Managerial Accounting

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?