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 d196 Test Questions and Answers All Correct $12.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. WGU D196
  4.  
  5. WGU d196

Exam (elaborations)

WGU d196 Test Questions and Answers All Correct
 0 purchase
  • Course
  • WGU d196
  • Institution
  • WGU D196

WGU d196 Test Questions and Answers All Correct Why is the concept of relevant range important to a manager? - Answer-Outside the relevant range, the variable cost per unit can change Which statement correctly describes applied manufacturing overhead? - Answer-The amount of manufacturing overhe...

[Show more]

Preview 2 out of 5  pages

Document information

  • August 23, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

Written for

  • WGU d196
  • WGU d196

Seller

avatar-seller
Scholarsstudyguide

Reviews received

Content preview

WGU d196 Test Questions and Answers
All Correct
Why is the concept of relevant range important to a manager? - Answer-Outside the
relevant range, the variable cost per unit can change

Which statement correctly describes applied manufacturing overhead? - Answer-The
amount of manufacturing overhead that is assigned to the goods produced

What is the label given to the quantity computed as estimated overhead costs divided
by estimated level of activity? - Answer-Predetermined overhead rate

In a job order costing system, what is the proper accounting for a product cost? -
Answer-It is reported as a part of cost of goods sold.

Which item is a period cost? - Answer-Utility bills to heat the headquarters building

Which statement is true with respect to activity-based costing (ABC) systems? -
Answer-An ABC system allocates overhead based on multiple activities.

How is overhead allocated in an ABC system? - Answer-Activity rate multiplied by
number of cost driver events

In an ABC system, which name is given to a numerical measure reflecting the amount
of a cost associated with a particular overhead cost activity? - Answer-Cost driver

How are production costs treated in a process costing system? - Answer-Costs are
accumulated by process and averaged over all products made during the period.

How is the production cost per unit computed in a process costing system? - Answer-
Amount of total production cost divided by the number of units completed during a
particular period of time

For which production process is process costing the appropriate costing method to use?
- Answer-Refining gasoline in a petroleum facility
What is a transaction? - Answer-Two parties exchanging something of value

What is the effect of a company's accounting department maintaining high ethical
standards? - Answer-The company's accounting information will increase in value.

Why might employees be interested in their company's financial accounting
information? - Answer-Financial statement data are often used in determining employee
bonuses.

, Which group establishes financial accounting rules in the United States? - Answer-
financial Accounting Standards Board (FASB)

Which report is one of the three primary financial statements? - Answer-Assets
decrease by $5,000; expenses increase by $5,000

A company borrowed $80,000 cash from a bank.
How does this transaction affect the accounting equation of the borrowing company? -
Answer-Assets increase by $80,000; liabilities increase by $80,000.

A company paid $5,000 cash in advertising costs.
How does this transaction affect the paying company's accounting equation? - Answer-
Assets decrease by $5,000; expenses increase by $5,000.

What is the impact of expenses on the accounting equation? - Answer-Expenses
decrease owners' equity.

Which type of account are accounts payable and notes payable both examples of? -
Answer-Liability

What is the purpose of the financial accounting cycle? - Answer-To turn information
about transactions into financial statements

According to the accounting equation, the amount of liabilities and equity must always
be equal to another amount.
What is that other amount? - Answer-Assets

Which item is an expense item? - Answer-Cost of goods sold

How is gross profit computed? - Answer-Sales minus cost of goods sold

Which type of account is retained earnings? - Answer-Equity

For purposes of cash flow classification in the statement of cash flows, which item is an
operating activity? - Answer-Paying employees

How does a classified balance sheet provide useful information to a decision maker? -
Answer-It distinguishes between current and long-term assets.

What information does a balance sheet provide to a decision maker? - Answer-
Summary of the financial position of a company at a particular date

What is an account payable? - Answer-The amount owed by a company that purchased
goods or services from a supplier on credit

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 Scholarsstudyguide. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69411 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
$12.99
  • (0)
Add to cart
Added