$888 QUESTION 7 0.4 points Save Answer Financial accounting is primarily externally directed, meaning financial accounting's main function is informing external stakeholders such as lenders, shareholders and governmental agencies. Managerial accounting, on the other hand, is primarily internally directed, meaning following is NOT true? managerial accounting is directed towards helping leadership and management operate the business on a day-to-day basis. Which of the O A. Variable or direct costing is allowed for financial reporting purposes under both GAAP and IFRS. O B. Managerial accounting is essential to determining product and service pricing O C. Inventory is an asset to both financial and managerial accountants. O D. Standard costs are not very important to most financial accountants. QUESTION 8 0.4 points Saved Match each term to its corresponding definition. A. Conversion costs A. The sum of all the direct labor and manufacturing overhead costs that belong to a department and process C. Variable costs B. Costs that increase in relation to sales but at a slower pace and have a combination