Respond the following questions to the best of your knowledge.

1. Distinguish between financial and managerial accounting for (a) early users of the reports, (b) types and frequency of reports, and (c) purpose of reports. 2. How are manufacturing costs classified? 3. What are the similarities between job order and process cost system? 4. What is the meaning of the term equivalent units of production? 5. The cost-volume-profit (CVU) analysis is based entirely on costs unitary. Do you agree? Explain. 6. Breakeven analysis is of limited use by management, because a Company cannot survive on break-even alone. Do you agree? Explain. 7. What are the steps that management uses for the decision-making process? decisions? 8. Define the term opportunity cost. How is this cost relevant? for the decision to manufacture or buy? 9. What is a budget? How can a budget contribute to a good management of any organization? 10. What is the criterion that helps determine the time horizon of a period budget? What is the most common budget period?