Problem 1: What is the purpose of financial statement analysis? What are some of the tools that we can use to analyze financial performance? What should we use to benchmark our performance? Why?
Problem 2: What are the differences between financial and managerial accounting? Why does financial accounting have to comply with GAAP, but managerial does not? What types of decisions can be made using financial accounting information? What types of decisions can be made using managerial accounting? Define, explain, give examples.