(TCO 1) Which of the following is not a difference between financial accounting
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Question
(TCO 1) Which of the following is not a difference between financial accounting and managerial accounting? (Points : 4)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.
2. (TCO 1) Which of the following costs does not change when the level of business activity changes? (Points : 4)
total fixed costs
total variable costs
total direct materials costs
fixed costs per unit
3. (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? (Points : 4)
the trip to Cancun that you will not be able to take if you buy the car
the cost of the car you are trading in
the cost of your books for this term
the cost of your car insurance last year
4. (TCO 1) Shula
Explanation / Answer
1. Managerial accounting is primarily concerned with providing information for external users while financial accounting is concerned with internal users.
2. fixed costs per unit
3. the cost of the car you are trading in
4.
5.security at the manufacturing plant
6.raw materials cost
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