Accounting: 3. Which of the following is an example of a fixed cost? A) Direct labor B) Utilities C) Sales commission D) Property taxes 4. Which of the following statements is true about managerial accounting? A) It is only used by sm
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- 1. State whether the following questions is True (T) or False (F): a. Cost accounting looks at the company as a whole and not at the various units, jobs or processes. b. Financial accounting is concerned with how and why profits arise. c. Cost accounting depends entirely on historical information.1.An accounting system used to forecast earnings. 2.A costing method that determines the overhead and indirect costs of related products and services. Identify and explain the costing methods ..Explain the pros and cons of both methods.The definition of the cost is the collection of cost data in some organized way by means of an accounting system. Select one: True False
- Under the historical cost accounting model the financial statement that is regarded as the most important is: Select one: a. Balance sheet b. Cash flow statement c. Income statement d. They are all equally importantThe branch of accounting that deals in particular with the different cost concepts in order to arrive for the indicating the selling price is Select one: a. Cost Accounting b. Financial Accounting C. Management Accounting d. Financial and Management Accounting22. Which of the following is not a function of Cost Accounting? a. Control cost b. Reporting to owners c. Helps Planning and control d. Cost ascertainment;
- Statement 1: Cost Accounting relates to the conventional costing methods and techniques in accumulating the cost of a product, process, project or service, including both product and period cost in accumulating cost.Statement 2: Cost Accounting aims to reflect the correct complete financial picture/information of the entity to the different shareholders. a. Statement 1 is False, Statement 2 is True b. Statement 1 is True, Statement 2 is False c. Both statements are true d. Both statements are falseWhich of the following is one of the difference between management accounting and cost accounting. Select one: O a. Management accounting is based on double entry system but not cost accounting b. Management accounting used for decision making but cost accounting used for cost ascertainment O c. Management accounting is limited for internal use whereas cost accounting for external use d. Management accounting is optional but cost accounting is mandatoryIn Management Accounting, what is the transfer price? What three areas does transfer price affect in managerial accounting? How are transferred prices determined? plagiarsm not allowed
- The statement of financial position and the balance sheet are synonyms. Select one: a. False b. True Refers to the recording, presentation, and analysis of manufacturing costs. Select one: a. No correct answer b. Financial Accounting c. Auditing d. Cost Accounting Accounting deals with quantifiable information. Select one: a. True b. FalseCost accounting depends entirely on historical information. Select one: True FalseManagerial Accounting - TRUE OR FALSE All non-manufacturing costs are recorded as an expense in the income statement in the period incurred.