1. Financial and Managerial AccountingAssume Amy Fuller has just been promoted to product manager at Kraft Foods. Although she is an accomplished sales representative and well versed in market research, her accounting background is limited to reviewing her paycheck, balancing her checkbook, filing income tax returns, and re-viewing the company's annual income statement and balance sheet. She commented that while the financial statements are no doubt useful to investors, she just doesn't see how accounting can help her be a good product manager.

Required:

Based on her remarks, it is apparent that Amy's view of accounting is limited to financial account-ing. Explain some of the important differences between financial and managerial accounting and suggest some ways managerial accounting can help Amy be a better product manager.

2. Goals and Strategies

a. What is your instructor's goal for students in this course?What strategies has he or she devel-oped to achieve this goal?

b. What is your goal in this course? What strategies will help you achieve this goal?

c. What is your goal for this semester or term? What strategies will help you achieve this goal? d. What is your next career goal? What strategies will help you achieve this goal?

3. Ethics and Short-Term Borrowing

Jill, an administrative assistant, is in charge of petty cash for a local law firm. Normally, about $300 is kept in the petty cash box. When Jill is short on cash and needs some for lunch or to pay her babysitter, she sometimes takes a few dollars from the box. Since she is in charge of the box, nobody knows that she takes the money, and she always replaces it within a few days.

Required:

a. Is Jill's behavior ethical?

b. Assume that Jill has recently had major problems meeting her bills. She also is in charge of purchasing supplies for the office from petty cash. Last week when she needed $50 for the babysitter, she falsified a voucher for the amount of $50. Is this behavior ethical?