Reference no: EM133400

Question :

1) Both indirect labor and direct labor are recorded in work in process inventory account as the product

2) Both direct labor and indirect materials are overhead costs

3) Management accounting formats are identical for all companies

4) Managerial accounting is a subsidiary activity to financial accounting

5) Manufacturing costs incurred in an accounting period can't be included in the cost of goods sold for the following accounting period

6) Though the purpose of the confidentiality standard is to encourage management accountants to remain loyal to their company, failure to reveal knowledge of internal illegal acts to outside authorities will result in the accountants being charged as an accessory to the crime

7) The costs list below are related to a manufacturer of all-natural ice cream categorize the subsequent costs as

a) Direct labor (cream, maintenance on factory building, or mixing dept wages)

b) Direct materials (cream, maintenance on factory building, or mixing dept wages)

c) Overhead (cream, maintenance on factory building, or mixing dept wages)