Question: Chapter 18 Managerial Accounting Concepts and Principles 1. What is the major difference between managerial accounting and financial accounting? 2. For a company that produces

Chapter 18 Managerial Accounting Concepts and Principles 1. What is the major difference between managerial accounting and financial accounting? 2. For a company that produces desktop computers, would memory chips be considered a direct or indirect materials cost of each computer produced? 3. How is product cost information used by managers? 4. Describe the source of the data for debiting Work in Process for (a) direct materials (b) direct labor (c) factory overhead

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