Reference no: EM132746964

Problem 1: The organizational group that advises or performs technical functions of an enterprise is the:

Group of answer choices

Option 1: staff

Option 2: line

Option 3: function

Option 4: team

Problem 2: Which of the following statements is false?

Group of answer choices

Option 1: The act of converting production inputs into finished products or services necessitates cost accounting.

Option 2: Two primary hallmarks of cost and management accounting are standardization of procedures and use of generally accepted accounting principles.

Option 3: A primary purpose of cost accounting is to determine valuations needed for external financial statements.

Option 4: A primary purpose of management accounting is to provide information to managers for use in planning, controlling, and decision making