ACCT1003 - statement A True B False Q.4 Financial...

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Q.1 ) When a continuous record is kept of the quantities and cost of merchandise on hand, the inventory system is referred to as periodic. A . True B . False Q.2 ) Operating expenses and product costs are expensed when the product is sold. A . True B . False Q.3 ) In the Cost of Goods Sold section, ‘Purchases’ are used on the merchandiser’s income statement while ‘Cost of Goods Manufactured’ is used on the manufacturer’s income
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Unformatted text preview: statement. A . True B . False Q.4 ) Financial accounting differs from management accounting in that management accounting provides information on demand since management requires information to be furnished quickly. A . True B . False Q.5 ) Labour costs that are directly traceable to the product are part of manufacturing overhead. A . True B . False...
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