Acct552 Cost Acct Midterm
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Words: 1559
Pages: 7
Category: Business and Industry
Date Submitted: 03/24/2013 11:27 AM
Grading Summary
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Grade Details - All Questions |
Page: | 1 2 |
1. | Question : | (TCO A) Managerial accounting provides all of the following EXCEPT _____. |
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| Student Answer: | | future-oriented information |
| | | a balance sheet prepared in accordance with GAAP |
| | | internal reports that don't follow GAAP |
| | | financial and nonfinancial reports on departments |
| Instructor Explanation: | Chapter 1, page 4 |
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| Points Received: | 6 of 6 |
| Comments: | |
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2. | Question : | (TCO A) A law firm is an example of a |
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| Student Answer: | | manufacturing-sector company. |
| | | merchandising-sector company. |
| | | service-sector company. |
| | | client-focused company. |
| Instructor Explanation: | Chapter 1, page 36 |
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| Points Received: | 6 of 6 |
| Comments: | |
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3. | Question : | (TCO A) The Standards of Ethical Conduct for management accountants includes concepts related to _____. |
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| Student Answer: | | competence |
| | | confidentiality |
| | | integrity |
| | | All of the above |
| Instructor Explanation: | Chapter 1, Pages 15-17 |
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| Points Received: | 6 of 6 |
| Comments: | |
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4. | Question : | (TCO A) Outside the relevant range for a car manufacturer, if there is a change in the level of cars produced, then |
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| Student Answer: | | variable costs, such as direct materials, may not change proportionately. |
| | | variable costs, such as direct materials, will change proportionately. |
| | | Fixed costs, such as the supervisor's salary, will change proportionately. |
| | | Fixed costs, such as the building lease payment, will change proportionately. |
| Instructor Explanation: | Chapter 2, pages 32-34, variable costs will change with changes in production volume |
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| Points Received: | 6 of 6 |
| Comments: | |
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