1.In the flow of costs, which of the following comes second? a. Cost of goods sold...
1.In the flow of costs, which of the following comes second?
a. Cost of goods sold
b. Finished goods inventory
c. Work in process inventory
d. Raw materials inventory
2. the focus of managerial accounting is on
a. Tax preparation
b. external reporting
c. internal reporting
d. audting
Homework Answers
Ans. 1 : Flow of costs is as follows :
Raw material inventory
Work in process inventory
Finished goods inventory
Cost of goods sold
Therefore, correct answer is option C that is Work in process inventory.
Ans. 2 : The focus of managerial accounting is on internal reporting.
Correct answer is option C.
Managerial accounting is designed to help managers plan for the future, make decisions for the company, and determine if their plans and decisions were accurate (also called controlling).
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