• What is the difference between financial reporting and management accounting?
• What are the benefits and potential problems associated with cost-volume-profit (CVP) analysis?
• What advice would you give your friend?
• Outline the difference between financial reporting and management accounting information and explain the benefits and potential problems associated with cost-volume-profit (CVP) analysis.
• How might the technique that you have discussed assist your friend in the effective management of his business resources?
• What advice would you give your friend?

Base your answer on research, your readings and your own experiences. Please cite all references.