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21 the institute of management accountants ima statement of ethical professional pra 4296109

 

21.The Institute of Management Accountants (IMA) Statement of Ethical Professional Practice requires that management accountants be competent and act with integrity. 
 
 

22.An employee overstates his reimbursable expenses in one period in order to receive needed additional cash. Since he intends to reduce his expenses the next period by the current overstatement, this act is not considered fraudulent. 
 
 

23.Direct materials are not usually easily traced to a product. 
 
 

24.Costs may be classified by many different cost classifications. 
 
 

25.Straight line depreciation, rent and manager salaries are examples of variable costs. 
 
 

26.Cost concepts such as variable, fixed, mixed, direct and indirect apply only to manufacturers and not to service companies. 
 
 

27.A variable cost changes in proportion to changes in the volume in activity. 
 
 

28.Direct costs are incurred for the benefit of more than one cost object. 
 
 

29.Product costs can refer to expenditures necessary to finish products and to the administrative support during the time period. 
 
 

30.Product costs are capitalized as inventory on the balance sheet and period costs are expenses on the income statement. 
 
 

 

 

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