True or False

1. There is no overlap between financial and managerial accounting. 2. Managerial accounting sometimes relies on past information. 3. Managerial accounting does not need to conform to GAAP 4. Financial accounting must conform to GAAP.

2. What are job order costing and process costing?

a. cost accounting systems b. inventory tracking systems. c. pricing systems. d. cost flow systems.

3._____________________ is most likely be a product cost.

a. Salary of the company receptionist.

b. Drill bits for a drill press used in the plant assembly area.

c. Salary of VP of sales.

d. Advertising for a particular product.