1. Please distinguish between managerial and financial accounting on the following items:
   1. Users and decision makers.
   2. Purpose of information.
   3. Flexibility of practice.
   4. Time dimension.
   5. Focus of information.
   6. Nature of information.
2. Please describe the managerial accountant's role in business planning, control, and decision making.
3. Please distinguish between:
   1. direct labor and indirect labor.
   2. (a) factory overhead and (b) selling and administrative overhead.
   3. direct material and indirect material.
4. Why must a company estimate the amount of factory overhead assigned to individual jobs or job lots?
5. The chapter used a percent of labor cost to assign factory overhead to jobs. Please identify another factor (or base) a company might reasonably use to assign overhead costs.