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Managerial Accounting

Managerial Accounting

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?





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Question 1

What is the difference between financial accounting and managerial accounting?

            Financial accounting is used to show the financial details of a company to its external shareholders.  It presents a specific period of time and enables the people to know how the company has performed. These reports are filed on an annual basis. If it is for a public company, the report is made public annually.

Managerial accounting is used by the mangers to make accounting decisions for day to day operations. It is not based on past performance…


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