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Book Cover
Financial and Managerial Accounting: The Basis for Business Decisions, 12/e
Jan R. Williams, University of Tennessee
Susan F. Haka, Michigan State University
Mark S. Bettner, Bucknell University
Robert F. Meigs
Management Accounting: A Business Partner

True/False Quiz

Please answer all questions



1

The three basic categories of manufacturing costs are direct materials, direct labor, and work in process.
A)True
B)False
2

In a perpetual inventory system, the flow of costs through the company's ledger accounts closely parallels the physical flow of goods through the production process.
A)TRUE
B)FALSE
3

Unit costs are used by managers in evaluating the efficiency of manufacturing operations and by financial accountants in valuing inventories and determining the cost of goods sold.
A)True
B)False








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