Problem
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
The response must include a reference list. Using Times New Roman 12 pnt font, double-space, one-inch margins, and APA style of writing and citations.