PART B Read the following statements carefully and state whether they are TRUE O FALSE is concer. 1) 2) inal wret 3) 5) The focus of managerial accounting is on the past, since historical com data are generally accurate and reliable. False Managerial accounting is concerned with providing information to creditors and others outside of an organisation. ralce Managerial Accounting is governed by the statements of generally False accepted accounting practice (GAAP). The costs to convert raw materials into a finished product are called conversion cost. True The classification of a cost according to its behaviour means that a cosi can be fixed, variable or mixed. True Direct labour combined with direct materials is known as prime cost. The three main cost that we can identify in the production process in an enterprise are called direct material, direct labour and marketing costs. The potential benefit that is given up when one alternative is selected Oprorony over another is called a sunk cost Fale direct material cost The cost of metal would be included as part of manufacturing overheads in the production of a motor car. Falie Salaries and wages incurred in the production factory would be classified as period costs. False 6) 7) mahora 8) 9) 10) product cot+