu

Document Summary

Arbus 102 financial and managerial accounting final exam. This will help you prep for mcq questions: familiarize yourself with the specific assignment questions identified and re-do them by hand, this will help you prep for major questions and generate part marks if needed. Managerial accounting what to study: differences between financial & managerial accounting. Mostly external to the organization investors, creditors, regulatory bodies. Mostly internal to the organization mostly managers and other decision makers. Not mandatory: understand cost classifications, variable vs. Fixed costs (both in total and per unit: product vs. period costs, direct vs. Indirect manufacturing costs: direct materials, direct labour, manufacturing overhead, understand cost behaviour, behaviour of cost (within the relevant range) Total variable cost changes as activity level changes. Total fixed costs remain the same even when the activity level changes. Variable cost per unit remains the same over wide ranges of activity.