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 D101 COST AND MANAGERIAL ACCOUNTING EXAM 2024 ACTUAL EXAM 2 VERSIONS (VERSION A AND B) COMPLETE 400 QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+ £11.29
Add to cart
Quickly navigate to
Preview
  2.  
  3. WGU D101
  4.  
  5. WGU D101

Exam (elaborations)

WGU D101 COST AND MANAGERIAL ACCOUNTING EXAM 2024 ACTUAL EXAM 2 VERSIONS (VERSION A AND B) COMPLETE 400 QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+
 3 views  0 purchase
  • Module
  • WGU D101
  • Institution
  • WGU D101

WGU D101 COST AND MANAGERIAL ACCOUNTING EXAM 2024 ACTUAL EXAM 2 VERSIONS (VERSION A AND B) COMPLETE 400 QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+ What is a price taker? - ANSWER -A company that has to accept the price that the market sets for a good. Th...

[Show more]

Preview 4 out of 50  pages

Document information

  • December 9, 2024
  • 50
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • wgu d101 cost and managerial accounting exam 2024

Written for

  • WGU D101
  • WGU D101

Seller

avatar-seller
OliviaGreenways

Content preview

1|Page




WGU D101 COST AND MANAGERIAL ACCOUNTING EXAM 2024
ACTUAL EXAM 2 VERSIONS (VERSION A AND B) COMPLETE 400
QUESTIONS WITH DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS) /ALREADY GRADED A+


What is a price taker? - ANSWER ✔✔-A company that has to accept the price that the market sets for a

good. They have no influence over setting the price.


What is a price maker? - ANSWER ✔✔-a firm possessing the power to set the price within the market.

They still need to track all costs in order to make sure they are making an adequate return.


What is the major purpose and use of job order costing?




a. To create a system that tracks both manufacturing and period costs and assigns both to products




b. To create a system in which manufacturing costs are tracked by period instead of by products




c. To create a system in which manufacturing costs are accumulated by separate product orders or

batches




d. To create a system that is exclusively used by price makers and not by price takers - ANSWER ✔✔-c.


Which statement is true?




Crafted for Academic Insight by ©Olivia GreenWays 2025. All rights reserved.

,2|Page


a. Having accurate product or service cost information is important for both price takers and price

makers.




b. Having accurate product or service cost information is important for price takers, but not price makers.




c. Having accurate produce or service cost information is not important for either price takers or price

makers.




d. Having accurate product or service cost information is important for price makers, but not price takers.

- ANSWER ✔✔-a.


Two competitors exist in the same industry. The first company has accurate product cost information

while the second company does not.


What is the reason behind why the first company is more successful than the second?




a. With accurate job cost information, the first company can undercut the second company's prices, thus

driving the second company out of business.




b. With accurate job cost information, the first company can set prices that guarantee making a profit, can

understand which costs need to be worked on, and can determine which actions can be taken to make the

company more efficient and profitable.




Crafted for Academic Insight by ©Olivia GreenWays 2025. All rights reserved.

,3|Page


c. With accurate job cost information, the first company can pay higher wages to employees, thus

motivating them more than the employees of the second company.




d. With accurate job cost information, the first company can set prices higher than the second company,

thus earning higher profits. - ANSWER ✔✔-b.


Job order costing is appropriate when which two conditions exist?




a. Products produced are all the same, and the manufacturing processes used to produce them are the

same.




b. Products produced are distinct from each other, and the manufacturing processes used are different for

different products.




c. Products produced are distinct, but the manufacturing processes used are the same for different

products.




d. Products produced are all the same, but the manufacturing processes used to produce them are

different for different products. - ANSWER ✔✔-b.


Why is having accurate product cost information important?




a. So manufacturers can charge a price based on costs and a reasonable markup




Crafted for Academic Insight by ©Olivia GreenWays 2025. All rights reserved.

, 4|Page




b. So companies can minimize the profits they are earning




c. So manufacturers can charge a price based on estimated product costs, not including a reasonable

markup




d. So companies can grow faster than all competitors in their industry - ANSWER ✔✔-a.


Which type of company should use job order costing?




a. Air filter manufacturer


b. Soda bottler


c. Paper towel manufacturer


d. Commercial aircraft manufacturer - ANSWER ✔✔-d.


What is a condition to using job order costing?




a. Tracking total direct materials for a given period of time


b. Having no manufacturing overhead assigned to the product cost


c. Tracking total direct labor costs for a period of time


d. Identifying each specific job or product manufactured - ANSWER ✔✔-d.


Which costs should be assigned to each product under a job order costing system?



Crafted for Academic Insight by ©Olivia GreenWays 2025. All rights reserved.

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 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 OliviaGreenways. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for £11.29. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

50990 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy revision notes and other study material for 15 years now

Start selling
£11.29
  • (0)
Add to cart
Added