Question: 1. What does it mean to state that cost accounting serves both financial and managerial accounting? 2. What does it mean to say that cost

1. What does it mean to state that cost accounting serves both financial and managerial accounting? 

2. What does it mean to say that cost assignment is more complex than cost accumulation? 

3. What does it mean that a cost is a direct, product, and variable cost? 

4. What does it mean that manufacturing overhead is applied to inventory? 

5. What does it mean when an activity-based costing system is used?

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