WGU D196 Principles of Financial and Managerial Accounting Practice Test Exam 200 Questions and Verified Rationalized Answers 100% Graded A+
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WGU D196 Principles of Financial and Managerial Accounting
Practice Test Exam 200 Questions and Verified Rationalized Answers
100% Graded A+
1. Manufacturing Overhead Budget: Which budget should include all productioncost
f f f f f f f f f
s other than those for direct materials and direct labor?
f f f f f f f f f
2. Accounts receivable: Which account is a common asset account?
f f f f f f f f
3. Balance Sheet: On which financial statement would you see the valuation of acom
f f f f f f f f f f f f f
pany's asset account?f f
4. Preparing Reports: What is the final step in the accounting cycle?
f f f f f f f f f f
5. Preparing financial statements: Which of the following is not an example of atrans
f f f f f f f f f f f f f
action?
6. Statement of Cash Flows: On which financial statement would you see cashflow
f f f f f f f f f f f f
s from financing activities?
f f f
7. SEC: Whose job is it to make sure that investors are provided with full and fairinfor
f f f f f f f f f f f f f f f f
mation about publicly traded companies?
f f f f
8. It distinguishes between current and long-
f f f f f
term assets.: How does a classifiedbalance sheet provide useful information to a decisi
f f f f f f f f f f f f f
on maker?
f
1f/f18
,9. Uncontrollable costs should not be included in the performance evaluationmea f f f f f f f f f f
sure of a profit center manager.: In some companies, the performance mea-
f f f f f f f f f f f
sure for profit center managers is heavily influenced by cost allocations downwardsfro
f f f f f f f f f f f f f
m organizational units (such as company headquarters).Why is this a mistake?
f f f f f f f f f f f
10. Raw materials to make a product.: Which is an examples of a product cost?
f f f f f f f f f f f f f
11. Manufacturing Overhead: Which label is given to the cost of wages for factorysuper f f f f f f f f f f f f f
visors?
12. 60%: A company reports the following data:
f f f f f f
Price/unit = $20 f f
Variable costs/unit = $12F f f f f
ixed costs = $12,000
f f f
Given this data, what is the variable cost ratio?
f f f f f f f f
13. Actual costs exceed applied costs.: If overhead is underapplied, which state-
f f f f f f f f f f
ment is true?
f f f
14. Selling costs: Which of the following is NOT an example of a cost driver?
f f f f f f f f f f f f f
15. Marketing expense: Which item is a period cost? f f f f f f f
16. Process Costing: Which overhead allocation method should be used for a trashbag
f f f f f f f f f f f f f
manufacturer?
2f/f18
,17. Variable Costs: For the relevant range, which costs are approximately linearwithi
f f f f f f f f f f f
n a certain range of production?
f f f f f
18. Cost-Volume-Profit Analysis: Which of the following focuses on how a compa-
f f f f f f f f f f
ny's activity levels impact profits?
f f f f f
19. Job Order Costing: Which overhead allocation method should be used for anauto
f f f f f f f f f f f f
mobile repair shop?
f f
3f/f18
, 20. Factory supervisor wages, security guard wages, maintenance staffwag
f f f f f f f f
es: What are examples of indirect labor?
f f f f f f
21. The grease used on machines that manufacture products: What is an exam-
f f f f f f f f f f f
ple of an indirect material?
f f f f f
22. Income taxes: Which of the following is NOT an operating expensef f f f f f f f f f
23. $175,000: A company reports the following data: f f f f f f
Total sales rev = $275,000
f f f f
Number of units sold = 25,000 unitsV f f f f f f f
ariable costs = $100,00 f f f
If the company is operating at its break-
f f f f f f f
even points, what is the company's totalcontribution margin?
f f f f f f f f
24. As an expense: How are period costs reported on an income statement?
f f f f f f f f f f f
25. Advertising costs: Which item in an example of a controllable cost? f f f f f f f f f f
26. Assets increases; Liability increases: A company purchases equipment witha not
f f f f f f f f f f
e payable. f
How does this transaction affect the paying company's accounting equation?
f f f f f f f f f
27. Increase expense: What is the impact of paying employee wages on the ac-
f f f f f f f f f f f f
4f/f18
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