1.What is an important challenge facing the accounting department of organizations today, and how would an accountant go about addressing it?

2. Compare and contrast the roles that a firm's treasurer and controller have in the operation of the firm.

3. What are some main differences between financial and managerial accounting? How do these differences affect the type of information that must be gathered and reported?

4. Explain the role of financial reporting in the development of management accounting. Why has this changed in recent years?

5. List and describe three ways in which a controller can contribute toward producing an organization s long-range financial plan? Be specific!

6. You are a middle manager. What performance reports do you rely on? Are they produced by Financial or Managerial accountants?

7. Do traditional financial statements that are reported to investors provide the information needed by internal users of the financial statements?

8. What are the challenges of management accounting?

9. 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?

10. What kinds of activities does financial management involve?