Question: What are the differences between the way costs are handled in financial accounting than in managerial accounting? How are period costs and product costs recorded

  1. What are thedifferences betweenthe way costs are handled in financial accounting than in managerial accounting?
  2. How are period costs and product costsrecorded in accounting?
  3. Wheredo these two different types of costs appear?
  4. What is the main issue with classifying period costs as product costs?Would it be unethical to classify period costs as product costs in order to report higher earnings for a business?Why or why not?

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