WGUl D196l Finall Examl (Latestl 2025/l 2026l Update)l Principlesl ofl Financiall andl Manageriall Accountingl Review|l Q/Al |l Gradel A|l 100%l Correctl (Verifiedl Answers)
Q:l Whatl isl al characteristicl ofl managerl accountingl systemsl thatl isl notl alsol al characteristicl ofl financiall accountingl systems?
Answer:
Manageriall accountingl includesl budgetl andl forecastl data
Q:l Lucasl worksl forl professionall consultingl firm.l Hel hasl beenl askedl tol comparel hisl firmsl financiall performancel tol thel performancel ofl anotherl firm.l Whichl companyl shouldl lookl atl Sue'sl asl al benchmarkl forl hisl company'sl performance?
Answer:
Al consultingl firm
Q:l Marial justl startedl al cosmeticsl company.l Shel purchasesl makel upl andl naill polishl froml al wholesalel distributorl andl sellsl productsl andl sociall media.l Whichl costsl willl maria'sl newl companyl have?
Answer:
Goodsl productl costsl andl periodl Costs
Q:l Jackl justl startedl al businessl thatl developsl websitesl forl otherl businesses.l Whichl typel ofl organizationl isl Jack'sl newl business?
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Answer:
Servicel organization
Q:l Whatl isl al sequencel ofl thel flowl ofl costl ofl al manufacturingl operation?
Answer:
Purchasel froml materials,l transferl rawl materialsl tol production,l addl directl laborl andl manufacturingl overheadl costs,l transferl thel costl ofl completedl goodsl tol finishl goodsl inventory,l selll goodsl andl transferl costl tol costl ofl goodsl sold.
Q:l Whatl costsl arel includedl inl manufacturingl overhead?
Answer:
Manufacturingl costsl thatl arel notl classifiedl asl directl materialsl orl Directl labor.
Q:l Whatl isl workl inl processl inventory?
Answer:
Alll materiall onl thel factoryl floorl thatl isl notl yetl completed
Q:l Whatl typel ofl costl arel thel wagesl paidl tol al factoryl supervisor?
Answer:
Manufacturingl overhead.l (includesl alll manufacturingl costsl thatl arel notl classifiedl asl directl materialsl orl directl labor.l Thisl includesl miscellaneousl materialsl usedl inl production,l suchl asl gluel orl nails;l wagesl forl thel factoryl supervisor,l controller,l andl custodiansl whol workl inl thel factoryl butl notl directlyl onl products.;l Andl otherl manufacturingl costsl suchl asl utilities,l depreciationl ofl manufacturingl facilities,l insurance,l andl propertyl taxes)
Q:l Whichl iteml isl al periodl cost?
Answer: 2 / 4
Wagesl ofl secretariall staffl (ifl yourl costl isl al costl thatl isl incurredl outsidel ofl productionl facility)
Q:l Whichl iteml isl al productl cost?
Answer:
Directl materialsl (Directl materialsl asl al productl costl becausel itl isl directlyl associatedl withl productionl activity)
Q:l Whichl productl costsl arel substantiall inl bothl al servicel companyl andl al manufacturingl company?
Answer:
Directl laborl andl overhead
Q:l Whatl isl anl importantl differencel inl thel costl accountsl ofl al merchandisingl companyl comparedl tol al manufacturingl company?
Answer:
Andl merchandisingl companyl hasl nol rawl materialsl inventoryl orl workl inl processl inventoryl (merchandisel inventory,l byl definition,l isl essentiallyl completel andl readyl forl salel whenl purchased)
Q:l Whichl statementl isl truel withl respectl tol fixedl andl variablel costs?
Answer:
Al fixedl costl isl fixedl inl totall andl decreasesl perl unitl asl al numberl ofl unitsl increasesl (becausel thatl constantl fixedl costsl isl spreadl overl morel unitsl asl al numberl ofl unitsl increases)
Q:l Whatl isl thel relevantl range?
Answer: 3 / 4
Thel rangel ofl volumel overl whichl thel variablel costl perl unitl isl expectedl tol remainl thel samel andl thel fixedl costl remainsl thel samel inl total.
Q:l Whichl statementl belowl isl truel withl regardl tol variablel costs?
Answer:
Totall variablel costsl changel inl relationshipl tol thel volumel ofl activity
Q:l Whichl statementl belowl isl truel withl regardl tol fixedl costs?
Answer:
Totall fixedl costl dol notl changel inl totall withinl irrelevantl changel ofl activity.l (theyl dol notl changel unlessl productionl goesl outsidel thel relevantl rangel ofl activity)
Q:l Whyl dol companiesl allocatel overheadl costsl basedl onl estimatedl overheadl numbersl insteadl ofl actuall numbers?
Answer:
Becausel overheadl costsl mustl bel allocatedl beginningl thel veryl firstl dayl ofl thel period,l butl thel actuall numberl isl notl availablel untill thel endl ofl thel period
Q:l Whatl mustl bel truel ofl al directl cost?
Answer:
Itl isl al costl traceablel tol al specificl businessl unit
Q:l Whatl mustl bel truel ofl anl indirectl cost?
Answer:
Itl isl al costl thatl cannotl bel tracedl tol al specificl businessl unitl orl product
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