1. What is the advantage of using comparative statements for financial analysis rather than statements for a single date or period?

2. How does managerial accounting differ from financial accounting?Describe three ways these two types of accounting differ from one another

3. In cost analyses techniques, how are mixed costs treated?What is a popular measure of cost estimation used for this purpose?Give 3 examples of mixed costs.

4. What are the 3 major objectives of budgeting? Briefly describe the type of human behavior problems that might arise if budget goals are set too tightly.

5. The materials cost variance report for a company indicates a large favorable materials price variance and a significant unfavorable materials quantity variance.What might have caused these offsetting variances?

6. Would the use of standards be appropriate in a non-manufacturing setting, such as a fast-food restaurant?