Wk1 DQ – Managerial Accounting
Question:
Please answer each of the following questions in detail. Provide in-text citations and include examples whenever applicable.
- Explain the difference between public accounting and managerial accounting. Provide a hypothetical example of an income statement for public reporting. Provide a hypothetical example of managerial accounting income statement in process costing format. Explain your examples in detail.
- Explain operating cost classifications in managerial accounting, namely, manufacturing vs. selling/admin, variable vs. fixed, direct vs. indirect, and variable overhead vs. fixed overhead. Include examples for all.
- Explain the predetermined variable overhead criterion and include an example.
Note:
1. Define the words in the own words. Do not directly quote from the textbook.
2. Need to write at least 2 paragraphs
3. Need to include the information from the textbook as the reference.
4. Need to include at least 2 peer reviewed article as the reference.
5. Need to provide the examples whenever applicable.
5. Please find the related power point in the attachment