QUESTION $1$

Explain the difference between financial accounting and management accounting in terms of legal requirements, precision, accepted accounting principles and time span.

QUESTION $2$

Explain the difference in variable cost, fixed cost and semi$-$variable cost and give an example of each.

QUESTION $3$

Use the graph below and give the description of the lines and grey areas numbered $3\mathrm{.}1-3\mathrm{.}7.$