Public Accounting

Question 1

Please answer each of the following questions in detail. Provide in-text citations and include examples whenever applicable.

1. Explain the difference between public accounting and managerial accounting. Provide a hypothetical example of an income statement for public reporting. Provide a hypothetical example of managerial accounting income statement in process costing format. Explain your examples in detail.
2. Explain operating cost classifications in managerial accounting, namely, manufacturing vs. selling/admin, variable vs. fixed, direct vs. indirect, and variable overhead vs. fixed overhead. Include examples for all.
3. Explain the predetermined variable overhead criterion and include an example.

Question 2

Choose a major publicly traded corporation, then go to the corporate’s site and retrieve the information needed for this assignment. Provide information about the history of the corporation and its current product offerings. Provide a screenshot of the corporate’s latest reported income statement. Organize the income statement in an Excel file to enable you to verify the arithmetic in the income statement, and explain your verifications. Also, explain the nature of each item in the income statement. At least 5 scholarly references are required which should include the corporate’s site as the source of the data. In-text citations are required throughout the document. All submissions should be in one Word file.

Use minimum two in text citations that matches peer reviewed references