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1 h , 22 min , 27 secs
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(TCO 1) Which of the following is NOT a difference between Financial Accounting
and Managerial Accounting?
Financial Accounting is concerned with the past, while Managerial Accounting
is concerned with the future.
Managerial Accounting uses more non-monetary information than Financial
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.
Managerial Accounting is primarily concerned with providing information to internal
users, whereas Financial Accounting is concerned with providing information to
7 of 7
(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
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