Questions:
1. What does it mean to state that there are different costs for different purposes?
2. What does it mean that the time frame for managerial accounting is different from that for financial accounting?
3. What does it mean to have feedback for control purposes?
4. What does it mean to say that determination of a cost behavior pattern involves some implicit assumptions?
5. What does it mean to develop a cost formula?
6. What does it mean to rearrange the income statement model from the traditional format to the contribution margin format?
7. What does it mean to be aware of the effect of sales mix changes on a firm's operating income?