Principles of Financial and Managerial Accounting - D196 WGU
Assessment Exam with 175+ Questions and Verified Rationalized Answers
100% Pass Score
1. the production budget: Sales budget + ending finished goods inventory - begin-
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ning finished goods inventory
b b b b
2. direct materials production budget: Production budget × direct materials peruni
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t
3. the direct materials purchases budget: Direct materials production budget +en
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ding direct materials inventory - beginning direct materials inventory
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4. Cash collected from customers: (current period revenue × current period col-
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lection rate) + cash collected from previous period sales
b b b b b b b b b
5. Cash payments to suppliers: (current period purchases × current period pay-
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ment rate) + cash paid on previous period purchases
b b b b b b b b b
6. Cost Variance: Difference between actual costs and budgeted costs
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7. Contribution Margin: = Sales Revenue - Variable Costs b b b b b b b
The difference between total sales and variable costs; the portion of sales revenueava
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ilable to cover fixed costs and provide a profit.
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8. Target Income: = Sales Revenue - Variable Costs -
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1b/b10
,Fixed CostsA profit level desired by management.
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9. At break-even: Target income = 0
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10. Sales Revenue: = Sales Price x Number of Units
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11. Variable Costs: = Variable Cost per Unit x Number of Units
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Costs that change in total in direct proportion to changes in activity level.
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12. Variable Cost Ratio x Sales Revenue: Variable Costs
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13. Unit-
level activities: Activities that take place each time a unit of product isproduced.
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14. Batch-
level activities: Activities that take place in order to support a batch orproduction ru
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n, regardless of the size of the batch.
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15. Product-
line Activities: Activities that take place in order to support a productline, regardless
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of the number of batches or individual units produced.
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16. cost pool: Total cost being generated by a specific overhead cost activity.
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17. cost driver: A numerical measure used to reflect the amount of a specific costtha
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t is associated with a particular activity
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18. Activity rate: The amount of the estimated cost pool divided by the estimatednu
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2b/b10
, mber of cost driver events
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19. How do expenses impact the accounting equation?: Expenses decreaseown
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ers' equityb
20. Purpose of the accounting cycle?: To turn information about transactions intofin
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ancial statements b
21. How is gross profit computed?: Sales minus cost of good sold
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22. Which type of account is retained earnings?: Equity
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3b/b10
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