BA 225 Final Exam Answers
- What is the difference between financial accounting and managerial accounting?
- Explain the two reasons why the shorter the payback period the more attractive the investment is when the payback technique is used?
- Distinguish between a master budget and a sales forecast.
- Explain the nature and importance of a job cost sheet.
- Distinguish among operating, investing, and financing activities.
- Managers’ activities and responsibilities can be classified into three broad functions. List and discuss each function.
- Identify and discuss the relevant costs in accepting an order at a special price.
- 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.
- What is a CVP analysis and how is it used in managerial accounting?
- What is the difference between: unit-level, batch-level, product-level, and facility-level activities?