2. Multiple choices, please choose one of the correct choices 1) Which one of the following statements is not true? a) Financial accounting reports are used by investors to make investment decisions while cost and management accounting reports are used by managers to make business decisions. b) Financial accounting summarizes accounting transactions while cost and management accounting presents a detailed analysis of costs, selling prices and any other information required by an entity's management. c) Financial accounting reports report on what has happened while management accounting reports focus on current activity and future projections. d) Financial accounting reports have an internal user focus while management accounting reports are focused on external users of accounting information. 2) What kind of cost does the table represent? a) Semi-variable Cost b) Fixed Cost c) Variable Cost 3) The form and content of both financial and cost and management accounting reports is highly regulated a) TRUE b) FALSE 4) A company operates a piecework payment system but also guarantees its emplovees a minimum of 70% of a time-based rate of pay that is based on 15 per hour for an 8 hour day. 12 minutes is the standard time per unit of output. Piecework is paid at 10 per standard hour. If an employee produces 65 units in 8 hours on a particular day, the gross pay is: a) 84.00 b) 91.00 c) 130.00 d) 80.00