Question 2: 1. Describe the three major activities of a manager. 2. What are the major differences between financial and cost accounting? 3. What are the three major elements of product costs in a manufacturing company? 4. Define the following with examples (a) direct materials, (b) indirect materials. (c) direct labor, (d) indirect labor, and (e) manufacturing overhead. 5. Explain the difference between a product cost and a period cost