4. Which of the following is true of financial accounting?

A. The primary users of financial accounting reports are external users

B. Financial accounting reports are in ternal reports issued as frequently as the need arises

C. Financial accounting reports provide special purpose information for a particular user for specific decision

D. Financial accounting reports are required simply to be useful to the decision maker

7. Finished goods inventory (an asset) becomes an expense

A. In the period when the raw material is purchased

B. In the period when the manufactured good is started

C. In the period when manufactured good is finished

D. In the period when the finished units are sold

11. The salary of the director of accounting for the entire company is a

A. Direct labor cost

B. Period Cost

C. Indirect labor cost

D. Manufacturing overhead cost