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

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

Expert Solution

ekkarill92 answered 1 year ago

One of the differences between Managerial Accounting and Financial Accounting is reporting flexibility. Financial reporting is...

One of the differences between Managerial Accounting and Financial Accounting is reporting flexibility. Financial reporting is restricted by Generally Accepted Accounting Principles whereas reporting in Managerial Accounting has fewer rules. Why is it permissible to violate Generally Accepted Accounting Principles when preparing reports used strictly by company management? Should external users always have the same information as internal users?

In a page, explain the similarities and differences between financial and managerial accounting.

Describe the main differences between financial accounting and managerial accounting, and the differences between accrual and...

Describe the main differences between financial accounting and managerial accounting, and the differences between accrual and cash accounting.

Describe the main differences between financial accounting and managerial accounting, and the differences between accrual and...

Describe the main differences between financial accounting and managerial accounting, and the differences between accrual and cash accounting.

What are some of the differences between financial and managerial accounting?

1A. •Define Financial and Managerial Accounting •Discuss the differences between Financial and Managerial Accounting•Discuss the possible...

1A. •Define Financial and Managerial Accounting •Discuss the differences between Financial and Managerial Accounting•Discuss the possible uses of and benefits of Managerial Accounting information in a specific company, or business type you choose OR in a business you would start yourself• Also include a description of the possible beneficiaries of this type of accounting information, and the difference it could make in the business you choose

1. Explain the differences between managerial and financial accounting, and give examples of the types of...

1. Explain the differences between managerial and financial accounting, and give examples of the types of problems and issues examined by each of these areas of accounting. 2. Describe each of six steps of the accounting cycle. 3. What is the difference between a journal and a ledger? How are journals and ledgers incorporated into the accounting cycle?

Please define accounting and explain the differences between financial accounting and managerial accounting. 500 words (Minimum)

Class, describe the differences between financial and managerial accounting. Focus your post on the different type...

Class, describe the differences between financial and managerial accounting. Focus your post on the different type of users and how the information is used. For this and all other Discussion questions, post an initial response (at least 200 words)

List seven key differences between Managerial Accounting and Financial Accounting.

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

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One of the differences between Managerial Accounting and Financial Accounting is reporting flexibility. Financial reporting is...

In a page, explain the similarities and differences between financial and managerial accounting.

Describe the main differences between financial accounting and managerial accounting, and the differences between accrual and...

Describe the main differences between financial accounting and managerial accounting, and the differences between accrual and...

What are some of the differences between financial and managerial accounting?

1A. •Define Financial and Managerial Accounting •Discuss the differences between Financial and Managerial Accounting•Discuss the possible...

1. Explain the differences between managerial and financial accounting, and give examples of the types of...

Please define accounting and explain the differences between financial accounting and managerial accounting. 500 words (Minimum)

Class, describe the differences between financial and managerial accounting. Focus your post on the different type...

List seven key differences between Managerial Accounting and Financial Accounting.