WGU 213 Problem set Exam
Questions with all answers Correctly
provided Latest 2024/2025
Which two requirements must management of public companies
meet under the Sarbanes-Oxley Act? - Correct Answer They
must provide an assessment of the effectiveness of internal
controls with each annual report; They must support a stronger
board and audit committee.
Which two actions do internal auditors perform to assist in
maintaining the integrity of financial statements? - Correct
Answer They search for and investigate fraud; They review
financial records and internal controls.
What is a significant role of the U.S. Securities and Exchange
Commission (SEC) in financial reporting? - Correct Answer
They ensure that financial statement users are provided with
reliable information to use in decision making.
What does management accounting provide? - Correct Answer
The insight that management needs so the business can perform
more effectively; The detailed data that managers need to make
decisions that will give the business a competitive edge
How does management accounting differ from financial
accounting? - Correct Answer Management accounting is used
primarily for internal planning, control, and evaluation.
Which account is seen on the balance sheet of a manufacturing
company but not on the balance sheet of a service-oriented
company? - Correct Answer Differential cost
, Which two examples are period costs? - Correct Answer
Administrative expenses; selling expenses
A company manufactures custom-built wooden
bookshelves.Which two costs would the company classify as
period costs? - Correct Answer Salary cost of the receptionist;
Advertising cost
What role do ethical standards have in management accounting?
- Correct Answer To guide the resolution to possible ethical
dilemmas that the managerial accountant may encounter
During its first month of operations, a manufacturer incurs the
following costs in dollars related to activities within its factory:
Direct materials costs $5,000Indirect materials$2,000Direct
labor $15,000Indirect labor$3,000Factory
rent$10,000Depreciation on factory equipment $8,000
What are the manufacturer's total product costs for the month? -
Correct Answer $43,000
During its first month of operations, a manufacturer incurs the
following costs (in dollars) related to activities within its factory:
Direct materials $15,000 Direct labor $30,000 Manufacturing
overhead $40,000
What amount should be reported as cost of goods sold on the
income statement if 5,000 units are produced and 4,000 are
sold? - Correct Answer $68,000
Which two costs are included when calculating inventory costs? -
Correct Answer direct labor; overhead
Questions with all answers Correctly
provided Latest 2024/2025
Which two requirements must management of public companies
meet under the Sarbanes-Oxley Act? - Correct Answer They
must provide an assessment of the effectiveness of internal
controls with each annual report; They must support a stronger
board and audit committee.
Which two actions do internal auditors perform to assist in
maintaining the integrity of financial statements? - Correct
Answer They search for and investigate fraud; They review
financial records and internal controls.
What is a significant role of the U.S. Securities and Exchange
Commission (SEC) in financial reporting? - Correct Answer
They ensure that financial statement users are provided with
reliable information to use in decision making.
What does management accounting provide? - Correct Answer
The insight that management needs so the business can perform
more effectively; The detailed data that managers need to make
decisions that will give the business a competitive edge
How does management accounting differ from financial
accounting? - Correct Answer Management accounting is used
primarily for internal planning, control, and evaluation.
Which account is seen on the balance sheet of a manufacturing
company but not on the balance sheet of a service-oriented
company? - Correct Answer Differential cost
, Which two examples are period costs? - Correct Answer
Administrative expenses; selling expenses
A company manufactures custom-built wooden
bookshelves.Which two costs would the company classify as
period costs? - Correct Answer Salary cost of the receptionist;
Advertising cost
What role do ethical standards have in management accounting?
- Correct Answer To guide the resolution to possible ethical
dilemmas that the managerial accountant may encounter
During its first month of operations, a manufacturer incurs the
following costs in dollars related to activities within its factory:
Direct materials costs $5,000Indirect materials$2,000Direct
labor $15,000Indirect labor$3,000Factory
rent$10,000Depreciation on factory equipment $8,000
What are the manufacturer's total product costs for the month? -
Correct Answer $43,000
During its first month of operations, a manufacturer incurs the
following costs (in dollars) related to activities within its factory:
Direct materials $15,000 Direct labor $30,000 Manufacturing
overhead $40,000
What amount should be reported as cost of goods sold on the
income statement if 5,000 units are produced and 4,000 are
sold? - Correct Answer $68,000
Which two costs are included when calculating inventory costs? -
Correct Answer direct labor; overhead
