Explain the difference between public accounting and managerial accounting.

Discussion Question 1 – CLO 1, CLO 2, CLO 3, CLO 4, CLO 8
Please answer each of the following questions in detail. Provide in-text citations and include examples whenever applicable.
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.
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.
Explain the predetermined variable overhead criterion and include an example.

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