8. Which of the following statements is false? no overlap bet anagerial accounting b. Managerial accounting sometimes relies on past informaticn c. Managerial accounting does not nced to conform to GAAP d. Financial accounting must confoem to GAAP 9. Which of the following is an example of direct materials cost for an automobile manufacturer? b. cost of wages of assembly worker c salary of production supervisor d. cost of interior upholstery 10. Period costs include a. current assets on the balance sheet b. current liabilities on the balance sheet c. operating costs that are shown on the income statement when products are sold d. operating costs that are shown on the income statement in the period in which they are incurred 11. Which of the following is part of factory overhead cost? a. b. c. d. sales commissions depreciation of factory equipment and machines depreciation of sales person's vehicle direct materials used 12. Product costs a appear only on the balance sheet b. appear only on the income statement c. are expensed as costs are incurred for direct labor, direct material, and factory overhead d. appear on both the income statement and balance sheet system is used by service firms to determine revenues, expenses, and ultimately profr a. True b. False At the end of July, the first month of the current fiscal year, the factory overhead account had a debit balance. Which of the following describes the nature of this balance and how it would be reported on the interim balance sheet? a. overapplied, deferred credit b. underapplied, deferred debit 14. c. underapplied, deferred credit d. overapplied, deferred debit Recording jobs completed would include a credit to a. Factory Overhead b. Finished Goods 15. Work in Process Cost of Goods Sold c. d