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What is Managerial Accounting? Explain the three vital activities of managerial accounting (i.e.,planning, controlling, and decision making). Research and discuss the following topics of managerial accounting: ethics, strategic management, enterprise risk management, corporate social responsibility, and leadership. Finally, summarize the Sarbanes-Oxley Act of 2002 and what its impact has been on managerial accounting. Provide a discussion of all potential scenarios and the relevance to the accounting profession. Cost Classifications. Explain the five purposes of cost classifications and explain in detail, with examples, the cost classifications within each. Make sure to include direct and indirect costs, manufacturing and non-manufacturing costs, product and period costs, variable, fixed and mixed costs, and differential, sunk and  opportunity costs. Provide a discussion of all potential scenarios and the relevance to the accounting profession. Job-Order Costing vs. Process Costing. Provide an explanation of job-order costing and process costing, including their similarities and differences. When would one be used over the other? Make sure to include detailed examples. Discuss unit costs and costs per equivalent units. How are the cost of goods manufactured and cost of goods sold calculated and presented? Provide a discussion of all potential scenarios and the relevance to the accounting profession. Budgeting. What is a budget and what are its benefits? Explain what the master budget is and discuss the various budgets that comprise the master budget. Explain flexible budgets and budget variances. Explain capital budgeting and the various methods used to evaluate projects and expenditures, including payback method, net present value method, and internal rate of return method. Provide a discussion of all potential scenarios and the relevance to the accounting profession. Differential Analysis.  Explain differential analysis and how relevant costs are used. Thoroughly explain the various differential and incremental analysis scenarios (e.g., adding or dropping a product line or segment, make or buy, special orders, and utilization of a constrained resource). Provide a discussion of all potential scenarios and the relevance to the accounting profession.

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