WGU Managerial Accounting Exam Questions With Correct Answers
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Course
WGU Managerial Accounting
Institution
WGU Managerial Accounting
THEBRIGHT EXAM SOLUTIONS 8/20/2024 8:37 PM
WGU Managerial Accounting Exam
Questions With Correct Answers
Process cost systems are used to apply costs to similar products that are mass-produced in a
continuous fashion - answerTrue
Equivalent units are the work done during the period, expressed ...
WGU Managerial Accounting Exam
Questions With Correct Answers
Process cost systems are used to apply costs to similar products that are mass-produced in a
continuous fashion - answer✔✔True
Equivalent units are the work done during the period, expressed in fully completed units
("Equivalent Units"). - answer✔✔True
A process cost system would be used by all of the following except a(n)
oil company.
advertising company.
computer chip company.
chemical company. - answer✔✔An Advertising Company
Beginning work in process is not part of the equivalent units of production formula
("Refinements on the Weighted-Average Method"). - answer✔✔True
Tip Top Painting Company has the following production data for January:
●Beginning work in process, 0 units●Units transferred out, 35,000●Units in ending work in
process, 10,000, which are 30% complete for conversion costs
Materials are added only at the beginning of the process.Compute equivalent units of production
for both materials and conversion costs. - answer✔✔10000*30%=3000
DM - answer✔✔Direct Materials
TMC - answer✔✔Total Manufacturing Costs
, THEBRIGHT EXAM SOLUTIONS 8/20/2024 8:37 PM
COGm - answer✔✔Cost of Goods Manufactured
COGs - answer✔✔Cost of Goods Sold
GP - answer✔✔Gross Profit
POR - answer✔✔Predetermined Overhead Rate
OHA - answer✔✔Overhead Applied
A-COGs - answer✔✔Adjusted Cost of Goods Sold
WA-EUP - answer✔✔Weighted Average Equivalent Units of Production
C per EUP - answer✔✔Costs per Equivalent Units of Production
CPAR - answer✔✔Cost Pool Activity Rate
TC - answer✔✔Total Costs
CFIS - answer✔✔Contribution Format Income Statement
DC - answer✔✔Direct Costs
SoAPF - answer✔✔Sell or Process Further
RoR - answer✔✔Retain or Replace
ElSOP - answer✔✔Eliminate Segment of Product
MItbP - answer✔✔Merchandise Inventory to be Purchased
Management Decision Process - answer✔✔Identify the problem and assign responsibility
Determine and evaluate possible courses of action
Make a decision
eview results of the decision
Incremental Analysis. - answer✔✔The process used to identify the financial data that change
under alternative courses of action.
Incremental analysis - answer✔✔Includes the probable effects of the decision on future earnings.
Data for incremental analysis - answer✔✔Involves estimates and uncertainty
Gathering data for Incremental Analysis - answer✔✔May involve market analysts, engineers,
and accountants.
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