1.What are standard costs? Is a standard different from a budget? What happens if they are set too high or too low?

2. Explain how cost accounting information is used to control a business organization.

3. Management accounting is the branch of accounting designed to provide information to the firm's internal economic decision-makers. Justify

4. What types of management accounting information might assist management in a business that followed a strategy based on cost leadership?

5. State the difference between managerial and financial accounting.

6. Explain why some investors will choose to use the payback period while others prefer to use the NPV method. What are the pros and cons of each method?

7. A good cost accounting system is narrowly focused on a continuous reduction of costs.

8. What is the key difference between asset management and liability management?

9. Explain how cost accounting information is used to control a business organization.

10. How important is accounting information to the decision-making processes of a business?