100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
WGU D101 COST AND MANAGERIAL ACCOUNTING COMPREHENSIVE QUESTIONS AND COMPLETE SOLUTIONS LATEST UPDATE 2024 $11.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. WGU D101
  4.  
  5. WGU D101

Exam (elaborations)

WGU D101 COST AND MANAGERIAL ACCOUNTING COMPREHENSIVE QUESTIONS AND COMPLETE SOLUTIONS LATEST UPDATE 2024
 0 purchase
  • Course
  • WGU D101
  • Institution
  • WGU D101

WGU D101 COST AND MANAGERIAL ACCOUNTING COMPREHENSIVE QUESTIONS AND COMPLETE SOLUTIONS LATEST UPDATE 2024

Preview 3 out of 28  pages

Document information

  • May 2, 2024
  • 28
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • wgu d101
  • wgu d101 cost and managerial accounting

Written for

  • WGU D101
All documents for this subject (62)

Seller

avatar-seller
MEGAMINDS

Reviews received

Content preview

WGU D101 COST AND MANAGERIAL ACCOUNTING
COMPREHENSIVE QUESTIONS AND COMPLETE
SOLUTIONS LATEST UPDATE 2024

What is a price taker? - (correct answer) A company that has to accept the price that
the market sets for a good. They have no influence over setting the price.

What is a price maker? - (correct answer) a firm possessing the power to set the
price within the market. They still need to track all costs in order to make sure they are
making an adequate return.

What is the major purpose and use of job order costing?

a. To create a system that tracks both manufacturing and period costs and assigns both
to products

b. To create a system in which manufacturing costs are tracked by period instead of by
products

c. To create a system in which manufacturing costs are accumulated by separate
product orders or batches

d. To create a system that is exclusively used by price makers and not by price takers -
(correct answer) c.

Which statement is true?

a. Having accurate product or service cost information is important for both price takers
and price makers.

b. Having accurate product or service cost information is important for price takers, but
not price makers.

c. Having accurate produce or service cost information is not important for either price
takers or price makers.

d. Having accurate product or service cost information is important for price makers, but
not price takers. - (correct answer) a.

Two competitors exist in the same industry. The first company has accurate product
cost information while the second company does not.
What is the reason behind why the first company is more successful than the second?

a. With accurate job cost information, the first company can undercut the second
company's prices, thus driving the second company out of business.

,b. With accurate job cost information, the first company can set prices that guarantee
making a profit, can understand which costs need to be worked on, and can determine
which actions can be taken to make the company more efficient and profitable.

c. With accurate job cost information, the first company can pay higher wages to
employees, thus motivating them more than the employees of the second company.

d. With accurate job cost information, the first company can set prices higher than the
second company, thus earning higher profits. - (correct answer) b.

Job order costing is appropriate when which two conditions exist?

a. Products produced are all the same, and the manufacturing processes used to
produce them are the same.

b. Products produced are distinct from each other, and the manufacturing processes
used are different for different products.

c. Products produced are distinct, but the manufacturing processes used are the same
for different products.

d. Products produced are all the same, but the manufacturing processes used to
produce them are different for different products. - (correct answer) b.

Why is having accurate product cost information important?

a. So manufacturers can charge a price based on costs and a reasonable markup

b. So companies can minimize the profits they are earning

c. So manufacturers can charge a price based on estimated product costs, not including
a reasonable markup

d. So companies can grow faster than all competitors in their industry - (correct
answer) a.

Which type of company should use job order costing?

a. Air filter manufacturer
b. Soda bottler
c. Paper towel manufacturer
d. Commercial aircraft manufacturer - (correct answer) d.

What is a condition to using job order costing?

, a. Tracking total direct materials for a given period of time
b. Having no manufacturing overhead assigned to the product cost
c. Tracking total direct labor costs for a period of time
d. Identifying each specific job or product manufactured - (correct answer) d.

Which costs should be assigned to each product under a job order costing system?

a. Direct materials, direct labor, and manufacturing overhead
b. Direct labor, manufacturing overhead, and administrative expenses
c. Direct materials, direct labor, and administrative expenses
d. Manufacturing overhead, administrative expenses, and depreciation of office
buildings - (correct answer) a.

Which company should use a job ordering costing system?

a. Manufacturer of custom furniture
b. Manufacturer of paint
c. Food processing plant
d. Loan processing firm - (correct answer) a.

The profitability of each separate job or product can only be tracked using which product
costing system?

a. Process costing
b. Average unit costing
c. Profitability costing
d. Job order costing - (correct answer) d.

In completing its job order costing journal entries, ABC Company's accountants made a
credit entry to finished goods inventory.
When is this entry made?

a. When work-in-process inventory is transferred to finished goods inventory
b. When finished goods inventory is sold
c. When the cost of goods manufactured is being calculated
d. When manufacturing overhead costs are applied to products being made - (correct
answer) b.

Which account are the costs of the raw materials, direct labor, and miscellaneous
manufacturing overhead transferred to when the product is being manufactured?

a. Finished goods inventory
b. Cost of goods sold
c. Work-in-process inventory
d. Direct materials - (correct answer) c.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 MEGAMINDS. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $11.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

63950 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling

Recently viewed by you

Package deal ·

(0)

Bundle For AWHONN Fetal Heart Monitoring Program(FHM)||Full Package with 100% Verified Answers||Graded A+||

Package deal ·

(0)

NRS 493 Professional Capstone and Practicum Reflective Journal Assignments Topic 1 - 10 (Multiple Versions)

Exam (elaborations) ·

(0)

American Allied Health CVA Exam Study Guide | Actual Questions and Answers Latest Updated 2024/2025 (Graded A+)

Package deal ·

(0)

Package deal information::: Art History Exams | Questions And Answers Latest {2024- 2025} A+ Graded | 100% Verified

Exam (elaborations) ·

(0)

C211 (Global Economics for Managers) PREASSESSMENT QUESTIONS AND ANSWERS WESTERN GOVERNORS’ UNIVERSITY

Exam (elaborations) ·

(0)

Solution Manual & Test Bank for Clinical Mental Health Counseling in Community and Agency Settings

Exam (elaborations) ·

(0)

ACLS Exam A Questions with 100% Correct Answers | Latest Version (2024/2025) | Expert Verified | Ace the Test

Exam (elaborations) ·

(0)

NUR 2392 / NUR2392 Exam 1: Multidimensional Care II / MDC 2 Exam 1 Study Guide (Latest 2023/2024) Rasmussen

Presentation ·

(0)

Obtain 100% Result With CLF-C01 Dumps Pdf With {2021} Braindumps - Get Astonishing CLF-C01 Exam Question

$11.99
  • (0)
Add to cart
Added