QUESTION 1 Which of the following is not a characteristic of managerial accounting? O Reports are used primarily by insiders rather than by persons outside of the business entity. Its purpose is to assist managers in planning and controlling business operations. O Information must be developed in conformity with generally accepted accounting principles or with income tax regulations O Information may be tailored to assist in specific managerial decisions. QUESTION 2 All of the following statements regarding management accounting's role in assigning decision-making authority are true except Since management accounting information is used for decision-making purposes, historical information is unnecessary. O Information from the management accounting system supports decision-making. O The syllabus for a college course is a type of report that outlines students' decision-making responsibilites. O All members of an organization have some decision-making ability. QUESTION 3 The cost of the employee who installs the leather on the seats of a new automobile would be considered: O Manufacturing overhead. O Indirect labor. Direct material. O Direct labor, 2.5 2.5 pm 2.5 poin