Exam (elaborations)
WGU C213 ACCOUNTING FOR DECISION MAKERS QUESTIONS AND ANSWERS 2024
- Course
- Institution
WGU C213 ACCOUNTING FOR DECISION MAKERS QUESTIONS AND ANSWERS 2024
[Show more]
Content preview
WGU C213 ACCOUNTING FOR DECISIONMAKERS
A company is experiencing an increase in their bad debt expense. Which change
in credit policy would cause this increase - ANSWERS-Credit limits were increased
for all customers
What are the forecasted cash collections for June given the following:
April $200,000; May $250,000 June $275,000
65% of all sales are paid for with cash. The remainder is on credit. Collections are
Month of Sale 60%; Month After Sale 30%; Second Month After Sale; 10% -
ANSWERS-$269,750
What are the budgeted cash disbursements for May given the following (40% paid
month 1; 35% month 2; 25% month 3): Jan $10,000; Feb $20,000; March $25,000;
April $22,000; May $27,000; June $30,000; July $24,000. - ANSWERS-$24,750
What are the forecasted total 2014 cash payments for inventory purchased in the
second half of 2014 given the following (50% paid month 1; 35% month 2; 15%
month 3): July $100,000; Aug $75,000; Sep $225,000; Oct $125,000; Nov
$250,000; Dec $30,000. - ANSWERS-$752,500
In which scenario would activity-based costing be more appropriate than
traditional costing - ANSWERS-A company produces five different products. The
products are highly differentiated and have significantly different demands for
their use of overhead costs
,Which category of ABC activities are machine setup and material movement costs
associated with - ANSWERS-Batch-level activities
The director of a marathon race wants to assign the cost of having police officers
along the race route to manage crowd control. Which consideration is an
appropriate cost driver - ANSWERS-The number of race participants and
spectators
What is the total amount of overhead applied to product A given the following:
Pool 1 $300,000 20,000 hours
Pool 2 $20,000 500 pounds
Pool 3 $10,000 100 moves
Total $330,000
Data:
Products A 10,000 hours, 150 pounds, 20 moves
Products B 7500 hours, 250 pounds, 30 moves
Products C 2500 hours, 100 pounds, 50 moves - ANSWERS-$158,000
What is the total amount of overhead applied to spikes shoes given the following:
Production $250,000 per 20,000 pair, batches $10,000 per 500 batches, design
$5000 per 100 parts
2500 pair, 100 batches, 50 parts - ANSWERS-$35,750
,What is the amount of applied overhead given the following: 2,500,000 with
overhead rate of $0.75 - ANSWERS-$1,875,000
Which decision should be made about the selling price of Product B given the
following:
Sales $100,000, cost of goods sold $110,000, gross margin ($10,000) - ANSWERS-
The price of Product B should be increased
What would be the gross profit if the company increased their selling price per
gallon by $0.10 given the following:
500,000 gallons of oil; Overhead is $0.75 per gallon - ANSWERS-$20,000
Which of the following is the most correct definition of accounting? - ANSWERS-A
system for providing quantitative information, primarily financial in nature, about
economic entities that is intended to be useful in making economic decisions
What is NOT typically true of accounting information? - ANSWERS-The
information relates to future time periods.
Which is NOT a key component of the definition of accounting? - ANSWERS-
Qualitative
What is true about the double-entry system of bookkeeping? - ANSWERS-It was
developed in the 1300s−1400s in Italy.
, Businesses use accounting systems to - ANSWERS-Analyze transactions; Handle
routine bookkeeping tasks; Evaluate performance and health of the business.
What is not a function of accounting? - ANSWERS-Executing sales transactions for
organizations
What is NOT one of the three primary financial statements? - ANSWERS-
Statement of retained earnings
Generally accepted accounting principles are - ANSWERS-Developed by
accounting rule makers
The initials GAAP stand for - ANSWERS-Generally Accepted Accounting Principles
The current standard-setting board for accounting in the private sector is the -
ANSWERS-Financial Accounting Standards Board (FASB)
Which of the following organizations has specific legal authority to establish
accounting standards for publicly held companies? - ANSWERS-Securities and
Exchange Commission (SEC)
Which is NOT a service typically provided by large public accounting firms? -
ANSWERS-Making management decisions
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Teacher101. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75619 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now