Wk1 dq – managerial accounting

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 Question:

Please answer each of the following questions in detail. Provide in-text citations and include examples whenever applicable.

  1. Explain the difference between public accounting and managerial accounting. Provide a hypothetical example of an income statement for public reporting. Provide a hypothetical example of managerial accounting income statement in process costing format. Explain your examples in detail.
  2. Explain operating cost classifications in managerial accounting, namely, manufacturing vs. selling/admin, variable vs. fixed, direct vs. indirect, and variable overhead vs. fixed overhead. Include examples for all.
  3. Explain the predetermined variable overhead criterion and include an example. 

Note:

1. Define the words in the own words. Do not directly quote from the textbook.

2. Need to write at least 2 paragraphs

3. Need to include the information from the textbook as the reference.

4. Need to include at least 2 peer reviewed article as the reference.

5. Need to provide the examples whenever applicable.

5. Please find the related power point in the attachment

Textbook information:

Wild, J., & Shaw, K. (2019).  (8th ed.). Financial and managerial accounting: Information for decisions. McGraw-Hill