Define the following terms, explain with an example where relevant

1. Managerial Accounting

2. What is the difference between Managerial Accounting (MA) and Financial Accounting (FA)?

3. What form of legal incorporation is preferred in Canada and why?

4. What are the reporting requirements for MA vs FA in terms of timeliness?

5. Who are the users of MA and FA information typically?

6. Fixed overheads

7. Variable overheads