p>All True/False Questions. Need some help.
1. One of the usual differences between financial and managerial accounting is the time dimension of the information reported.
2. A company that produces a large number of standardized units would normally use a job order cost accounting system.
3. Selling and administrative expenses are normally product costs.
4. A sunk cost has already been incurred and cannot be avoided or changed, so it is irrelevant to decision making.
5. The balanced scorecard aids in continuous improvement by augmenting financial measures with drivers or indicators of future financial performance.
6. Product costs can be classified as one of three types: direct materials, direct labor, or overhead.
7. The focus of financial accounting is on an organization’s projects, processes, and subdivisions, and the focus of managerial accounting is on the whole organization.
8. Job order production systems would be appropriate for companies that produce custom homes, specialized equipment, and special computer systems.
9. The main principle of the lean business model is the elimination of waste of every kind while satisfying the customer and providing a positive return to the company.
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