QUESTION 3

1. Which of the following would be a benefit of the control function of managers?

• Control helps managers make product pricing decisions.
• Control communicates the goals of the organization to employees.
• Control helps managers establish income and expense goals.
• Control allows managersto evaluate progress toward corporate goals.

QUESTION 4

1. A cost that canNOTbe easily traced to the end product would be called:

• a direct cost
• a product cost
• a discretionary cost
• an indirect cost

QUESTION 5

Managerial accounting must conform to which of the following standards?

• Generally Accepted Accounting Principles (GAAP)

• International Financial Reporting Standards (IFRS)

• Internal Revenue Service tax code

• None of the above