Grading Summary
These are the automatically computed
results of your exam. Grades for essay
questions, and comments from your
instructor, are in the "Details" section
below.
Date Taken:
2/1/2015
Time Spent:
1 h , 22 min , 27 secs
Points Received:
190 / 190 (100%)
Question Type:
# Of Questions:
# Correct:
Multiple Choice
10
10
Short
4
4
Grade Details - All Questions
Page:
1 of
2
Question 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 7
Comments:
Question 2.
Question :
(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
unit?
Student Answer:
$6.19
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$8.25
$6.91
$5.80
Instructor
Explanation:
The formula for variable expenses shows that variable costs are: ($4,080 + $6,976) / 1,600 =
$6.91.
Points Received:
7 of 7
Comments:
Question 3.
Question :
(TCO 1) Which of the following is a period cost?
Student Answer:
Rent on a factory building
Depreciation on factory equipment
Commissions paid on each unit sold
Raw materials cost
Instructor Explanation:
Commissions paid on units sold is a period cost.
Points Received:
7 of 7
Comments:
