Choose two questions to answer

1. What are the major differences between management accounting and financial accounting?

2. Explain the accounting differences among manufacturers, merchandisers, and service businesses. What inventory accounts are used with each type of business?

3. Give examples of direct materials and indirect materials for a textbook manufacturer.

4. Identify at least six examples of manufacturing overhead costs for a textbook manufacturer.

5. What is the main difference in the way the income statement gets prepared for manufacturers, merchandisers, and service businesses?

6. Explain the difference between inventoriable product costs and period costs. Which start out as assets? Which are never assets?

7. Explain how to compute cost of goods manufactured.

8. If a company implements a just-in-time system, what kind of costs and benefits should it expect to see?