Question 1 1.7 pts Which of the following statements is true of managerial accounting? Managerial accounting is primarily concerned with generating information for use by managers. Managerial accounting is required to be reported annually, also may be reported monthly or quarterly. Reporting under managerial accounting is constrained by rules such as generally accepted accounting principles. Managerial accounting provides information to the external stakeholders of the company. Question 2 1.66 pts The cost of wages paid to employees directly involved in the manufacturing process of converting materials into finished product is classified as: direct materials cost. wages expense. factory overhead cost. direct labor cost. Question 3 1.66 pts __ is the excess of sales over variable costs. Operating income Fixed cost Incremental cost Contribution margin