Dene each item in the following sets and discuss the primary differences between the items in each
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(a) Financial and managerial accounting
(b) Product and period costs
(c) Direct and indirect costs
(d) Variable, fixed, and mixed costs
(e) Job order and process costing
(f) Actual, normal, and standard costing
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a Financial accounting refers to the accounting information that results in the balance sheet income statement and statement of cash flows that is developed primarily for external users such as invest...View the full answer
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Saud Ur Rehman
Evaluating manufacturing processes by designing and conducting research programs; applying knowledge of product design, fabrication, assembly, tooling, and materials; conferring with equipment vendors; soliciting observations from operators. Developing manufacturing processes by studying product requirements; researching, designing, modifying, and testing manufacturing methods and equipment; conferring with equipment vendors. Keeping equipment operational by coordinating maintenance and repair services; following manufacturer's instructions and established procedures; requesting special service.
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