WGU D101 Cost and Managerial Accounting
Exam Newest 2026 Questions and Correct
Detailed Answers Already Graded A+
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 - CORRECT
ANSWER-d.
Which costs should be assigned to each product under a job order costing
system?
a. Direct materials, direct labor, and manufacturing overhead
b. Direct labor, manufacturing overhead, and administrative expenses
c. Direct materials, direct labor, and administrative expenses
d. Manufacturing overhead, administrative expenses, and depreciation of office
buildings - CORRECT ANSWER-a.
,Which company should use a job ordering costing system?
a. Manufacturer of custom furniture
b. Manufacturer of paint
c. Food processing plant
d. Loan processing firm - CORRECT ANSWER-a.
The profitability of each separate job or product can only be tracked using which
product costing system?
a. Process costing
b. Average unit costing
c. Profitability costing
d. Job order costing - CORRECT ANSWER-d.
In completing its job order costing journal entries, ABC Company's accountants
made a credit entry to finished goods inventory.
When is this entry made?
,a. When work-in-process inventory is transferred to finished goods inventory
b. When finished goods inventory is sold
c. When the cost of goods manufactured is being calculated
d. When manufacturing overhead costs are applied to products being made -
CORRECT ANSWER-b.
Which account are the costs of the raw materials, direct labor, and miscellaneous
manufacturing overhead transferred to when the product is being manufactured?
a. Finished goods inventory
b. Cost of goods sold
c. Work-in-process inventory
d. Direct materials - CORRECT ANSWER-c.
When manufacturing is completed on specific products, their costs are
transferred to which account?
a. Cost of goods sold
b. Work-in-process inventory
, c. Finished goods inventory
d. Direct materials - CORRECT ANSWER-c.
What is a price taker? - CORRECT 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? - CORRECT 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
Exam Newest 2026 Questions and Correct
Detailed Answers Already Graded A+
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 - CORRECT
ANSWER-d.
Which costs should be assigned to each product under a job order costing
system?
a. Direct materials, direct labor, and manufacturing overhead
b. Direct labor, manufacturing overhead, and administrative expenses
c. Direct materials, direct labor, and administrative expenses
d. Manufacturing overhead, administrative expenses, and depreciation of office
buildings - CORRECT ANSWER-a.
,Which company should use a job ordering costing system?
a. Manufacturer of custom furniture
b. Manufacturer of paint
c. Food processing plant
d. Loan processing firm - CORRECT ANSWER-a.
The profitability of each separate job or product can only be tracked using which
product costing system?
a. Process costing
b. Average unit costing
c. Profitability costing
d. Job order costing - CORRECT ANSWER-d.
In completing its job order costing journal entries, ABC Company's accountants
made a credit entry to finished goods inventory.
When is this entry made?
,a. When work-in-process inventory is transferred to finished goods inventory
b. When finished goods inventory is sold
c. When the cost of goods manufactured is being calculated
d. When manufacturing overhead costs are applied to products being made -
CORRECT ANSWER-b.
Which account are the costs of the raw materials, direct labor, and miscellaneous
manufacturing overhead transferred to when the product is being manufactured?
a. Finished goods inventory
b. Cost of goods sold
c. Work-in-process inventory
d. Direct materials - CORRECT ANSWER-c.
When manufacturing is completed on specific products, their costs are
transferred to which account?
a. Cost of goods sold
b. Work-in-process inventory
, c. Finished goods inventory
d. Direct materials - CORRECT ANSWER-c.
What is a price taker? - CORRECT 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? - CORRECT 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
