You get the Net Book Value from the Income Statement.

True

False

15. Which of the following statements is not true?

a. Financial accounting and managerial accounting are independent of each other.

b. Financial accounting, due to the requirements of regulation, is mandatory for businesses.

c. Managerial accounting has a strong orientation towards the future.

d. Financial accounting presents a historical perspective of business activities.

28. Quantity sold below breakeven point results in a Loss.

True

False

17. Prime cost consists of direct materials combined with

direct labour.

manufacturing overhead.

indirect materials.

cost of goods manufactured.