17. In Oil refining, we use Job Order Costing

True

False

18. The T account (Clearing) records the Applied Overhead and Actual Overhead.

True

False

18a. Which of the following statements is not true?

a. Financial accounting and managerial accounting are independent of each other.

b. Financial accounting, due to the requirements of regulation, is mandatory for businesses.

c. Managerial accounting has a strong orientation towards the future.

d. Financial accounting presents a historical perspective of business activities.

19. Benchmarking begins with:

a. Completely redesigning a business process to improve it.

b. Determining the constraints within a given manufacturing process.

c. Studying organizations that are the best at a particular task.

d. A determination to only build products to meet specific customer orders.