ACC201 Managerial Accounting Study guide

Which of the following is true about the differences between financial accounting and managerial accounting?

Managerial accounting does not follow the GAAP format Managerial accounting produces information for user inside the organization Managerial accounting is future oriented, rather than historically oriented *All of the above*

Which of the following is not true about product costs and period costs:

Product costs are expenses on the income statement when incurred

Which of the following costs would probably be a fixed cost at an ice cream parlor?

The monthly rent

The cost function indicates all of the following except

The relevant range within which the cost function is valid

A cost that changes in total in direct proportion to changes in output within the relevant range is called:

a variable cost