1. Please answer the following independent questions a. Explain why the management of a business needs the tools of management accounting, since financial accounting produces plenty of information such as the financial statements? Give two examples! b. A business purchases a building for 2 million cash. The building has a useful life of 20 years and will be used for the operations of the business. Explain the accounting treatment of the purchase and the use of the building each year. Explain the accounting principle that is imposing such a treatment. (no need for accounting entries, only explanations) c. Explain what is liquidity for a business and why it is important. Give two examples which indicate that liquidity is necessary for a business. Indicate which ratio is used for liquidity and explain how it is interpreted. 2. Please answer the following questions: a. Explain the reasons a business is performing product costing, i.e. why the business wants to know its product cost per unit? b. Explain how we distinguish between product cost and period cost in a manufacturing company? What is the accounting treatment of each one? Use the information below to calculate the cost of goods sold C. I inventories: Beginning balance Ending balance Cost of goods manufactured $ 30,000 10,000 165,000 3. Please answer the following independent questions a. Based on the professional standards developed by the Institute of Managerial Accountants, explain how a managerial accountant can maintain his/her integrity! b. Explain what is an accrued expense. Give an example and explain its accounting treatment with or without numbers C. Explain what is an accrued revenue. Give an example and explain its accounting treatment with or without numbers