Question: 1. Explain the differences between managerial and financial accounting, and give examples of the types of problems and issues examined by each of these areas

1. Explain the differences between managerial and financial accounting, and give examples of the types of problems and issues examined by each of these areas of accounting.

2. Describe each of six steps of the accounting cycle.

3. What is the difference between a journal and a ledger? How are journals and ledgers incorporated into the accounting cycle?

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