Assignment 1: Differences between Contribution and Traditional Income Statements; Company Segments General Questions: Respond to the following questions thoroughly, in 150-300 words for each question.

Use your textbook as your first and major reference.

What is the difference between a contribution income statement and a traditional income statement?

Under what circumstances would a firm use each?

What is a company segment?

Why would a firm want to divide itself into operating segments?

Why would a firm want to measure profits by segment?

How would common costs be allocated to each of a company's segments?

Be sure to explain your answers thoroughly, use specific examples, and cite your sources.