Remaining Time 1 hour 58 minutes 42 seconds Question Complet

Remaining Time: 1 hour, 58 minutes, 42 seconds. Question Completion Status QUESTION 1 [Al Make a hting your amwe space t\'oma to h Using the codes below classify each hem a trough as ? -Period Cost o 2Product Cost Repairs to office equipment b Factory Manager\'s Salary C Direct labor d Indirect materials Dinect materials uned Sales salaries Indrect factory labor B] What is the disdinction betwreen product costs and period costs? Why is the distinction important in managerial accounting? BE SPECIFIC ? QUESTION 2 Fnancial accounting information and managerial accounting indomation have a number of dutinguishing charactelistics Al For each of the characteristics Ested beilow i closely associated with managerial accoanting by placing the letter M\" to the left of the ndcate which chanacterhtics are more closely nelated to financial accounting by placing the letter \" in the space to the left of the Rem In the answer space, make a listing from 1 to 10 and indicate your response tem In the an 1 Repoting standard is nellevance to the decision to be made 2 Financial statements Reports generaly pertain to the business as a whole 4 Repots generally pertain to subunits Cliel Save and Sabrait to ecse and subeeit Ciel Save All Aners to save all anoers

Solution

A. Repairs to office equipment - Period Cost

B. Factory Manager\'s salary - Product Cost

C. Direct Labor - Product Cost

D. Indirect materials - Product Cost

E. Advertising - Period Cost

F. Direct materials used - Product Cost

G. Sales salaries - Period Cost

H. Indirect Factory labor - Product Cost