Contrast the advantages and disadvantages of the direct and indirect methods of preparing the statement of cash flows. Are both methods acceptable? Which method is preferred by the FASB? Which is more popular with businesses?
Review and reflect on what you learned in the past 8 weeks. What is the most practical and easily applied lesson you learned? What was the hardest to grasp? Why? What else do you need to know about Managerial Accounting?
What is the difference between cost accounting and a cost accounting system? Explain the difference. What is an important feature of a cost accounting system?
Distinguish between the two types of cost accounting systems. May a company use both types of cost accounting systems? Why or why not? Share an example for each.