Question No: 1 True or False Questions: (7x1=7 Marks)

Answer all (Write in box True or False )

1. Managerial accounting is a field of accounting that provides economic and financial information for managers and other internal users.

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2. The income statements of a merchandising company and a manufacturing company same in the cost of goods sold section.

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3. Job order Costs are assigned to different job or batch, key feature are each job or batch has its own distinguishing characteristics.

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4. Process costing is a form of operations costing which is used where standardized homogeneous goods are produced.

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Question No: 2 Multiple Choice Questions:

Answer All (Circle correct answer)

5. (fill in the correct sentence in the gap) Managerial accounting is also called

_________________.

a) Management accounting.

b) Controlling.

c) Analytical accounting.

d) Inside reporting.

6. The two basic types of cost accounting systems are

a) Job order and job accumulation systems.

b) Job order and process cost systems.

c) Process cost and batch systems.

d) Job order and batch systems

7. Which of the following manufacturing cost elements occurs in a process cost system?

a. Direct materials.

b. Direct labor.

c. Manufacturing overhead.

d. All of these.