Managerial Accounting Wk4 Midterm - Week 4 Midterm 1...

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Week 4 Midterm1.Question :(TCO 1) Which of the following is not a difference between financial accounting and managerial accounting?Student Answer:Financial accounting is primarily concerned with reporting the past, whereas 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, whereas financial accounting is concerned with internal users.Financial accounting must follow GAAP, whereas managerial accounting is not required to follow GAAP.
Instructor Explanation:See Chapter 1.Points Received:4 of 4 Comments:Question 2.Question :(TCO 1) Variable cost per unit
Instructor Explanation:See Chapter 1.Points Received:4 of 4 Comments:Question 3.Question :(TCO 1) You own a car and are trying to decide whether or not to trade it in and buy a new car. Which of the following costs is an opportunity cost in this situation?
Instructor Explanation:See Chapter 1.Points Received:4 of 4 Comments:Question 4Question :(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. Which is the budgeted total variable cost?
Points Received:4 of 4 Comments:Question 5.Question :(TCO 1) Which of the following costs is not part of manufacturing overhead?Student Answer:Electricity for the factoryDepreciation of factory equipmentSalaries for the production supervisorsHealth insurance for sales staff
Instructor Explanation:See Chapter 2.Points Received:4 of 4 Comments:
Question 6.Question :(TCO 1) Which of the following is not a period cost?
Instructor Explanation:See Chapter 2.Points Received:4 of 4 Comments:

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