Managerial Accounting32.Planning involves coordinating the diverse activities and human resources of a companyto produce a smooth running operation.
33.When the physical association of raw materials with the finished product is too small totrace in terms of cost, they are usually classified as indirect materials.
34.Product costs are also called inventoriable costs.
35.Direct materials become a cost of the finished goods manufactured when they areacquired, not when they are used.
36.The sum of the direct materials costs, direct labor costs, and beginning work in process isthe total manufacturing costs for the year.
37.In a manufacturing company balance sheet, manufacturing inventories are reported in thecurrent assets section in the order of their expected use in production.
Answers to True-False StatementsItemAns.ItemAns.ItemAns.ItemAns.ItemAns.ItemAns.ItemAns.1.T7.F13.F19.F25.T31.F37.F2.F8.T14.T20.T26.T32.F3.T9.T15.T21.T27.F33.T4.F10.F16.T22.F28.F34.T5.T11.T17.T23.F29.F35.F6.F12.F18.F24.T30.T36.FMULTIPLE CHOICE QUESTIONS38.Managerial accounting applies to each of the following types of businesses except