WGU D196 PRE ASSESSMENT PRINCIPLES OF FINANCIAL AND MANAGERIAL ACCOUNTING | QUESTIONS AND VERIFIED ANSWERS | UPDATED 2024/2025
7 views 0 purchase
Course
WGU D196
Institution
WGU D196
WGU D196 PRE ASSESSMENT PRINCIPLES OF FINANCIAL AND MANAGERIAL ACCOUNTING | QUESTIONS AND VERIFIED ANSWERS | UPDATED 2024/2025
WGU D196 PRE ASSESSMENT PRINCIPLES OF FINANCIAL AND MANAGERIAL ACCOUNTING | QUESTIONS AND VERIFIED ANSWERS | UPDATED 2024/2025
WGU D196 PRE ASSESSMENT
PRINCIPLES OF FINANCIAL AND
MANAGERIAL ACCOUNTING | QUESTIONS
AND VERIFIED ANSWERS | UPDATED
2024/2025
What is the label given to the quantity computed as estimated overhead
costs divided by estimated level of activity?
Underapplied overhead rate
Forecasted overhead rate
Predetermined overhead rate
Indirect overhead rate - Correct Answer - Predetermined overhead rate
In a job order costing system, what is the proper accounting for a
product cost?
It is reported as a part of cost of goods sold.
It is reported as a part of administrative expenses.
It is reported as a part of general expenses.
It is reported as an expense when it occurs. - Correct Answer - It is
reported as a part of cost of goods sold.
Which item is a period cost?
Rent on factory robotic equipment in an airplane manufacturer
Wages of maintenance workers in the factory building
Utility bills to heat the headquarters building
Wages for factory quality control inspectors - Correct Answer - Utility bills
to heat the headquarters building
,Which statement is true with respect to activity-based costing (ABC)
systems?
An ABC system allocates overhead based on multiple activities.
Implementing an ABC system requires very little analysis of the factors
that create overhead costs.
An ABC system completely eliminates all overhead costs.
Implementing an ABC system requires only a careful calculation of total
direct labor hours. - Correct Answer - An ABC system allocates overhead
based on multiple activities.
Implementing an ABC system requires very little analysis of the factors
that create overhead costs.
How is overhead allocated in an ABC system?
Sum of materials and labor cost multiplied by number of units
Budgeted overhead multiplied by expected number of direct labor hours
You Selected
Cost pool multiplied by number of cost driver events
Activity rate multiplied by number of cost driver events - Correct 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?
Cost system
You Selected
Cost pool
Cost metric
Cost driver - Correct Answer - Cost driver
, How are production costs treated in a process costing system?
Costs are assigned to the actual manufacturing overhead account during
the period.
Costs are assigned to specific jobs or products made during the period.
Costs are accumulated by process and averaged over all products made
during the period.
Costs are assigned to a selling, general, and administrative expense
account during the period. - Correct 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?
Amount of overhead cost divided by the number of units completed
during a particular period of time
Amount of direct materials cost divided by the quantity of direct materials
used during a particular period of time
Amount of total production cost divided by the number of units
completed during a particular period of time
Amount of direct labor cost divided by the number of direct labor hours
used during a particular period of time - Correct 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?
Refining gasoline in a petroleum facility
Producing made-to-order industrial equipment
Building custom-made furniture
Constructing a high-rise office building - Correct Answer - Refining
gasoline in a petroleum facility
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 nursehailey. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
