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ACCT 346 Midterm Set 1 (New)
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Multiple Choice
Short 4
10
1. (TCO 1) Which of the following is NOT a difference between
Financial Accounting and Managerial Accounting? (Points : 7)
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.
Question 2.2. (TCO1) Josie’s Grill budgeted the following costs for a
month in which 1,500 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. How much is the budgeted variable cost per unit?
(Points : 7)
Question 3.3. (TCO 1) Which of the following is NOT a period cost?
(Points : 7)