Read the following statements set out in questions 1 to 5 and Indicate whether each statement is True (1) or False (): QUESTION 1 The annual financial statements of all public companies must be submitted to the Auditor-General SA for an Independent audit 1) True 2) False QUESTION 2 Communication is a very important function of the management accounting system. 1) True 2) False QUESTION 3 A manufacturing company converts direct materials into finished goods which it then sells for a profit 1) True False QUESTION 4 Mixed costs refer to the total cost of materials, labour and overheads. 1) True 2) False QUESTIONS The flow of costs in a manufacturing environment starts with the purchase of materials. 1) True 2) False QUESTIONS Which of the following is not considered as a production overhead cost for a manufacturer? 1) Rent of factory building 2) Insurance of production equipment 3) Annual audit fee Salary of factory canteen manager