WGU D377 EXAM REVIEW (CONCEPTS & ELEMENTS MISSED ON PREASSESSMENT THAT
ARE CRITICAL FOR ME TO PASS OA.) RATED 100% CORRECT!!
1. Which budget should include all production costs other than those for direct materials and direct
labor?
A.Sales budget
B.Direct materials budget
C.Manufacturing overhead budget
D. Production budget - (answer)c
2. Which account is a common asset account?
A.Accounts payables
B.Equity
C.Accounts receivable
D. Utilities Expense - (answer)c
3 .On which financial statement would you see the valuation of a company's asset accounts?
a.Statement of Cash Flows
b.Balance Sheet
c.Income Statement
d.Statement of Retained Earnings - (answer)B
4. What is the final step in the accounting cycle?
a.Summarize the effects of transactions
b.Analyze transactions
c.Prepare reports
d.Record the effects of transactions - (answer)c
5. Which of the following is not an example of a transaction?
a.Receive cash in payment of an invoice
,WGU D377 EXAM REVIEW (CONCEPTS & ELEMENTS MISSED ON PREASSESSMENT THAT
ARE CRITICAL FOR ME TO PASS OA.) RATED 100% CORRECT!!
b.Purchase an asset from a supplier
c.Sale on credit to a customer
d. Preparing financial statements - (answer)d
6. On which financial statement would you see cash flows from financing activities?
a.Statement of Cash Flows
b.Balance Sheet
c.Income Statement
d.Statement of Retained Earnings - (answer)d
7. Whose job is it to make sure that investors are provided with full and fair information about publicly
traded companies?
FASB
AICPA
IASB
SEC - (answer)d
8. How does a classified balance sheet provide useful information to a decision maker?
a.It distinguishes between current and long-term assets
b.It provides data that are not publicly disclosed
c.It distinguishes liabilities from expenses
D. It provides data for a period of time instead of as a point in time - (answer)a
9. In some companies, the performance measures for profit center managers are heavily influenced by
cost allocations downward from organizational units (such as company headquarters). Why is this a
mistake?
a.Controllable costs should not be included in the performance evaluation measure of a profit center
manager
, WGU D377 EXAM REVIEW (CONCEPTS & ELEMENTS MISSED ON PREASSESSMENT THAT
ARE CRITICAL FOR ME TO PASS OA.) RATED 100% CORRECT!!
b.Revenues should not be included in the performance evaluation measure of a profit center manager
c.Uncontrollable costs should not be included in the performance evaluation measure of a profit center
manager
d. Direct costs should not be included in the performance evaluation measure of a profit center manager
- (answer)c
10. Which is an example of a product cost?
a.Non-manufacturing personnel costs
b.Rent Expense
c.Office Supplies
d. Raw materials to make a product - (answer)d
11. Which label is given to the cost of wages for factory supervisors?
a. Direct labor
b.Direct materials
c. Manufacturing overhead
d. Administrative expenses - (answer)c
12. A company reports the following data: Price per unit = $20 Variable costs per unit = $12 Fixed costs =
$12,000 Given these data, what is the variable cost ratio?
a. 40%
b. 25%
c. 16%
d. 60% - (answer)d
13. If overhead is underapplied, which statement is true?
a.Actual costs exceed applied costs
b.Applied costs exceed actual costs
ARE CRITICAL FOR ME TO PASS OA.) RATED 100% CORRECT!!
1. Which budget should include all production costs other than those for direct materials and direct
labor?
A.Sales budget
B.Direct materials budget
C.Manufacturing overhead budget
D. Production budget - (answer)c
2. Which account is a common asset account?
A.Accounts payables
B.Equity
C.Accounts receivable
D. Utilities Expense - (answer)c
3 .On which financial statement would you see the valuation of a company's asset accounts?
a.Statement of Cash Flows
b.Balance Sheet
c.Income Statement
d.Statement of Retained Earnings - (answer)B
4. What is the final step in the accounting cycle?
a.Summarize the effects of transactions
b.Analyze transactions
c.Prepare reports
d.Record the effects of transactions - (answer)c
5. Which of the following is not an example of a transaction?
a.Receive cash in payment of an invoice
,WGU D377 EXAM REVIEW (CONCEPTS & ELEMENTS MISSED ON PREASSESSMENT THAT
ARE CRITICAL FOR ME TO PASS OA.) RATED 100% CORRECT!!
b.Purchase an asset from a supplier
c.Sale on credit to a customer
d. Preparing financial statements - (answer)d
6. On which financial statement would you see cash flows from financing activities?
a.Statement of Cash Flows
b.Balance Sheet
c.Income Statement
d.Statement of Retained Earnings - (answer)d
7. Whose job is it to make sure that investors are provided with full and fair information about publicly
traded companies?
FASB
AICPA
IASB
SEC - (answer)d
8. How does a classified balance sheet provide useful information to a decision maker?
a.It distinguishes between current and long-term assets
b.It provides data that are not publicly disclosed
c.It distinguishes liabilities from expenses
D. It provides data for a period of time instead of as a point in time - (answer)a
9. In some companies, the performance measures for profit center managers are heavily influenced by
cost allocations downward from organizational units (such as company headquarters). Why is this a
mistake?
a.Controllable costs should not be included in the performance evaluation measure of a profit center
manager
, WGU D377 EXAM REVIEW (CONCEPTS & ELEMENTS MISSED ON PREASSESSMENT THAT
ARE CRITICAL FOR ME TO PASS OA.) RATED 100% CORRECT!!
b.Revenues should not be included in the performance evaluation measure of a profit center manager
c.Uncontrollable costs should not be included in the performance evaluation measure of a profit center
manager
d. Direct costs should not be included in the performance evaluation measure of a profit center manager
- (answer)c
10. Which is an example of a product cost?
a.Non-manufacturing personnel costs
b.Rent Expense
c.Office Supplies
d. Raw materials to make a product - (answer)d
11. Which label is given to the cost of wages for factory supervisors?
a. Direct labor
b.Direct materials
c. Manufacturing overhead
d. Administrative expenses - (answer)c
12. A company reports the following data: Price per unit = $20 Variable costs per unit = $12 Fixed costs =
$12,000 Given these data, what is the variable cost ratio?
a. 40%
b. 25%
c. 16%
d. 60% - (answer)d
13. If overhead is underapplied, which statement is true?
a.Actual costs exceed applied costs
b.Applied costs exceed actual costs
