Managerial and Financial Accounting

Question #6

The fundamental difference between managerial and financial accounting is that

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all financial accounting information is audited by Certified Public Accountants whereas managerial accounting information is audited by the IMA.

managerial accounting is concerned principally with budgets, whereas financial accounting is concerned with a wider range of the organization’s activities.

managerial accounting provides information for decision-makers within the organization, whereas financial accounting provides information for individuals and institutions external to the organization.

financial accounting information follows U.S. Generally Accepted Accounting Principles, whereas managerial accounting information generally follows rules set forth by the Institute of Management Accountants.

Question #7

Variable cost per unit

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.

Question #8

Which of the following is most likely to be a fixed cost?

Cost of wheels for a lawn mower manufacturer

Rent on a factory building

Cost of labor for cashiers at a retail store

Supplies used by the housekeeping staff that cleans hotel rooms

Question #9

Sunland’s Salsa is in the process of preparing a production cost budget for May. Actual costs in April were:

Sunland’s Salsa Production Costs April 2020


Production   25,000 Jars of Salsa
Ingredient cost (variable)   $21,500
Labor cost (variable)   10,000
Rent (fixed)   5,000
Depreciation (fixed)   6,000
Other (fixed)   1,000
   Total   $43,500


Using this information, prepare a budget for May. Assume that production will increase to 30,000 jars of salsa, reflecting an anticipated sales increase related to a new marketing campaign.

Sunland’s Salsa Budgeted Production Costs May 2020  
Production   30,000 Jars of Salsa  
Ingredient cost   $enter a dollar amount    
Labor cost   enter a dollar amount    
Rent   enter a dollar amount    
Depreciation   enter a dollar amount    
Other   enter a dollar amount    
Total   $enter a total dollar amount    

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