96. Generally accepted accounting principles? The accounting department of Burke Manufacturing prepares numerous reports at the request of, and for exclusive use by, the management of the company. Is...

96. Generally accepted accounting principles?

The accounting department of Burke Manufacturing prepares numerous reports at the request of, and for exclusive use by, the management of the company. Is it necessary that these managerial accounting reports be developed in accordance with generally accepted accounting principles (GAAP)?

97. Product cost vs. period cost

Briefly define the terms product cost and period cost. Explain why the distinction between these two types of costs is important.