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lion_king013 - 1(TCO1) accounting(Points 4 ,

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1. . (TCO 1) Which of the following is  not  a difference between financial accounting and managerial  accounting? (Points: 4) Financial accounting is primarily concerned with reporting the past, while managerial accounting is  more concerned with the future. Managerial accounting uses more nonmonetary information than is used in financial accounting. Managerial accounting is primarily concerned with providing information for external users while  financial accounting is concerned with internal users. Financial accounting must follow GAAP while managerial accounting is not required to follow  GAAP. 2. (TCO 1) Which of the following costs does  not  change when the level of business activity changes?  (Points: 4) total fixed costs total variable costs total direct materials costs fixed costs per unit 3. (TCO 1) Which of the following is a direct cost in relation to the cost of teaching the managerial  accounting course you are currently taking? (Points: 4) the cost of the paper that you receive as handouts for the class the cost of the room you are using for the class the cost of the registration system that allowed you to enroll in the class the cost of the financial aid department that helps you fund the cost of taking the class 4. (TCO 1) Shula’s 347 Grill has budgeted the following costs for a month in which 1,600 steak dinners  will be produced and sold: materials, $4,080; hourly labor (variable), $5,200; rent (fixed), $1,700;  depreciation, $800; and other fixed costs, $600. Each steak dinner sells for $14.00 each. What is the  budgeted fixed cost per unit? (Points: 4) $1.06 $1.44 $4.49 $1.94 5. (TCO 1) Which of the following costs is  not  part of manufacturing overhead? (Points: 4)
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electricity for the factory depreciation of factory equipment salaries for the production supervisors health insurance for sales staff   6. (TCO 1) Which of the following is a period cost? (Points: 4) rent on a factory building depreciation on production equipment raw materials cost commissions paid on each unit sold 7. (TCO 1) Red Runner’s Work in Process Inventory account has a beginning balance of $50,000 and an  ending balance of $40,000. Direct materials used are $70,000 and direct labor used totals $35,000. Cost  of goods sold totals $135,000. Manufacturing overhead applied is $20,000. How much is cost of goods  manufactured? (Points: 4) $145,000 $115,000 $125,000 $135,000 8. (TCO 2) BCS Company applies manufacturing overhead based on direct labor hours. Information  concerning manufacturing overhead and labor for August follows:       Estimated Actual Overhead cost $174,000 $171,000 Direct labor hours 5,800 5,900 Direct labor cost $87,000 $89,975     How much overhead should be applied in total during August?
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