Distinguish between financial and managerial accounting for (a) primary users of reports, (b) types and frequency of reports, and (c) purpose of reports. (b) types and frequency of reports, and (c) purpose of reports. 2. How are manufacturing costs classified? 3. What are the similarities between job order and process cost system? 4. What is the meaning of the term "equivalent units of production"? 5. "Cost-volume-utility (CVU) analysis is based entirely on unit costs. unit costs." Do you agree? Explain. 6. Break-even analysis is of limited use by management because a company cannot survive on break-even alone. company cannot survive on break-even alone. Do you agree? Explain. 7. What are the steps that a management uses for the decision making process? process? 8. Define the term "opportunity cost." How is this cost relevant How is this cost relevant to the decision to manufacture or purchase? 9. What is a budget and how can a budget contribute to good management of any organization? How can a budget contribute to good management of any organization? 10. What is the criterion that helps determine the time horizon of a budget period? What is the most common budget period?

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1 Financial vs Managerial Accounting Primary Users of Reports Financial Accounting External stakeholders such as investors creditors regulatory agencies and the general public Managerial Accounting In... View the full answer