Short answer, 3 points each. Answer the questions using your own words, do not quote from any source.

1. Provide at least three concise responsibilities or differences a managerial accountant may possess over a financial accountant.

2. Is it necessary for a managerial accountant to prepare reports in accordance to GAAP? Why or why not?

3. Account for at least three (3) differences found in Job Order Costing and Process Costing.

4. Why is it necessary to determine equivalent units of production in Process Costing systems?

5. Name two types of products that would likely employ a process costing system. (2 points)