Question 1
What is the difference between financial accounting and managerial accounting?
 
Question 2 Explain the two reasons why the shorter the payback period the more attractive the investment is when the payback technique is used?
 
Question 3 Distinguish between a master budget and a sales forecast.
 
Question 4 Explain the nature and importance of a job cost sheet.
 
Question 5 Distinguish among operating, investing, and financing activities.
 
Question 6 Managers’ activities and responsibilities can be classified into three broad functions. List and discuss each function.
 
Question 7 Identify and discuss the relevant costs in accepting an order at a special price.
 
Question 8 Smith & Company claims that the relevant range concept is only important for variable costs. Explain the relevant range concept and discuss whether you agree with Smith & Company.
 
Question 9 What is a CVP analysis and how is it used in managerial accounting?
 
Question 10 What is the difference between: unit-level, batch-level, product-level, and facility-level activities?