GNB13eCh02Exam - Garrison 13e Practice Exam Chapter 2 Print...

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Garrison 13e Practice Exam – Chapter 2 Print these pages. Answer each of the following questions, explaining your answers or showing your work, as appropriate, and then compare your solutions to those provided at the end of the practice exam. 1. For each of the following, indicate whether the description more closely relates to managerial accounting or financial accounting: Managerial Accounting Financial Accounting Focuses on external uses of information Is typically bound by the requirements of GAAP Is generally more detailed information produced frequently Typically focuses on segments of the organization Often uses estimation in order to meet needs for timeliness Focuses on the historical performance of the company GAAP not mandatory Oriented toward future decision making Often mandatory information Prepared primarily for internal users 2. For each of the following, indicate whether the cost would typically be variable or fixed. Variable Fixed Direct materials Direct labor Rent on building Supervisor salaries Sales commissions based on units sold
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3. For each of the following, indicate whether the cost would typically be considered direct or indirect cost for the cost object given. Direct
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This note was uploaded on 12/16/2009 for the course ACCT 116B 00138 taught by Professor Seymour during the Fall '09 term at Mesa CC.

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GNB13eCh02Exam - Garrison 13e Practice Exam Chapter 2 Print...

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