Financial accounting information and managerial accounting information have a number of distinguishing characteristics. for each of the characteristics listed below, indicate which characteristics are more closely related to financial accounting and which characteristics are more closely associated with managerial accounting. 1. general-purpose reports 2. reports are used internally 3. prepared in accordance with generally accepted accounting principles 4. special purpose reports 5. limited to historical cost data 6. reporting standard is relevance to the decision to be made 7. financial statements 8. reports generally pertain to the business as a whole 9. reports generally pertain to subunits 10. reports issued quarterly or annually

Joint cost cheyenne, inc. produces three products from a common input. the joint costs for a typical quarter follow: direct materials $45,000 direct labor 55,000 overhead 60,000 the revenues from each product are as follows: product a $75,000 product b 80,000 product c 30,000 management is considering processing product a beyond the split-off point, which would increase the sales value of product a to $116,000. however, to process product a further means that the company must rent some special equipment costing $17,500 per quarter. additional materials and labor also needed would cost $12,650 per quarter. a. what is the gross profit currently being earned by the three products for one quarter? $answer b. what is the effect on quarterly profits if the company decides to process product a further? $answer