CH 18 - Please respond to the following question(s) with a thoughtful response. Be sure to support your answer with reason and logic based upon this week's readings, but keep in mind that top scores should include insight/creativity beyond the book. If you use resources beyond our textbook, sources must be cited. For additional information on the grading criteria, please review the "Getting Started" document. Your final assignment must be submitted as a Word doc or pdf file. 1. Explain the major differences between Financial and Managerial accounting? (3pts) 2. Is one type of accounting more important than the other? Explain. (3pts) 3. For each of the following costs in Huntwood's cabinet manufacturing plant in Spokane, 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: (1pt each; 9 pts total) Example: Managers' salaries in production facility Answer: Product cost; mfg overhead A. Utilities on the corporate headquarters (not attached to production facility) B. Wages of janitors in the factory C. Gas for trucks that deliver cabinets to customers D. Wood used to make cabinets E. Salary of administrative assistant for CFO (head of accounting department) F. Glue used to assemble cabinets G. Insurance on the production facility H. Depreciation on cabinet assembly equipment 1. Wages of cabinet assembly workers CH 18 - Please respond to the following question(s) with a thoughtful response. Be sure to support your answer with reason and logic based upon this week's readings, but keep in mind that top scores should include insight/creativity beyond the book. If you use resources beyond our textbook, sources must be cited. For additional information on the grading criteria, please review the "Getting Started" document. Your final assignment must be submitted as a Word doc or pdf file. 1. Explain the major differences between Financial and Managerial accounting? (3pts) 2. Is one type of accounting more important than the other? Explain. (3pts) 3. For each of the following costs in Huntwood's cabinet manufacturing plant in Spokane, 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: (1pt each; 9 pts total) Example: Managers' salaries in production facility Answer: Product cost; mfg overhead A. Utilities on the corporate headquarters (not attached to production facility) B. Wages of janitors in the factory C. Gas for trucks that deliver cabinets to customers D. Wood used to make cabinets E. Salary of administrative assistant for CFO (head of accounting department) F. Glue used to assemble cabinets G. Insurance on the production facility H. Depreciation on cabinet assembly equipment 1. Wages of cabinet assembly workers
