Problem 1. Do you agree with the following statements:
"Generally accepted accounting principles (GAAP) assist the development of management accounting systems and Six Sigma is an important management philosophy, but it has little effect on management accountants."
Explain your answer.
Problem 2. What is the distinction between the quantitative and qualitative aspects of decisions? What do you see as the advantages of each?
Problem 3. "Evaluating performance, decision by decision, is costly. Aggregate measures, such as the income statement, are frequently used." How might the wide use of income statements affect managers' decisions about buying equipment?