1. What is the basic difference in orientation between financial and managerial accounting? 2. What are the three major activities of a manager? 3. What are the major differences between financial and managerial accounting? 4. What are the three major elements of product costs in a manufacturing company? 5. Distinguish between the following: a. Direct materials b. Indirect materials c. Direct labor d. Indirect labor e. Manufacturing overhead 6. Describe how the income statement of a manufacturing company differs from the income statement of a merchandising company? 7. When would border casting be used in reference to process 7. When would job-order costing be used in reference to process costing? 8. What is the purpose of the job cost sheet in a job-order costing system? 9. In what ways job-order and process costing similar