16) The cost of labour would be O a Product cost. b. Period cost c Labour cost d. Sunk cost 32) Managerial accounting lays emphasis on precision vs timeliness True False 50) Describe in your own words, what is a Cost Driver. (no Google search) Your answer 40) Inventory that is SOLD is Recorded in which financial statement Your answer 23) Machine set up time is considered for ABC Costing True False 24) Financial accounting is forward-looking True False 29) Absorption costing uses only variable costs. True False 22) ABC Costing recognizes increased use of machinery True False