The first$-$in$,$ first$-$out method assumes that:

a$.$ The first units completed are the first units sold.

b$.$ The first employees to clock$-$in to work are the first employees to clock$-$out of work for the day.

c$.$ The first units to enter the production process are the first units to be completed and

transferred out.

d$.$ Manufacturing is completed in one department.

In making decisions about whether to sell at split$-$off or process joint products further, the allocation

of joint manufacturing costs is treated as $a(n)$ :

a$.$ Essential cost.

b$.$ Weighted average cost.

c$.$ Period cost.

d$.$ Sunk cost.

The payback period for evaluating capital investment projects emphasizes:

a$.$ Profitability.

b$.$ Liquidity.

c$.$ Cost of capital.

d$.$ Average after$-$tax cash inflows.

Management accountants should promote an ethical culture in the workplace. The IMA code of

ethical standards that applies to an accountant's responsibility to communicate fairly and

objectively is

a$.$ Credibility.

b$.$ Competence.

c$.$ Confidentiality.

d$.$ Integrity.