Managerial accounting information: A. Is used mainly by external users. B. Involves gathering information about costs for planning and control decisions. C. Is generally the only accounting information available to managers. D. Can be used for control purposes but not for planning purposes. E. Has little to do with controlling costs.

Continuous improvement: A. Is a measure of profits. B. Is a measure of costs. C. Rejects the notion of "good enough." D. Is not applicable to most businesses. E. Is possible only in service businesses.

Which of the following statements regarding fraud is true? A. Fraud is a deliberate act. B. Fraud can be deliberate or unintentional. C. A company with a strong code of ethics can eliminate fraud. D. A company with strong internal controls can eliminate fraud. E. The most common type of fraud is financial statement fraud.

Costs that are incurred as part of the manufacturing process but are not clearly associated with specific units of product or batches of production, including all manufacturing costs other than direct material and direct labor costs, are called: A. Administrative expenses B. Nonmanufacturing costs C. Sunk costs D. Factory overhead E. Preproduction costs