Wk1 dq – managerial accounting
Please answer each of the following questions in detail. Provide in-text citations and include examples whenever applicable.
- 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.
- 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.
- Explain the predetermined variable overhead criterion and include an example.
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
Wild, J., & Shaw, K. (2019). (8th ed.). Financial and managerial accounting: Information for decisions. McGraw-Hill