WGU C213 ALL RESOURCES
UPDATED FOR GUARANTEED PASS |
LATEST UPDATED
In which scenario would activity-based costing be more appropriate than traditional
costing? - <<<<ANSWERS>>>A company produces five different products. The
products are highly differentiated and have significantly different demands for their use
of overhead costs.
Which two concepts are studied in cost-volume-profit analysis? -
<<<<ANSWERS>>>Profits and Levels of Activity
The director of a marathon race wants to assign the cost of having police officers along
the race route to manage crowd control. Which consideration is an appropriate cost
driver? - <<<<ANSWERS>>>The number of race participants and spectators
What are two impacts on costs as sales volume increases? - <<<<ANSWERS>>>Total
fixed costs will stay the same and fixed costs per unit will decrease
Which consideration is an appropriate cost driver? - <<<<ANSWERS>>>
A company is experiencing an increase in their bad debt expense. Which change in
credit policy would cause this increase? - <<<<ANSWERS>>>Credit limits were
increased for all customers.
What two items of information are revealed on the balance sheet? -
<<<<ANSWERS>>>Ownership and Debt
Which category on the statement of cash flows summarizes cash receipts and
payments to owners and creditors of the company? - <<<<ANSWERS>>>Cash flows
from financing activities
A corporation has total liabilities of $300 million, total owners' equity of $100 million, and
current assets of $50 million. What is the value of the firm's long-term assets? -
<<<<ANSWERS>>>$350 Million
Where would an investor find a summary of a company's significant accounting
policies? - <<<<ANSWERS>>>In the notes to financial statements
Reliable - <<<<ANSWERS>>>Information that can be verified
, Relevant - <<<<ANSWERS>>>Information having to do with the matter at hand
Material - <<<<ANSWERS>>>Information that is important enough to make a difference
Conservatism - <<<<ANSWERS>>>Information related to recognizing losses as they
occur
Order the steps in the decision cycle from first (1) to last (5). - <<<<ANSWERS>>>"1.
Prepare Financial Statements
2. Analyze financial statements - <<<<ANSWERS>>>
3. Gather Information - <<<<ANSWERS>>>
4. Make decision - <<<<ANSWERS>>>
5. Implement decision" - <<<<ANSWERS>>>
Which two items' subtotals are included in a multi-step income statement? -
<<<<ANSWERS>>>Gross profit and Income from Operations
have on the statement of cash flows? - <<<<ANSWERS>>>Increase in cash from
investing activities
What is known about the direct and indirect methods of preparing statements of cash
flow? - <<<<ANSWERS>>>The indirect method is more popular among large U.S.
companies
Which two actions do internal auditors perform to assist in maintaining the integrity of
financial statements? - <<<<ANSWERS>>>They search for and investigate fraud and
They review financial records and internal controls.
What is a cost that will change in the future based upon the decision made? -
<<<<ANSWERS>>>Differential cost
Which two costs are included when calculating inventory costs? -
<<<<ANSWERS>>>Direct labor and overhead
Which two examples are period costs? - <<<<ANSWERS>>>Admin and Selling
Expenses
Which category of ABC activities are machine setup and material movement costs
associated with? - <<<<ANSWERS>>>Batch-level activities
UPDATED FOR GUARANTEED PASS |
LATEST UPDATED
In which scenario would activity-based costing be more appropriate than traditional
costing? - <<<<ANSWERS>>>A company produces five different products. The
products are highly differentiated and have significantly different demands for their use
of overhead costs.
Which two concepts are studied in cost-volume-profit analysis? -
<<<<ANSWERS>>>Profits and Levels of Activity
The director of a marathon race wants to assign the cost of having police officers along
the race route to manage crowd control. Which consideration is an appropriate cost
driver? - <<<<ANSWERS>>>The number of race participants and spectators
What are two impacts on costs as sales volume increases? - <<<<ANSWERS>>>Total
fixed costs will stay the same and fixed costs per unit will decrease
Which consideration is an appropriate cost driver? - <<<<ANSWERS>>>
A company is experiencing an increase in their bad debt expense. Which change in
credit policy would cause this increase? - <<<<ANSWERS>>>Credit limits were
increased for all customers.
What two items of information are revealed on the balance sheet? -
<<<<ANSWERS>>>Ownership and Debt
Which category on the statement of cash flows summarizes cash receipts and
payments to owners and creditors of the company? - <<<<ANSWERS>>>Cash flows
from financing activities
A corporation has total liabilities of $300 million, total owners' equity of $100 million, and
current assets of $50 million. What is the value of the firm's long-term assets? -
<<<<ANSWERS>>>$350 Million
Where would an investor find a summary of a company's significant accounting
policies? - <<<<ANSWERS>>>In the notes to financial statements
Reliable - <<<<ANSWERS>>>Information that can be verified
, Relevant - <<<<ANSWERS>>>Information having to do with the matter at hand
Material - <<<<ANSWERS>>>Information that is important enough to make a difference
Conservatism - <<<<ANSWERS>>>Information related to recognizing losses as they
occur
Order the steps in the decision cycle from first (1) to last (5). - <<<<ANSWERS>>>"1.
Prepare Financial Statements
2. Analyze financial statements - <<<<ANSWERS>>>
3. Gather Information - <<<<ANSWERS>>>
4. Make decision - <<<<ANSWERS>>>
5. Implement decision" - <<<<ANSWERS>>>
Which two items' subtotals are included in a multi-step income statement? -
<<<<ANSWERS>>>Gross profit and Income from Operations
have on the statement of cash flows? - <<<<ANSWERS>>>Increase in cash from
investing activities
What is known about the direct and indirect methods of preparing statements of cash
flow? - <<<<ANSWERS>>>The indirect method is more popular among large U.S.
companies
Which two actions do internal auditors perform to assist in maintaining the integrity of
financial statements? - <<<<ANSWERS>>>They search for and investigate fraud and
They review financial records and internal controls.
What is a cost that will change in the future based upon the decision made? -
<<<<ANSWERS>>>Differential cost
Which two costs are included when calculating inventory costs? -
<<<<ANSWERS>>>Direct labor and overhead
Which two examples are period costs? - <<<<ANSWERS>>>Admin and Selling
Expenses
Which category of ABC activities are machine setup and material movement costs
associated with? - <<<<ANSWERS>>>Batch-level activities
