Cost accounting information can be used for: Budget control and evaluation. Determining standard costs and variances. All of the above are correct answers Pricing and inventory valuation decisions. Managerial accounting applies to each of the following types of businesses except merchandising firms. manufacturing firms. managerial accounting only applies to some uniqe firms. service firms. Price Company assigns overhead based on machine hours. The Milling Department logs 1,800 machine hours and Cutting Department shows 3,000 machine hours for the period. If the overhead rate is $5 per machine hour, the entry to assign overhead will show a debit to Manufacturing Overhead for $24,000. credit to Manufacturing Overhead for $24,000. credit to Work in Process-Cutting Department for $15,000. debit to Work in Process for $15,000. Which of the following statements about differences between financial and managerial accounting is incorrect? Managerial accounting pertains to both past and future items; financial accounting focuses primarily on past transactions and events. Financial accounting is based on generally accepted accounting practices; managerial accounting faces no similar constraining factors. Financial accounting is aggregated; managerial accounting is focused on products and departments. Managerial accounting information is prepared primarily for external parties such as stockholders and creditors; financial accounting is directed at internal users