1. Explain the similarities and differences in how the McCarthy and Sutton papers present the nature of accounting and the accounting function within an organization.

2. Explain how the balanced scorecard could be used by a merger and acquisition team to evaluate potential target companies. Be brief and include specific measurement criteria.

3.Explain the difference between an expense and a cost. Why is it important for a company to not only understand their costs but also their cost drivers?

4. Explain why the overhead in product and service costs is frequently not correct. How are overhead variance addressed? Why? What steps can be taken to mitigate deviations in overhead variances?