________ costs are those costs that can be traced to a cost object, in a convenient and cost-effective way.

Select one:

a. Sunk

b. Indirect

c. Direct

d. Non-controllable

Which of the following statements describe management accounting? i. Management accounting produces information for internal users. ii. Management accounting more focused on the future than financial accounting. iii. The emphasis of management accounting system is more on reliability rather than flexibility. iv. Management accounting is not subject to the requirements of generally accepted accounting principles.

Select one:

a. i and ii

b. i, ii and iii

c. ii, iii and iv

d. i, ii and iv

The closing entry to close beginning inventory using the periodic method is:

Select one:

a. Dr Purchases Cr Inventory

b. Dr Inventory Cr Profit and Loss Summary

c. Dr Profit and Loss Summary Cr Inventory

d. Dr Cost of Goods Sold Cr Inventory