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  • Weekly Discussion 4

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    Vivek Sharma
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    In week 4, the learner grasped the differences between financial and managerial accounting, with financial accounting focusing on external reporting and managerial accounting on internal reporting. They also understood manufacturing costs, also called product costs, consist of direct material, direct labor, and manufacturing overhead costs, while non-manufacturing costs are also known as period costs and consist of selling/marketing and administrative costs. The learner believes managerial accounting is more important than financial accounting as it provides more insight into business operations and allows for effective measurement and control of costs.

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    In week 4, the learner grasped the differences between financial and managerial accounting, with financial accounting focusing on external reporting and managerial accounting on internal reporting. They also understood manufacturing costs, also called product costs, consist of direct material, direct labor, and manufacturing overhead costs, while non-manufacturing costs are also known as period costs and consist of selling/marketing and administrative costs. The learner believes managerial accounting is more important than financial accounting as it provides more insight into business operations and allows for effective measurement and control of costs.

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    6 views1 page

    Weekly Discussion 4

    Uploaded by

    Vivek Sharma
    In week 4, the learner grasped the differences between financial and managerial accounting, with financial accounting focusing on external reporting and managerial accounting on internal reporting. They also understood manufacturing costs, also called product costs, consist of direct material, direct labor, and manufacturing overhead costs, while non-manufacturing costs are also known as period costs and consist of selling/marketing and administrative costs. The learner believes managerial accounting is more important than financial accounting as it provides more insight into business operations and allows for effective measurement and control of costs.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    Weekly Discussion 4

    In week 4, I learned the difference between Financial and Managerial Accounting.


    I understood that Financial Accounting focuses on external reporting, whereas Managerial
    Accounting is more concerned with internal reporting.

    Then, I grasped the different components of Manufacturing costs, also known as Product
    costs. It pertains to costs that are directly related to the production. It consists of Direct
    Material, Direct Labor, and Manufacturing Overhead costs.

    Non-Manufacturing costs are also known as period costs. It pertains to cost that is indirect in
    nature and consumed during the reporting period. It consists of two costs - Selling &
    Marketing costs and administrative costs.

    After that, I understood the different components in depth with the help of Wiley’s practice
    quiz. Wiley quizzes are pretty informative, and it helps solidifies the concepts.

    I believe that Managerial Accounting is more important than Financial Accounting as it is for
    internal use and gives us more insight into the business’s operations. With the help of it, the
    different costs can be measured and controlled effectively.

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