Short answer 1 to 2 sentences

QUESTION 1

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

QUESTION 2

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

QUESTION 3

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

QUESTION 4

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

QUESTION 5

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

QUESTION 6

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

QUESTION 7

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

QUESTION 8

1.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.

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QUESTION 9

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

QUESTION 10

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