1. Discuss the similarity and differences between financial and managerial accounting.
  2. Discuss the differences between centralization and decentralization.3. Discuss the role of management accountants in an organization.
  3. Discuss why upholding ethical standards is important for the success or failure of businesses.
  4. Discuss the difference between a product cost and a period cost. Give at least 3 examples.
  5. Describe the basic responsibilities of the Chief Financial Officer.
  6. What are the major benefit from successful implementation of the lean thinking model?
  7. Discuss the schedule of cost of goods manufactured in relation to the income statement.
  8. Do the inventory accounts of a manufacturing company differ from the inventory account of a merchandising company? If so, please discuss how.
  9. Please define and give 3 examples of each of the following terms:
    indirect materials
    direct labor
    indirect labor.
  10. The variable cost per unit varies with output, while the fixed cost per unit is constant. Do you agree? Explain why you agree or disagree.

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