WGU D196 OA PRINCIPLES OF FINANCIAL AND MANAGERIAL ACCOUNTING | STUDY QUESTIONS AND ANSWERS GRADED A+ | 2024 GUIDE
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WGU D196
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WGU D196
WGU D196 OA PRINCIPLES OF FINANCIAL AND MANAGERIAL ACCOUNTING | STUDY QUESTIONS AND ANSWERS GRADED A+ | 2024 GUIDE
WGU D196 OA PRINCIPLES OF FINANCIAL AND MANAGERIAL ACCOUNTING | STUDY QUESTIONS AND ANSWERS GRADED A+ | 2024 GUIDE
WGU D196 OA PRINCIPLES OF
FINANCIAL AND MANAGERIAL
ACCOUNTING | STUDY QUESTIONS
AND ANSWERS GRADED A+ | 2024
GUIDE
1. Which of the following is an example of an indirect material?
a. Timber used to construct a house
b. The grease used on machines that manufacture products
c. The fabric used to assemble clothing
d. The circuit board included in a radio - Correct Answer - b
2. Which of the following is not an operating expense?
a. Advertising and marketing
b. Office supplies
c. Utilities
d. Income taxes - Correct Answer - d
3. A company reports the following data:
Total sales revenue = $275,000
Number of units sold = 25,000 units
Variable costs = $100,000
If the company is operating at its break-even point, what is the
company's total contribution margin?
a.$250,000
,b.$175,000
c.$150,000
d. $125,000 - Correct Answer - b
4. How are period costs reported on an income statement?
a. As revenue
b. As an expense
c. As cost of goods sold
d. As an asset - Correct Answer - b
5. Which item is an example of a controllable cost?
a. Advertising costs
b. Rent expense
c. Depreciation
d. Customer tastes and economic conditions - Correct Answer - a
6. A company purchases equipment with a note payable. How does this
transaction affect the paying company's accounting equation?
a. Asset increases; Liability increases
b. Asset increases; Asset decreases
c. Asset increases; Expense increases
d .Asset increases; Equity decreases - Correct Answer - a
7. What is the impact of paying employee wages on the accounting
equation?
A .Increase owner's equity
b. Increase expense
c. Decrease expense
d . Increase asset - Correct Answer - b
, 8. Which account is summarized on the balance sheet?
a. Expense account
b. Owner's equity
c. Revenue account
d. Cost of good sold - Correct Answer - b
9. A retail company purchased inventory costing $100,000. By the end of
the year, inventory costing $75,000 had been sold. How is the cost of
inventory reported in the financial statements?
a.$75,000 COGS on balance sheet
b.$75,000 inventory on balance sheet
c.$75,000 COGS on income statement
d. $75,000 inventory on income statement - Correct Answer - c
10. Which of the following is an example of a merchandising company?
a. Furniture maker
b. Locksmith
c. Landscaper
d. Clothing store - Correct Answer - d
11. Actual manufacturing overhead includes which of the following?
a. Direct labor and direct materials expenses
b. Manufacturing costs other than direct labor and direct materials
c. Manufacturing costs including direct labor and direct materials
d .Non-manufacturing costs other than direct labor and direct materials -
Correct Answer - b
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