END OF CHAPTER QUESTIONS 1. What do you mean by management accounting? Explain giving examples. 2. What are the functions of a management accountant? Elaborate each one of them. 3. Explain the benefits of management accounting in the business sector and service sector. 4. Distinguish management accounting from financial accounting and cost accounting 5. Explain the limitations of management accounting 6. Suppose you are the co-owner and manager of a retail store that sells and repairs mountain bikes. Provide one example of a financialaccounting report that would be useful to you and your co-owner. Provide two examples of managerial accounting reports that would be useful to you as the manager. 7. Provide two examples of nonfinancial measures used by a pizza eatery that serves food in the restaurant and offers delivery services. 8. For each report listed in the following, indicate whether it relates to financial or managerial accounting. Explain the reasoning behind your answer for each item. Projected net income for next quarter by division Defective goods produced as a percentage of all goods produced . Income statement for the most current year, prepared in accordance with International Financial Reporting Standards Monthly sales broken down by geographic region Production department budget for the next quarter Balance sheet at the end of the current year, prepared in accordance with International Financial Reporting Standards