What are the major differences between managerial accounting and financial accounting?
a. Differentiate between a department with line responsibility and a department with staff responsibility.
b. In an organization that has a Sales Department and a Personnel Department, among others, which of the two departments has (1) line responsibility and (2) staff responsibility?
What manufacturing cost term is used to describe the cost of materials that are an integral part of the manufactured end product?
Distinguish between prime costs and conversion costs.
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