Multiple-Choice Q 1. Which of the following best describes the difference between financial and managerial Managerial accounting provides information to support decisions, while financial account- C. accounting? a. b. ing does not. Managerial accounting is not restricted to generally accepted accounting principles, while financial accounting is restricted to GAAP. Managerial accounting does not result in financial reports, while financial accounting does result in financial reports. d. Managerial accounting is concerned solely with the future and does not recovents from the past, while financial accounting records only events from past transac 2. Which of the following is not one of the five basic phases of the management proc C. Decision making a. Planning b. Controlling d. Operating 3. Which of the following is not considered a cost of manufacturing a product? Direct materials cost a. b. Factory overhead cost C. Sales salaries d. Direct labor cost