WGU D196 PRACTICE EXAM QUESTIONS WITH CORRECT ANSWERS ALL VERIFIED BY AN EXPERT A+ GRADED (LATEST UPDATE)
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Course
WGU D196
Institution
WGU D196
Manufacturing Overhead Budget - ANS Which budget should include all production costs other than those for direct materials and direct labor?
Accounts receivable - ANS Which account is a common asset account?
Balance Sheet - ANS On which financial statement would you see the valuation of...
,Manufacturing Overhead Budget - ANS Which budget should include all production costs other
than those for direct materials and direct labor?
Accounts receivable - ANS Which account is a common asset account?
Balance Sheet - ANS On which financial statement would you see the valuation of a
company's asset account?
Preparing Reports - ANS What is the final step in the accounting cycle?
K
Preparing financial statements - ANS Which of the following is not an example of a
transaction?
C
Statement of Cash Flows - ANS On which financial statement would you see cash flows from
financing activities?
LO
SEC - ANS Whose job is it to make sure that investors are provided with full and fair
information about publicly traded companies?
It distinguishes between current and long-term assets. - ANS How does a classified balance
sheet provide useful information to a decision maker?
YC
Uncontrollable costs should not be included in the performance evaluation measure of a profit
center manager. - ANS In some companies, the performance measure for profit center
managers is heavily influenced by cost allocations downwards from organizational units (such
as company headquarters). Why is this a mistake?
D
Raw materials to make a product. - ANS Which is an examples of a product cost?
Manufacturing Overhead - ANS Which label is given to the cost of wages for factory
U
supervisors?
60% - ANS A company reports the following data:
ST
Actual costs exceed applied costs. - ANS If overhead is underapplied, which statement is true?
Selling costs - ANS Which of the following is NOT an example of a cost driver?
Marketing expense - ANS Which item is a period cost?
, Process Costing - ANS Which overhead allocation method should be used for a trash bag
manufacturer?
Variable Costs - ANS For the relevant range, which costs are approximately linear within a
certain range of production?
Cost-Volume-Profit Analysis - ANS Which of the following focuses on how a company's activity
levels impact profits?
K
Job Order Costing - ANS Which overhead allocation method should be used for an automobile
repair shop?
C
Factory supervisor wages, security guard wages, maintenance staff wages - ANS What are
examples of indirect labor?
LO
The grease used on machines that manufacture products - ANS What is an example of an
indirect material?
Income taxes - ANS Which of the following is NOT an operating expense
YC
$175,000 - ANS A company reports the following data:
Total sales rev = $275,000
Number of units sold = 25,000 units
Variable costs = $100,00
If the company is operating at its break-even points, what is the company's total contribution
D
margin?
As an expense - ANS How are period costs reported on an income statement?
U
Advertising costs - ANS Which item in an example of a controllable cost?
ST
Assets increases; Liability increases - ANS A company purchases equipment with a note
payable.
How does this transaction affect the paying company's accounting equation?
Increase expense - ANS What is the impact of paying employee wages on the accounting
equation?
Owner's equity - ANS Which account is summarized on the balance sheet?
$75,000 COGS on income statement - ANS A retail company purchased inventory costing
$100,000. By the end of the year, inventory costing $75,000 had been sold.
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