ACCT346_MidTerm_100percent_Jan2015-02_23_2015 - Grading...

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Grading Summary These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below. Date Taken: 2/1/2015 Time Spent: 1 h , 22 min , 27 secs Points Received: 190 / 190 (100%) Question Type: # Of Questions: # Correct: Multiple Choice 10 10 Short 4 4 Grade Details - All Questions Page: 1 of 2 Question 1. Question : (TCO 1) Which of the following is NOT a difference between Financial Accounting and Managerial Accounting? Student Answer: Financial Accounting is concerned with the past, while Managerial Accounting is concerned with the future. Managerial Accounting uses more non-monetary information than Financial Accounting. Managerial Accounting is primarily concerned with providing information to external users, whereas Financial Accounting is concerned with providing information to internal users. Financial Accounting must follow GAAP, while Managerial Accounting does not need to follow GAAP.
Instructor Explanation: Managerial Accounting is primarily concerned with providing information to internal users, whereas Financial Accounting is concerned with providing information to external users. Points Received: 7 of 7 Comments: Question 2. Question : (TCO 1) Josie’s Grill budgeted the following costs for a month in which 1,600 steak dinners will be produced and sold: materials, $4,080; hourly labor (variable), $6,976; rent (fixed), $1,700; depreciation, $800; and other fixed costs, $600. Each steak dinner sells for $14.00 each. How much is the budgeted variable cost per unit?
$8.25 $6.91 $5.80 Instructor Explanation: The formula for variable expenses shows that variable costs are: ($4,080 + $6,976) / 1,600 = $6.91. Points Received: 7 of 7 Comments: Question 3. Question : (TCO 1) Which of the following is a period cost?
Instructor Explanation: Commissions paid on units sold is a period cost. Points Received: 7 of 7 Comments:

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