8. What are the major differences between managerial and financial accounting? 9. Identify the three elements of cost incurred in manufacturing a product and indicate the distinguishing characteristics of each. 10. Why are certain costs referred to as period costs? What are the major types of period costs incurred by a manufacturer? 11. Explain why the income statement of a manufacturing company differs from the income statement of a merchandising company. 12. What is the relationship between cost flows in the accounts and the flow of physical products through a factory? 13. Define a job cost system and give an example of a situation in which it can be used. 14. Assume Domino's Pizza is considering offering a new product--a 6-inch (15.24 cm) pizza. Why would it matter if Domino's Pizza knows how much it costs to produce and deliver this 6- inch (15.24 cm) pizza? I 15. Define process costing and describe the types of companies that use process costing. 16. How does a process cost system differ from a job costing system? 17. Would a lumber mill use process or job costing? 18. What is the basic information conveyed by a production cost report? 19. Would an automobile plant that makes specialty race cars use job costing or process costing? Would an automobile plant that makes all terrain vehicles use job costing or process costing? Explain your answer. 20. Does The Coca-Cola Company use a process cost system or a job costing system in its bottling plants? Why?