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1.What is the difference between financial accounting and managerial accounting?

2. Explain the two reasons why the shorter the payback period the more attractive the investment is when the payback technique is used?

3. Distinguish between a master budget and a sales forecast.

4. Explain the nature and importance of a job cost sheet.

5. Distinguish among operating, investing, and financing activities.

6. Managers’ activities and responsibilities can be classified into three broad functions. List and discuss each function.

7. Identify and discuss the relevant costs in accepting an order at a special price.

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.

9. What is a CVP analysis and how is it used in managerial accounting?

10. What is the difference between: unit-level, batch-level, product-level, and facility-level activities?