Exam%20One%20Review-4 - Exam One Review 1.In each of the following situations identify whether the setting is primarily financial accounting or

Exam%20One%20Review-4 - Exam One Review 1.In each of the...

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Exam One Review 1.In each of the following situations, identify whether the setting is primarily financial accounting or managerial accounting.a.Falcon Company sent its annual report to its stockholders.b.Genesis, Inc.’s controller sent a report of actual versus budgeted sales figures to the sales manager.c.Hurtz Rent-All Company determines that its investments have declined in value and should be adjusted.d.Inca, Inc. controller suspects that cash is being stolen by a sales clerk. As a result, she prepares an analysis to compare each sales clerk’s collections for each day.e.Jones Company executives are meeting to review the annual report to be submitted to the SEC. Unit 1-1 – LO2 Ans: N/A, LO: 2, Bloom: E, Unit 1-1, Difficulty: Moderate, Min: 15, AACSB: Communication, AICPA FN: Reporting, AICPA PC: Communication, IMA: Reporting Solution: a. Financial b. Managerial c. Financial d. Managerial e. Financial
Unit 1-1, LO3 – True
4.Managerial accounting is used by managers to Unit 1-1, LO1 – D
5..An example of a variable cost for a cell phone manufacturer is Unit 2-1 – D
7.Suppose you are charged a $10 per month base charge for your electrical service. You are also charged an additional $0.08 for every kwh of electricity you use. Which of the following statement is not true? Unit 2-1 – C

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