Question 1 1 pts A major difference between financial accounting and managerial accounting is which of the following? Financial accounting has six statements that must be prepared; managerial accounting has only three. Managerial accounting must be prepared according to GAAP; financial accounting does not have this requirement. Financial accounting must be prepared according to GAAP: managerial accounting does not have this requirement. Managerial accounting has six statements that must be prepared; financial accounting has only three. Question 2 1 pts Indirect costs cannot be traced directly to or identified with a cost object, or are so immaterial as to not be cost- effective in tracing directly to the cost object. must be traced directly to or identified with a cost object allow for a certain amount of "leeway between estimated costs and actual costs. cannot be considered a part of the final cost of a manufactured product. Question 3 1 pts Three types of costs make up the total cost of a manufactured product. These costs are prime costs, conversion costs, factory overhead. direct materials, direct labor, factory overhead. conversion costs, direct labor, factory overhead. direct materials, prime costs, factory overhead