describe the functions performed by managers; explain the basic concepts of lean production and enterprise risk management; identify the major differences and similarities between financial and managerial accounting; explain the nature and importance of ethics and corporate social responsibility for accountants; identify and give examples of each of the three basic manufacturing cost categories; distinguish between product costs and period costs and give examples of each; explain the differences between variable and fixed cost; prepare an income statement, including the calculation of the cost of goods sold and a schedule of cost of goods manufactured; and understand the cost classifications used in making decisions: differential costs, opportunity costs, and sunk costs.