33:010:272 Study Guide - Midterm Guide: Financial Accounting Standards Board, Internal Revenue Service, Larkin Company
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Managerial accounting information is restricted by which of the following authorities or principles?
a. | Value Added Principle | |
b. | Generally Accepted Accounting Principles | |
c. | Securities and Exchange Commission | |
d. | Financial Accounting Standards Board |
Which of the following costs is not considered to be an inventory (product) cost?
a. | Raw material | |
b. | Production wages | |
c. | Depreciation of delivery vehicles | |
d. | Factory utilities |
Which of the following is a characteristic of managerial accounting information?
a. | It is historically based. | |
b. | It is regulated by the SEC. | |
c. | It is directed to external users. | |
d. | It involves continuous reporting. |
Carson Manufacturing Company recognized accrued compensation for sales staff. Which of the following choices accurately reflects how this event would affect the company's financial statements?
a. | decrease one asset account and decrease an equity account. | |
b. | increase one asset account and decrease another asset account. | |
c. | increase one liability account and increase an asset account. | |
d. | increase one liability account and decrease an equity account. |