ACCT346_MidTerm_100percent_Jan2015-02_23_2015.pdf - Grading...

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Grading SummaryThese are the automatically computedresults of your exam. Grades for essayquestions, and comments from yourinstructor, are in the "Details" sectionbelow.Date Taken:2/1/2015Time Spent:1 h , 22 min , 27 secsPoints Received:190 / 190 (100%)Question Type:# Of Questions:# Correct:Multiple Choice1010Short44Grade Details - All QuestionsPage:1 of2Question 1.Question :(TCO 1) Which of the following is NOT a difference between Financial Accountingand Managerial Accounting?Student Answer:Financial Accounting is concerned with the past, while Managerial Accountingis concerned with the future.Managerial Accounting uses more non-monetary information than FinancialAccounting.Managerial Accounting is primarily concerned with providing information toexternal users, whereas Financial Accounting is concerned with providinginformation to internal users.Financial Accounting must follow GAAP, while Managerial Accounting doesnot need to follow GAAP.Instructor Explanation:Managerial Accounting is primarily concerned with providing information to internalusers, whereas Financial Accounting is concerned with providing information toexternal users.Points Received:7 of 7Comments:Question 2.Question :(TCO 1) Josie’s Grill budgeted the following costs for a month in which 1,600 steakdinners will be produced and sold: materials, $4,080; hourly labor (variable),$6,976; rent (fixed), $1,700; depreciation, $800; and other fixed costs, $600. Eachsteak dinner sells for $14.00 each. How much is the budgeted variable cost perunit?Student Answer:$6.19This study resource wasshared via CourseHero.com
$8.25$6.91$5.80InstructorExplanation:The formula for variable expenses shows that variable costs are: ($4,080 + $6,976) / 1,600 =$6.91.Points Received:7 of 7Comments:Question 3.Question :(TCO 1) Which of the following is a period cost?Student Answer:Rent on a factory buildingDepreciation on factory equipmentCommissions paid on each unit soldRaw materials costInstructor Explanation:Commissions paid on units sold is a period cost.Points Received:7 of 7Comments:

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