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 bicycle manufacturing plant, state whether it would be considered: (1) a period cost or a product cost; AND (2) IF it's a product cost, then state whether it would be classified as: direct materials, direct labor or manufacturing overhead: (1pt each; 9 pts total) Example: Salaries of janitors in the factory Answer: Product cost; mfg overhead A. Office receptionist salary B. Bicycle frames, pedals and seats C. Salaries of sales managers D. Salaries of bicycle assemblers E. Screws and glue used in the bicycles F. Accounting department salaries G. Insurance on the production facility H. Depreciation on corporate office equipment (not used in factory) 1. Salaries of forklift drivers in the production facility