WGU D196 Exam Complete Study
Guide | Questions and Answers Rated
A+ | Latest 2024/2025
A short-term schedule of expected cash inflows and outflows during a
period of time. - Correct Answer - Cash Budget
An accountant who has met specified professional requirements
established by the AICPA and local and state societies. A key service
provided by CPAs is the performance of independent audits of financial
statements. - Correct Answer - Certified Public Accountant (CPA)
A balance sheet that distinguishes between current and long-term
assets. - Correct Answer - Classified Balance Sheet
Financial statements that include information for both the current year
and preceding year(s) that are prepared for users to identify any
significant changes in particular items. - Correct Answer - Comparative
Financial Statements
The difference between total sales and variable costs; the portion of
sales revenue available to cover fixed costs and provide a profit. -
Correct Answer - Contribution Margin
The percentage of net sales revenue left after variable costs are
deducted; the contribution margin divided by net sales revenue. - Correct
Answer - Contribution Margin Ratio
,Costs over which a manager has direct authority and can change. -
Correct Answer - Controllable Costs
Tracking the actual performance of a company. - Correct Answer -
Controlling
An accountant who is specially trained to prepare and analyze
accounting information for internal decision-making. - Correct Answer -
Cost Accountant
The way a cost is affected by changes in activity levels. - Correct Answer
- Cost Behavior
An organizational unit in which a manager has control over and is held
accountable for cost performance. - Correct Answer - Cost Center
A numerical measure used to reflect the amount of a specific cost that is
associated with a particular activity. - Correct Answer - Cost Drivers
An output of a business, such as a product, service, or division. - Correct
Answer - Cost Objects
Total cost being generated by a specific overhead cost activity. - Correct
Answer - Cost Pool
A difference between the actual cost and the budgeted cost. - Correct
Answer - Cost Variance
, A schedule supporting the income statement that summarizes the total
cost of goods manufactured and transferred out of the work-inprocess
inventory account during a period. These costs include direct materials,
direct labor, and applied manufacturing overhead. - Correct Answer -
Cost of Goods Manufactured Statement
A statement that sums the cost of goods sold for an accounting period
based on the cost of goods sold formula. - Correct Answer - Cost of
Goods Sold Statement
Techniques for determining how changes in revenues, costs, and level of
activity affect the profitability of an organization. - Correct Answer - Cost-
volume-profit (C-V-P) Analysis
Cash and other assets that are expected to be converted to cash within
a year. - Correct Answer - Current Assets
Liabilities expected to be satisfied within a year or the current operating
cycle, whichever is longer. - Correct Answer - Current Liabilities
An organization in which managers at all levels have the authority to
make decisions concerning the operations for which they are
responsible. - Correct Answer - Decentralized Company
Future costs that change as a result of a decision; also called
incremental or relevant costs. - Correct Answer - Differential Costs
Costs that are specifically traceable to a unit of business or segment
being analyzed. - Correct Answer - Direct Costs
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