Information Instructions 1. What do you understand by Managerial Accounting? What is the difference between Managerial Accounting and Financial Accounting? What are real life applications of Managerial Accounting? 2. What is the difference between Job Costing and Process Costing? List 10 industries where Job Costing is applicable and 10 where Process Costing is applicable? 3. Why break even point is important for any business? What will happen if the business does not break even