ACCT 346 Managerial Acctg Midterm - 1 Page 1 2 Question 1...

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1Page: 12Question 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 7Comments:Question 2.Question :(TCO1) Josie’s Grill budgeted the following costs for a month in which 1,500 steak dinners will be produced and sold: materials, $4,080; hourly labor (variable), $5,200; 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 Received:7 of 7
2Comments:Question 3.Question :(TCO 1) Which of the following is a period cost?
Points Received:7 of 7Comments:Question 4.Question :(TCO 1) On December 31, 2015, GLE Inc. has a balance in the Work-in-Process Inventory account of $62,000. On January 1, 2015, the balance was $55,000. Current manufacturing costs for the year are $292,000, and cost of goods sold is $284,000. How much is cost of goods manufactured?

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