What is a Managed Code? Managed code runs inside the environment of CLR i.e. .NET runtime.

In short all IL are managed code. But if you are using some third party software example VB6 or VC++ component they are unmanaged code as .NET runtime (CLR) does not have control over the source code execution of the language. (A) What are the different types of Assembly? There are two types of assembly Private and Public assembly. A private assembly is normally used by a single application, and is stored in the application's directory, or a sub-directory beneath. A shared assembly is normally stored in the global assembly cache, which is a repository of assemblies maintained by the .NET runtime. Shared assemblies are usually libraries of code which many applications will find useful, e.g. Crystal report classes which will be used by all application for Reports.
ILDASM stands for Intermediate Language Disassembler. ILDASM is a tool provided in C# to view and read the assembly content in manifest view. This tool is supplied along with the Visual Studio .NET you are using. It is also available along with .NET SDK. To access this tool, you have to run the ildasm.exe available in C:\Program Files\Microsoft.NET\SDK\<Framework Version>\bin. A Microsoft.NET application can be run only after the MSIL code is translated into native machine code. In .NET Framework, the intermediate language is complied "just in time" (JIT) into native code when the application or component is run instead of compiling the application at development time. The Microsoft.NET runtime consists of two JIT compilers. They are standard JIT compiler and the EconoJIT compiler. The EconoJIT compiler compiles faster than the standard JIT compiler, but the code it produces is not as optimized as the code obtained from the standard JIT compiler.
JIT compilation takes into account the fact that some code might never get called during execution. Rather than using time and memory to convert all the MSIL in a portable executable (PE) file to native code, it converts the MSIL as needed during execution and stores the resulting native code so that it is accessible for subsequent calls. The loader creates and attaches a stub to each of a type's methods when the type is loaded. On the initial call to the method, the stub passes control to the JIT compiler, which converts the MSIL for that method into native code and modifies the stub to direct execution to the location of the native code. Subsequent calls of the JIT-compiled method proceed directly to the native code that was previously generated, reducing the time it takes to JIT-compile and run the code.

An assembly in ASP.NET is a collection of single-file or multiple files. The assembly that has more than one file contains either a dynamic link library (DLL) or an EXE file. The assembly also contains metadata that is known as assembly manifest. The biggest advantage of using ASP.NET Assemblies is that developers can create applications without interfering with other applications on the system. When the developer creates an application that requires an assembly that assembly will not affect other applications. The assembly used for one application is not applied to another application. However one assembly can be shared with other applications. private ASP.NET Assemblies and shared assemblies. Private ASP.NET Assemblies are created whey you build component files like DLLs that can be applied to one application. Shared ASP.NET Assemblies are created when you want to share the component files across multiple applications. Shared ASP.NET Assemblies must have a unique name and must be placed in Global Assembly Cache (GAC). The GAC is located in the Assembly directory in WinNT. You can view both the manifest and the IL using ILDisassembler (ildasm.exe).