Give three examples of product cost definitions

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Reference no: EM13950197

1. Give three examples of product cost definitions. Why do we need different product cost definitions?

2. Identify the three cost elements that determine the cost of making a product (for external reporting).

3. How do the income statements of a manufacturing firm and a service firm differ?

4. Describe some of the major differences between a functional-based cost management system and an activity-based cost management system.

5. When would a company choose an activity-based cost management system over a functional-based system? What forces are moving firms to implement activity-based cost management systems?

Reference no: EM13950197

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