1. Provide at least three concise responsibilities or differences a managerial accountant may possess over a financial accountant.

a managerial accountant looks after the procedures to be followed to achieve the organizations goals, but a financial accountant completely looks after the transactions happened during a financial year. a managerial accounts also directs the team, while a financial accountant records the transactions in the books of accounts. last but not least a managerial accountant is responsible for the results of the team, while a financial accountant is responsible to record the transactions in a way that must show the true and fair view of the books of accounts

2. Is it necessary for a managerial accountant to prepare reports in accordance to GAAP? Why or why not?

the managerial accountant should prepare the reports in accordance with provisions of GAAP. These principles are issued by the policy boards to ensure that every company should prepare the financial statements and reports according to the principles of GAAP. if a company preparing its financial statements by not following principles of Gaap, the creditors and investors will not have a good view that the company has prepared the financial statements based on the true info. As principles of GAAP indicates the economic reality of the organizations financial statements.

3. Account for at least three (3) differences found in Job Order Costing and Process Costing.

job order costing is used in industries, where production is as per the specifications of the customers, but not on continue basis. in the job industry, orders will be received from the customers to manufacture or to produce the goods according to some specifications that generally do not apply by industry to manufacture other products. each job cost is calculated by preparing a separate job cost sheet for every job. process costing is used in industries, where production is on continuing basis. that is output of one product becomes the input for subsequent processes until the final product emerges. the cost of each process is calculated by preparing separate accounts for each process and the costs of one process will be transferred to another process.

4. Why is it necessary to determine equivalent units of production in Process Costing systems?

the manufacturer who manufactures the products partially at the end of the year, the equivalent unit of production will use as the amount of work completed. usually, the partially completed units and fully completed units are treated as fully completed units under equivalent production.

5. Name two types of products that would likely employ a process costing system. (2 points)

one of the two types of products used in process costing is food production and chemical processing. As discussed above, in these types of products, the output of one process becomes the input for subsequent processes.