Define and describe the following terms and cost concepts:

1. Describe managerial accounting and its role in business
2. Who are the users of managerial accounting information
3. Direct cost
4. Indirect cost
5. Direct materials
6. Direct labor
7. Factory overhead
8. Product cost
9. Period cost
10. Planning
11. Directing
12. Controlling
13. Improving
14. Materials inventory
15. Work in process inventory
16. Finished goods inventory