What are the major differences between managerial and financial accounting? Explain how a contribution margin (variable costing,
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Question:
- What are the major differences between managerial and financial accounting?
- Explain how a contribution margin (variable costing, behavioral income statement) differs from an income statement prepared in accordance with US GAAP.
- Why are certain costs referred to as product costs? What are the major types of product costs incurred by a manufacturer?
- Define the following terms.
- Overhead for the production departments.
- Overhead for non-production departments.
- Explain the distinction of variable costs, fixed costs, and mixed costs.
- Explain the difference between direct and indirect costs.
- Distinguish between controllable and uncontrollable costs.
- Define sunk costs and opportunity costs.
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