Question 1, (Managerial Accounting Basics) 20 Marks Briefly answer the following questions: a) Exploin the importance of managerial accounting information b) Identify and explain the three broad functions of Management. Question 2, (Flexible Budgets) 20 Marks Glenda Company uses a flexible budget for manufacturing overhead that is based on direct labour hours. For 2019, the master overhead budget for the packaging department at its normal capacity of 300,000 direct labour hours was as follows: Variable Costs Indirect labour $360,000 Supplies and lubricants $150,000 Maintenance $210,000 $120.000 $840,000 Utilities Total Question 1, (Managerial Accounting Basics) 20 Marks Briefly answer the following questions: a) Explain the importance of managerial accounting information. b) Identify and explain the three brond functions of Management. Question 2, (Flexible Budgets) 20 Marks Glenda Company uses a flexible budget for manufacturing overhead that is based on direct labour hours. For 2019, the master overhead budget for the packaging department at its normal capacity of 300,000 direct labour hours was as follows: Variable Costs Indirect labour $360,000 Supplies and lubricants $150,000 Maintenance 5210,000 Utilities $120.000 $840,000 Total Fixed costs