Managerial Accounting

1. Explain the differences between financial and managerial accounting. Explain controlling and its connection between feedback and planning. Explain the meaning of customer value, and how focusing on customer value is changing managerial accounting.

2. Explain the difference between a cost and expense and the difference between accumulating cost and assigning costs. What is a cost object, direct cost, an indirect cost? Define prime cost, conversion cost, and manufacturing overhead. What is the difference between cost of goods manufactured and cost of goods sold?