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WGU D196 PRE ASSESSMENT PRINCIPLES OF FINANCIAL AND MANAGERIAL ACCOUNTING | QUESTIONS AND VERIFIED ANSWERS | UPDATED 2024/2025 $10.49
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WGU D196 PRE ASSESSMENT PRINCIPLES OF FINANCIAL AND MANAGERIAL ACCOUNTING | QUESTIONS AND VERIFIED ANSWERS | UPDATED 2024/2025
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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

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  • October 24, 2024
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  • 2024/2025
  • Exam (elaborations)
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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

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