1)What are the differences between financial accounting and managerial accounting?

2)What are the three elements of manufacturing cost? What are the characteristics of each?

3)What is the difference between a product cost and a period cost?

4)What are the three types of inventories used in manufacturing accounting? What are the characteristics of each?

5)What is the purpose of the Statement of Cost of Goods Manufactured?

6)How does the income statement of a merchandising firm differ from that of a manufacturing company?