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Explain the major differences between Financial and Managerial accounting? Is one type of accounting more important...

  1. Explain the major differences between Financial and Managerial accounting?
  2. Is one type of accounting more important than the other? Explain.
  3. For each of the following costs in a rollerblades manufacturing plant, state whether it would be considered: (1) a period cost or a product cost; and (2) if it’s a product cost, then state whether it would be classified as: direct materials, direct labor or manufacturing overhead

Example: Salaries of janitors in the factory     Answer: Product cost; mfg overhead

a. Wheels and skate boots

b. Salaries of rollerblade assemblers

c. Accounting manager salary

d. Rent on the production facility

e. Oil and glue used on the rollerblades

f. Depreciation on corporate office equipment (not used in factory)

g. Salaries of supervisors over the production facility

h. Human Resources department salaries

i. Salaries of shipping department workers

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Expert Solution

ekkarill92 answered 2 years ago
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