Answer the following with factual opinions:
Problem 1. How is the purpose of managerial accounting different from financial accounting?
Problem 2. Are more accountants involved in the financial or managerial function today?
Problem 3. Comment on the use of a functional versus absorption income statement. Describe the differences in presentation and use of each type of income statement.
Problem 4. How is the concept of cost of goods sold different than contribution margin?
Problem 5. Explain the contribution margin concept/computation and when to use the information.