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Acct Midterm

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Acct Midterm
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: | 9/26/2012 | Time Spent: | 3 h , 00 secs | Points Received: | 137 / 170 (80.6%) | | Question Type: | # Of Questions: | # Correct: | Multiple Choice | 25 | 18 | Short | 1 | N/A | Essay | 2 | N/A | | |

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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) Variable cost per unit | | | Student Answer: | | increases when the number of units produced increases. | | | | does not change when the number of units produced increases. | | | | decreases when the number of units produced increases. | | | | decreases when the number of units produced decreases. | | Instructor Explanation: | Chapter 1, Page 8 | | | | Points Received: | 0 of 4 | | Comments: | | | | 3. | Question : | (TCO 1) You own a car and are trying to decide whether or not to trade it in and buy a new car. Which of the following costs is an opportunity cost in this situation? | | | Student Answer: | | the trip to
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