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Submission View Your quiz has been submitted successfully. Question 1 Which of the following is true about the differences between financial and managerial accounting? Question options: Managerial accounting presents less non-monetary information than financial accounting Managerial accounting cannot deviate from generally accepted accounting principles Managerial accounting places more emphasis on the future Managerial accounting presents information in a highly summarized form Question 2 Elroy Rocket is entering his senior year as an accounting major and has a number of options for his summer break. His options for the 3 month break follow: (1) Work full time at a local accounting firm making $3,250 per month. (2) Take a summer class which will cost $800 and work half time making $1,100 per month. (3) Take a class at a cost of $800 and not work at all during the summer. Elroy's incremental profit or loss if he chooses option 2 over option 1 would be Answer: -7,250 Hide Feedback ((3*1100)-800)-(3*{S}) Option 2 = Incremental Revenue (3 * $1,100)
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minus Incremental Cost 800 = Incremental Profit $ 2,500 Option 1 = Incremental Revenue (3 * {S}) minus Incremental Cost 800 = Incremental Profit (3 * {S})-800 Option 2 - Option 1 Incremental Profit Question 3 Triton Company's copy department, which does almost all of the photocopying for the sales department and the administrative department, budgets the following costs for the year, based on the expected activity of copies: Salaries (fixed) $84,500 Employee benefits (fixed) 10,000
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