Define the following terms, explain with an example where relevant.
- Managerial Accounting
- What is the difference between Managerial Accounting (MA) and Financial Accounting (FA)?
- What form of legal incorporation is preferred in Canada and why?
- What are the reporting requirements for MA vs FA in terms of timeliness?
- Who are the users of MA and FA information typically?
- Fixed overheads
- Variable overheads