#25-28

25) Which statement is False as it regards Managerial Assountin a) Provides financial information for inside users of this data. b) Provides the financial statements used by external u e) Provides internal accounting d) Provides detailed reports of the business used by managers reports as frequently as needed. A) A is False B) B is False C) C is False D) D is False 26) Which statement is False as it regards lo a) Cost are assigned to a specifie job and not process. b) I r provides the cost for each job based upon material, overhead and labor. Cost can be assigned to Work in Process to caleulate the job cost total expense. he system assigns cost at the end of the period. a) A is False b) B is False c) Cis False d) D is False 27) Which statement is False as it regards Manufaacturing Cost a. Direet Materials are the raw materials used for manufacturing process. b. Direct Labor is the work of the factory employees directly associated with converting the raw materials to finished goods. of a Finished Good. Indirect Materials and labor do not physically become part of the Finished Good but c. Manufacturing Overhead is the cost of materials and labor directly used in the production d. rather are associated with cost. A) A is False, e.g. utilities. B) B is False C) C is False D) D is False Which statement is False as it Pertains to Financial Reports of Manufactuirng Companies: A. The Inventory is a Current Asset of all goods which are Finished. B. The Income Statement uses the Gross Revenue less Cost of Goods Manufactured rather than Cost of Goods Sold. C. Cost of Goods Manufactured includes, Direct and Indirect Labor, Direct Raw Materials used and Overhead. D. The Inventory Account includes Finished Goods, WIP and Raw Materials. A) A is False B) B is False C) C is False d) D IS False