You need to do 3 problems. All problems you can see below.

1. Financial and Managerial Accounting Assume Amy Fuller has just been promoted to product manager at Kraft Foods. Although she is an accomplished sales representative and well versed in market research, her accounting background is limited to reviewing her paycheck, balancing her checkbook, filing income tax returns, and re-viewing the company's annual income statement and balance sheet. She commented that while the financial statements are no doubt useful to investors, she just doesn't see how accounting can help her be a good product manager. Required: Based on her remarks, it is apparent that Amy's view of accounting is limited to financial account-ing. Explain some of the important differences between financial and managerial accounting and suggest some ways managerial accounting can help Amy be a better product manager. 2. Goals and Strategies a. What is your instructor's goal for students in this course?What strategies has he or she devel-oped to achieve this goal? b. What is your goal in this course? What strategies will help you achieve this goal? c. What is your goal for this semester or term? What strategies will help you achieve this goal? d. What is your next career goal? What strategies will help you achieve this goal? 3. Ethics and Short-Term Borrowing Jill, an administrative assistant, is in charge of petty cash for a local law firm. Normally, about $300 is kept in the petty cash box. When Jill is short on cash and needs some for lunch or to pay her babysitter, she sometimes takes a few dollars from the box. Since she is in charge of the box, nobody knows that she takes the money, and she always replaces it within a few days. Required: a. Is Jill's behavior ethical? b. Assume that Jill has recently had major problems meeting her bills. She also is in charge of purchasing supplies for the office from petty cash. Last week when she needed $50 for the babysitter, she falsified a voucher for the amount of $50. Is this behavior ethical? Answer: 1. Difference between financial and managerial accounting: Financial accounting focuses on past financial data and statements prepared contains historic date while managerial accounting also uses future calculations and data for the purpose of planning and decision making. The ultimate goal of financial accounting is to prepare financial statements of organization at the end of year while managerial accounting is used for the purpose of decision like capital budgeting, product mix, make or buy decisions, continue or discontinue product or division etc. Statements prepared by financial accounting are for outsiders like investors, creditors, tax authorities while statement prepared by managerial accounting are internal use by management for planning and decision making. The information provided by financial accounting in mostly in terms of financial values while mostly managerial accounting provides information in quantitative values. Financial accounting provides true and fair view of financial position of organization while managerial accounting provides quantitative and financial information for use of decision makers internally. Suggestions: Managerial accounting can help Amy in better way as product manager by evaluating profitability of products. With help of managerial accounting Amy can assess which product is highly profitable and needs to push up its sales and if any product is giving negative contribution margin should be discontinued so it can decided sales mix in efficient way. It can also help by analyzing constraints or key factor that which product is giving higher contribution margin per key factor and she can make best judgment for product mix. She can also prepare different budgets which will help her a lot. 2. 3. a. Jill's behavior is unethical because if you are handling cash or petty cash of organization you are supposed to spend every dollar to make best use and contribution to your organization. It is money of organization and cash handler is not supposed to take out of it for personal use. As Jill takes money for her lunch or to pay to babysitter, her behavior is unethical although she gives it back in petty cash box. b. Falsification of voucher and take money is unethical and is fraud on part of Jill. Cash handled by her for purchases should be used for purchases of organization and by falsification of voucher and misappropriating cash is unethical and is fraud. It does not matter whether it is for dolor 1 or dolor 1 million. Fraud is fraud and cannot be ethical. Hence Jill's behavior is unethical