Question:
Briefly discuss the main difference between Financial Accounting and Managerial Accounting? Are there any crossovers that might make the research for one assist in the finding information for the other? Discuss the difference between direct costs and indirect costs? Is the line so bright between the two. Provide experiences in your day to day life that might be similar to the definition of direct cost and indirect cost.
Define the difference between relevant cost and irrelevant cost. Provide a day to day situation where you are required to make decisions on the relevancy of a cost or irrelevancy of a cost. After you have characterized a cost as irrelevant, is it really irrelevant, or are there external/internal factors that might be influencing your decision?
Describe why an investor would want to know the Present Value of an investment. How does Net Present Value differ from Internal Rate of Return. Provide a situation in your day to day life where one might use these two investment stratagems (day to day means not investments, business or private).