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1. Explain the major differences between Financial and Managerial accounting? (3pts) 2. Is one type of accounting more important than the other? Explain. (3pts)

  

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 a rolerblades manufacturing plant, state whether it would be considered: (1) a period cost of a product cost and (21arita product cost, then state whether it would be classifed as: direct materials, direct labor or manudacturing overhead: (1pt each: 9 pts tota) Example: Salaries of janitors in the factory Answer Product cost, mfg overhead a. Wheels and skate boots b. Salaries of rollertlade assemblers C. Accounting manager salary d. Rent on the production facility e. Oll and glue used on the rollerblades 1. Depreciation on corporate office equipment (not used ien tactory) E Salaries of supervisors over the production facility Human Resources department salaries 1 Salaries of ipping department workers

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