1. (a) Managerial accounting is a eld of accounting that provides economic information for all inter-ested parties. Do you agree? Explain. (b) Joe Delong believes that managerial accounting serves only manufacturing rms. Is Joe correct? Explain.

2. Distinguish between managerial and nancial account-ing as to (a) primary users of reports, (b) types and frequency of reports, and (c) purpose of reports.

4. Linda Olsen is studying for the next accounting mid-term examination. Summarize for Linda what she should know about management functions.

5. Decision-making is managements most important function. Do you agree? Why or why not?

8. Jerry Lang is unclear as to the difference between the balance sheets of a merchandising company and a man-ufacturing company. Explain the difference to Jerry.