ACCT346 MidTerm 100percent Jan2015 Essay

1668 WordsMar 8, 20157 Pages
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.…show more content…
Actual was $2,400,000, so $300,000 was under-applied. Points Received: 7 of 7 Comments: Question 7. Question : (TCO 2) Manufacturing overhead is allocated on the basis of Student Answer: machine hours. direct labor hours. direct labor costs. any of the listed choices. Instructor Explanation: Machine hours, direct labor hours, and direct labor costs can all be used to allocate manufacturing overhead. Points Received: 7 of 7 Comments: Grade Details - All Questions Page: 2 of 2 Question 1. Question : (TCO 1) Which of the following topics is the focus of managerial accounting? Student Answer: Financial statements and other financial reports Historical cost principles The needs of creditors The needs of the organization's internal parties Instructor Explanation: Managerial accounting focuses on the needs of internal users (managers) and on data relevant for decision making. Points Received: 7 of 7 Comments: Question 2. Question : (TCO 6) In an activity-based costing system, cost reduction is accomplished by identifying and eliminating: Non-Value-Adding Activities All Cost Drivers Student Answer: No No Yes Yes Yes No No No Instructor Explanation:

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