1) How does managerial accounting differ from financial
accounting? Please refer to the following elements:
• Internal versus External
• Objective/Verifiable versus Relevant
• Type of report (Summary versus Detailed)
How does managerial accounting differ from financial accounting?
Discuss key differences in the users of the information and what
the information is used for. Why is it important that one of these
use GAAP and the other is not required to, and in fact may be less
useful if it tries to stick to GAAP requirements – like full
absorption vs. variable costing?
How does managerial accounting differ from financial accounting?
Please focus on the following elements: 1- Past versus Present 2-
Precision versus Timeliness 3- Requirement to follow GAAP/IFRS
I. How does managerial accounting differ from
Financial Accounting?
II. What effect does an increase in the activity
level have on:
a. Unit fixed
costs?
b. Unit variable
costs?
c. Total fixed
costs?
d. Total variable
costs?
Ch. 1 p.18
How does Managerial accounting differ from financial
accounting?
Ch. 1 p.18
4) Name the three types of business entities and briefly
describe the nature of each.
6) Pick any large company and identify which type of business
entity it is.
Ch. 2 p.51
4) Name the three inventory accounts maintained by manufacturing
firms and briefly describe the nature of each.
5) Name and briefly describe the three major categories used to
account for manufacturing costs.