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

1. 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