Questions:
1. Flexibility is said to be the hallmark of modern management accounting, whereas standardization and consistency describe financial accounting. Explain why the focus of these two accounting systems differs.
2. Why are legally binding cost accounting standards more critical for defense contractors than for other entities?
3. Why would operating in a global (rather than a strictly domestic) marketplace create a need for additional information for managers? Discuss some of the additional information managers would need and why such information would be valuable.
4. Why is a mission statement important to an organization?
5. What is organizational strategy? Why would each organization have a unique strategy or set of strategies?