Management & financial accounting and cost bifurcation
Question 1: Differences between management accounting and financial accounting (15 Marks) You are the financial controller of a large manufacturing organization and intend to approach the human resources (HR) manager seeking to create two new positions: a financial accountant and a management accountant. Required: 1 Prepare a briefing document for the HR manager which explains the differences between these two roles. 2 Formulate (and answer) the five likely questions that you anticipate the HR manager will ask you about these two positions when you meet. Question 2: Product cost classification: manufacturer (15 Marks) The following cost data for the current year relate to Heartstrings Pty Ltd, a greetings card manufacturer: Service department costsl $ 50 000 Direct labour: wages 242…
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