1) Financial and Managerial accounting are similar in that both: A. are mandatory. B. involve summarizing financial data. C. emphasize the relevance and flexibility of data. D. emphasize the organization as a whole. 2) The flow of goods through a JIT (Just-in-Time) system is based on: A. each work station working at its maximum possible rate of output. B. processing goods in large batch sizes rather than less economical small batches. C. maintaining a stockpile of raw materials in anticipation of errors in production. D. producing to meet customer demand with no build up of inventory at any point in the production process. 3) An example of a direct labor cost is wages paid to a: Factory machine operator Supervisor in a factory A. No No B. No Yes Yes Yes D. Yes C. No 4) Which of the following would most likely be included as part of manufacturing overhead in the production of a wooden table? A. The amount paid to the individual who stains the table. B. The commission paid to the salesperson who sold the table. C. The cost of glue used in the table. D. The cost of the wood used in the table