ACCT346 MidTerm 100percent Jan2015 Essay

1668 Words Mar 8th, 2015 7 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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