Question;Managerial and Financial Accounting (graded)Flexibility, timeliness, and forward looking are said to be the prominent traits of modern management accounting, whereas standardization and consistency describe financial accounting. Explain why the focus on these two accounting systems differs.Product Versus Period Costs (graded)Comment on what makes up a product cost and what constitutes a period cost. Use examples and explain why this distinction is necessary.week 2Job-Order Costing (graded)What is Job Order Costing? What type of businesses would use this cost accounting method? Give examples. What are the advantages and disadvantageous of this technique? Discuss.Process Costing (graded)Describe how the process costing system accumulates and assigns costs by comparing and contrasting to the job-order costing system.
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