QUESTION 7 Conversion costs can be defined as: manufacturing costs plus non-manufacturing costs. Odred labor plus dred materials. variable costs plus foed costs. Omanuladuring costs minus dred materials QUESTIONS Which of the following is not a characteristic of financial accounting? Franoal reports are preared according to GAAP. Information is used primarly by internal parties Information is objective, reliable and historical O Reports and prepared periodically QUESTION Which o the following is not a characteristic of managerial accounting? Information is used by external parties Information is subjective, relevant, future-crented. O Reports are prepared as needed. leformation is reported at the decision making level. QUESTION 10 Which of the folowing is not a characteristic of managerial accounting? O Information is used by internal parties Information is subjective, relevant, future-oriented O Reports are prepared as needed. Information is reported for the company as a whole