Question 1 1 TCO 1 Which of the following is NOT a...

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Page 1 Question 1. 1. (TCO 1) Which of the following is NOT a difference between Financial Accounting and Managerial Accounting? (Points : 7) 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.
Question 2. 2. (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? (Points : 7)
$5.80 Question 3. 3. (TCO 1) Which of the following costs is NOT part of manufacturing overhead? (Points : 7)
Question 4. 4. (TCO 1) On December 31, 2015, GLE Inc. has a balance in the Work-in-Process Inventory account of $62,000. At January 1, 2015, the balance was $47,000. Current manufacturing costs for the year are $292,000, and cost of goods sold is $284,000. How much is cost of goods manufactured? (Points : 7)

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