Multiple Choice (2 1/2 pts) Which of the following is most associated with managerial accounting? 1. Must follow GAAP a. May rely on estimates and forecasts b. Is prepared for users outside the organization c. d. Always reports on the entire entity Which of the following is most associated with financial accounting? 2. Can have both objective and subjective information Can be prepared periodically, or as needed Prepared in accordance with GAAP Can be prepared for the entity or segment a. b. c. d. The cost of a manufactured product generally consists of which of the following 3. costs? a. Direct materials cost and factory overhead cost only b. Direct labor cost and factory overhead cost only c. Direct materials cost, Direct labor cost, and factory overhead cost d. Direct materials cost and direct labor cost only A plant manager's salary is 4. A direct cost and an indirect cost a. b. A direct cost An indirect cost A period cost c. d. 5. Period costs include Current assets on the balance sheet Current liabilities on the balance sheet Operating costs that are shown on the income statement when products are sold Operating costs that are shown on the income statement in the period in which they are incurred a. b. C. d. Which of the following is part of factory overhead cost? 6. Sales commissions Depreciation of factory equipment and machines Depreciation of sales person's vehicle Direct materials used a. b. c. d