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1. Which of the following does NOT describe financial accounting? financial statements for the bank Balance...

1. Which of the following does NOT describe financial accounting?

financial statements for the bank

Balance sheet

used only for internal decision making

SEC filings

2. Which of the following does NOT describe managerial accounting?

used for the SEC filings

various formats are used

not generally released to the public

used primarily for internal making

3. Which of the following is NOT an example of indirect materials?

lubricants

wood in a desk

screws

nails

4. Which of the following is NOT included in conversion costs?

Direct materials

Direct labor

Indirect labor

Manufacturing Overhead

5. Which of the following is part of manufacturing overhead?

indirect labor

direct labor

raw materials

finished goods inventory
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Answer #1

1. answer : used only for decision making .

reason : financial accounting is a process of summarizing ,analysing and reporting of various transactions arising from the business operations and these reports are often available to the public such as investors , lendors etc..and this includes balance sheet , SEC filings , financial statements for the bank . "used for decision making " cannot be decribed as financial accounting .

2.answer :used for SEC filings

reason : managerial accountng is mainly concerned with the decision making process by the management through the measurement , analysis, and interpretation of accounting information . 'using various formats' , 'using primarily for internal making' and ' not releasing to general public ' can be categorised under managerial accounting as these are connected with the managements internal decision making process . SEC filing is a financial statement submitted to the U.S

Securities and Exchange Commision and is not a managerial accounting activity .

3.answer :wood in a desk

reason : wood in a desk is direct material as it is used directly into the manufacturing process of making the final product 'desk' and it can be easily identified .

all the other options are examples of indirect materials used in production as they cannot be easily identified with the cost of production .

4. answer: direct materials

reason: conversion cost is the cost incurred in the manufacturing process to convert the direct materials into finished products . examples of conversion costs are direct labour, indirect labour and manufacturing overheads . conversion cost includes all manufacturing costs except direct material cost .

5. answer : indirect labour

reason: manufacturing overheads are the indirect costs incurred in the manufacturing process and cannot be easily identified for each products . it excludes direct labour and raw materials . finished good inventory is already a manufactured product.

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