All of the following are differences between Financial Accounting and Managerial Accounting except for: All of the following statements are true about the functions of management except for: A. decision making involves making a selection among competing alternatives B. budgeting is part of the controlling function C. planning involves establishing goals and how the goals will be achieved D. performance reports are part of the controlling function E. the three main functions of management are planning, controlling, and decision making The cost of lubricants used to grease a production machine in a manufacturing company is an example of a(n): A) period cost. B) direct material cost. C) indirect material cost. D) opportunity cost. Which of the following costs is classified as both a prime cost and a conversion cost? A) Direct materials. B) Direct labor. C) Variable overhead. D) Fixed overhead. Which of the following is an example of a period cost in a company that makes clothing? A) Fabric used to produce men’s pants. B) Advertising cost for a new line of clothing. C) Factory supervisor’s salary. D) Monthly depreciation on production equipment.
