1. Which of the following is not a characteristic of managerial accounting

A. Information is used by internal parties

B. reports are prepared according to GAAP

C. information is subjective, relevant, future-oriented

2. Which of the following is not a characteristic of financial accounting?

A. Information is objective, reliable and historical

B. information is reported at the decision-making level

C. reports are prepared periodically

3. Manufacturing costs are

A. The cost occurred to produce the final product

B. always fixed

C. always relevant