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Production is the creation of utilities. A utility is something useful and can be either a tangible or an intangible product (service).
1. Describe the basic differences in marketing tangible from intangible products.
Also, think about your current/past employer (or any company of your choice). 2. Provide a brief overview of the company, including whether it is a service, retail, or manufacturing company. Identify some of the expenses that are incurred by the company and determine how each of these expenses would be classified using the terminology below.
3. Then discuss why these cost classifications are important in Managerial Accounting?
Terminology listed below for extra help-
Websites for terminology- https://www.accountingtools.com/articles/what-are-the-functions-of-managerial-accounting.html
and what is Managerial Accounting? https://saylordotorg.github.io/text_managerial-accounting/s05-what-is-managerial-accounting.html
Cost Classifications-
https://www.accountingtools.com/articles/cost-classification.html
Manufacturing and Nonmanufacturing-
https://www.accountingverse.com/managerial-accounting/cost-concepts/manufacturing-and-nonmanufacturing.html
Prime cost and conversion-
https://www.accountingverse.com/managerial-accounting/cost-concepts/prime-and-conversion.html
What is the difference between product cost and period cost-
https://www.accountingcoach.com/blog/product-cost-period-cost
Please be sure to validate your opinions and ideas with intext citations and references in APA format.
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