Understanding Key Concepts in Managerial Accounting
A solved assignment covering essential managerial accounting concepts, including cost analysis and financial decision-making.
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Understanding Key Concepts in Managerial Accounting
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:
Time Spent:
Points Received: 170 / 170 (100%)
Question Type: # Of Questions: # Correct:
Multiple Choice 25 25
Short 1 N/A
Essay 2 N/A
Grade Details - All Questions
Page: 1 2 3
1. 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, 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.
Instructor Explanation: Chapter 1, Page 7
Points Received: 4 of 4
Comments:
2. Question : TCO 1) Which of the following statements regarding fixed
costs is true?
Student Answer:
When production increases, fixed cost per unit
increases.
When production decreases, total fixed costs decrease.
When production increases, fixed cost per unit
decreases.
When production decreases, total fixed costs increase.
Instructor Explanation: Chapter 1, Page 9
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:
Time Spent:
Points Received: 170 / 170 (100%)
Question Type: # Of Questions: # Correct:
Multiple Choice 25 25
Short 1 N/A
Essay 2 N/A
Grade Details - All Questions
Page: 1 2 3
1. 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, 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.
Instructor Explanation: Chapter 1, Page 7
Points Received: 4 of 4
Comments:
2. Question : TCO 1) Which of the following statements regarding fixed
costs is true?
Student Answer:
When production increases, fixed cost per unit
increases.
When production decreases, total fixed costs decrease.
When production increases, fixed cost per unit
decreases.
When production decreases, total fixed costs increase.
Instructor Explanation: Chapter 1, Page 9
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Subject
Accounting