Test bank on Cost Accounting

6. Financial accounting is highly regulated by rules and regulations. 

True    False

7. Managerial accounting is highly regulated by rules and regulations. 

True    False

8. Financial accounting is most concerned with addressing the needs of the firm as a whole. 
True    False

9. Managerial accounting is most concerned with addressing the needs of the firm as a whole. 
True    False

10. Financial accounting is most concerned with addressing the needs of individual departments
of the firm. 
True    False

6. A variable cost remains constant on a per-unit basis as production increases. 

True    False

7. A fixed cost remains constant on a per-unit basis as production changes. 

True    False

8. The relevant range is valid for all levels of activity. 

True    False

9. An indirect cost can be easily traced to a cost object. 

True    False

 
10. Both accountants and economists view variable costs as linear in nature. 
True    False