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Understanding Key Concepts in Managerial Accounting

A solved assignment covering essential managerial accounting concepts, including cost analysis and financial decision-making.

Benjamin Fisher
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Understanding Key Concepts in Managerial AccountingGrading SummaryThese are the automatically computed resultsof your exam. Grades for essay questions,and comments from your instructor, are in the"Details" section below.Date Taken:TimeSpent:Points Received:170 / 170(100%)Question Type:# Of Questions:# Correct:Multiple Choice2525Short1N/AEssay2N/AGrade Details-All QuestionsPage:1231.Question :(TCO 1) Which of the following isnota difference betweenfinancial accounting and managerial accounting?Student Answer:Financial accounting is primarily concerned withreporting the past, while managerial accounting is moreconcerned with the future.Managerial accounting uses more nonmonetaryinformation than is used in financial accounting.Managerial accounting is primarily concerned withproviding information for external users while financialaccounting is concerned with internal users.Financial accounting must follow GAAP whilemanagerial accounting is not required to follow GAAP.Instructor Explanation:Chapter 1, Page 7Points Received:4 of 4Comments:2.Question :TCO 1) Which of the following statements regarding fixedcosts is true?Student Answer:When production increases, fixed cost per unitincreases.When production decreases,total fixed costs decrease.When production increases, fixed cost per unitdecreases.When production decreases, total fixed costs increase.Instructor Explanation:Chapter 1, Page 9

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Accounting

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