Paste BT F Merge & Center % Conditional For Formatting at 134 x x A M B N 9 1 D E F H 3 L BUS 383 Accounting for Management Quiz 2 To answer each question--Place an "X" in the TRUE column or the FALSE column Each Question is worth 5 points + A 5 YOUR NAME: 7. Chapter 15 TRUE FALSE 1 Managerial Accounting does not need to follow GAAP rules when preparing their management reports 2 The Management process has the following five basic phases: Planning, Directing. Operating Improving and Decision Making 3 Shareholders would normally rely on Management Accounting versus Financial Accounting 10 11 12 13 14 15 16 17 4 A Chief Financial Officer would typically be respons ble for the Line Operations of a large Manufacturing Company 5 Property taxes for a manufacturing company would be considerd an example of Factory Overhead costs 6 19 20 in Managerial Accounting, costs are often classified according to the decision making needs of management 7 The salary of a Production supervisor would be classified as a direct cost. 22 8 Costs incurred in the marketing of a good is known as a Product cost. 9 Manfacturing businesses use both product and period costs, whereas most Service businesses use only period costs 10 Indirect Labor is both a prime cost and a conversion cost. 20 33 34 35 Sheet1 +