true or false questions for finance for non-financial managers

Read the following statements carefully and state whether they are TRUE FALSE. 1) (cc 2) The focus of managerial accounting is on the past, since historical com data are generally accurate and reliable. False Managerial accounting is concerned with providing information to Internal wees creditors and others outside of an organisation. Falce Managerial Accounting is governed by the statements of generally accepted accounting practice (GAAP). Falst The costs to convert raw materials into a finished product are called conversion cost. True 3) 4) 5) 6) 7) 8) The classification of a cost according to its behaviour means that a cost can be fixed, variable or mixed. True Direct labour combined with direct materials is known as prime cost. Tru The three main cost that we can identify in the production process in an monu rating out enterprise are called direct material, direct labour and marketing costs. The potential benefit that is given up when one alternative is selected oertunity to over another is called a sunk cost Falec The cost of metal would be included as part of manufacturing overheads direct material cost in the production of a motor car. Falte Salaries and wages incurred in the production factory would be classified product coc+6 as period costs. False 9) 10)