lesson13-selftest

lesson13-selftest - Task Team of FUNDAMENTAL ACCOUNTING...

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Task Team of FUNDAMENTAL ACCOUNTING School of Business, Sun Yat-sen University Lesson 13 Managerial Accounting I: Concepts and Principles Self-Test I. True and False Questions 1. Managerial accounting places less emphasis on precision and more emphasis on flexibility and relevance of data than financial accounting does. 2. Managerial accounting is governed by generally accepted accounting principles (GAAP). 3. In general, accounting data serve only financial accounting purposes. 4. Both managerial accounting and financial accounting emphasize the segments of an organization, rather than just looking at the organization as a whole. 5. All costs incurred in a merchandising firm are considered to be manufacturing costs. 6. Advertising costs are considered product costs for external financial reports since they are incurred in order to promote specific products. 7. Manufacturing overhead combined with direct labour is known as conversion cost. 8. Variable costs are costs whose per unit costs vary as the activity level rises and falls. 9. On a per unit basis, a fixed cost varies inversely with the level of activity.
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lesson13-selftest - Task Team of FUNDAMENTAL ACCOUNTING...

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