How does product costing used in financial accounting differ from product costing used in managerial…

1. What are some differences between financial and managerial accounting?

2. What does the value-added principle mean as it applies to managerial accounting information? Give an example of value-added information that may be included in managerial accounting reports but is not shown in publicly reported financial statements.

3. How does product costing used in financial accounting differ from product costing used in managerial accounting?

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