managerial accounting 150

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1. What are the differences between financial and managerial accounting?

2. How does product costing used in financial accounting differ from product costing used in managerial accounting?

3. What does the statement “costs can be assets or expenses” mean?

4. Why are the salaries of production w o r k e r s accumulated in an inventory account instead of being directly expensed on the income statement?

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