1.A key difference between managerial and financial accounting is that

Managerial is only historical data and financial is only future data

Managerial users are typically internal and financial users typically external

Managerial is highly regulated and financial is not

Financial uses much more economic data than managerial -------------------- 2.An example of a period cost in accounting would be

		Materials to make a product
		A factory supervisor s wages
		Brochures used to sell the product
		Depreciation of manufacturing equipment

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3.Major inventory accounts in a manufacturing environment typically include all of the following except

Raw materials

Work in progress

Office supplies

Finished goods

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4.When a business is able to simultaneously reduce inventory holding costs and increase customer satisfaction by making products available exactly when a customer wants them, it is likely using

Seasonal control

Just in time inventory management

Factors of production planning

Supply chain distribution ----------------

5.An example of a direct product cost would be

		Prepaid rent of the retail store
		Health insurance costs for sales teams
		Product parts
		The factory janitorial staff s wages

6.An example of manufacturing overhead (indirect product costs) may be all of the following except

		Equipment depreciation
		Plant electric costs
		Materials to make a product
		A factory supervisor s wages