Please answer the following questions: 1. Explain the difference between the following forms of business organizations; (a) proprietorship, (b) partnership, and (c) corporation. Explain the difference in accounting for these three forms in a business organization. (5 points) 2. Describe the Managerial Accounting and the role of Managerial Accounting in a business. Please provide definition and example of direct cost, indirect cost, product cost and period cost. (5 points) 3. Case#1: (5 points) For the items listed below, fill in the appropriate code letter to indicate whether the item is an asset, liability, or owner's equity item. Code Asset A Liability L Owner's Equity OE 1. Rent Expense 6. Cash 2. Office Equipment 7. Accounts Receivable Accounts Payable 8. Drawings 4. Capital 9. Service Revenue 5. Insurance Expense 10. Notes Payable