Explain how the primary difference between financial and managerial accounting results in other differences between the two.
Answer to relevant QuestionsWhy are traditional, GAAP-based financial statements not necessarily useful to managers and other internal parties?Explain the difference between a direct cost and an indirect cost. Take a look at your purse or wallet. Name two direct costs of making your purse or wallet. Name two indirect costs of making it.What are ethics and why is ethical behavior important to managers? What is the difference between product and period costs in terms of how and when they are treated in the financial statements (balance sheet and income statement)?Match each of the following SOX requirements to the corresponding objective by entering the appropriate letter in the space provided.1. Establish a tip line for employees to report questionable acts.2. Increase maximum ...
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