ACCT212 SEM 181 - ASSIGNMENT 1 MODULE 1 QUESTION 1 A. (a) "Managerial accounting is a field of accounting that provides economic information for allinterested parties." Do you agree? (b) Joe Delong believes that managerial accounting serves only manufacturing firms. Is Joecorrect? Explain. (c) Explain how managerial accounting differs from financial accounting. B. Distinguish between managerial and financial accounting as to a. primary users of reports, b. types and frequency of reports, and c. purpose of reports. C. In what ways can the budgeting process create incentives for unethical behavior? D. Linda Olsen is studying for the next accounting midterm examination. Summarize for Linda what she should know about management functions. E. "Decision-making is management's most important function." Do you agree? Why or why not? F. Tony Andres is studying for his next accounting examination. Explain to Tony what he should know about the differences between the income statements for a manufacturing and for a merchandising company. G. Jerry Lang is unclear as to the difference between the balance sheets of a merchandisingcompany and a manufacturing company. Explain the difference to Jerry. H. How are manufacturing costs classified? 1. Mel Finney claims that the distinction between direct and indirect materials is based entirely onphysical association with the product. Is Mel correct? Why