Question 7 NA Which one of the following statements is not correct regarding financial accounting and management accounting O Management accounting information emphasize partint decisions that affect the future unlike financial accounting information, which focus on the consequences of past activities of the organization Oh Management accounting needs to follow specific set of rules called accounting stands unike handia accounting OC Both financial accounting and management accounting involve the use of accounting information Od. None of the given answers Or Financial accounting reports need to be audited to verify their accuracy unlike management accounting reports which do not need to be used Market 2150 Question 8 Noent wered Marbete During June, XYZ Company incurred OMR 95,000 of actual Manufacturing Overhead and actual labor hours were 15.000. During the same period, the Manufacturing Overhead was estimated to be OMR 90.000 for the period along with 20,000 direct labor hours. The Journal entry to record the application of Manufacturing Overhead to Work in Process would include a credit to Manufacturing Overhead of OMR 67,500 O debit to Work in Process of OMR 71.250 Oc debit to Manufacturing Overhead of OMR 95.000 d. None of the given answer is correct e credit to Work in Process of OMR 71.250 PF ton NEXT PAGE