WGU D102 FINANCIAL ACCOUNTING FINAL OA EXAM
2026/2027 TEST BANK 2 LATEST ACTUAL EXAM WITH
COMPLETE QUESTIONS AND CORRECT DETAILED
ANSWERS (100% VERIFIED ANSWERS) |ALREADY
GRADED A+| ||PROFESSOR VERIFIED|| LATEST
VERSION!!
Job costing and process costing have similarities. Which
statement is true about both?
a. Both cost systems have the same goal: to determine
the cost of products
b. Both cost systems are appropriate for companies that
cannot specifically
c. identify each job or product. Both cost systems should
be used when manufacturing unique products
,d. Both cost systems should be used when cost cannot be
differentiated from one product to another - ANSWER-a
53. What is an example of a financial cost that would
result from poor direct materials budgeting and planning?
a. Increased hiring training, and overtime costs
b. Increased depreciation costs for facilities
c. Excessive inventory storage costs
d. Delayed cash collections from credit customers -
ANSWER-c
54. A company decides to purchase a piece of equipment
with cash. Which accounts are affected by this
transaction?
,a. Increase and decrease to asset
b. Increase and decrease to owner's equity
c. Increase in asset and decrease in revenue
d. Increase in asset and increase in liability - ANSWER-a
55. Accurate cost data is needed for which of the
following?
a. Valuing assets
b. Setting sales prices
c. Making good business decisions
d. All of the above - ANSWER-d
56. Type of accounts payable and notes payable are
, a .Liability
b. asset .
c. equity
d. none of the answers - ANSWER-a
57. Purposes of accounting cycle?
a. potential gain from other alternatives when one
alternative is chosen.
b. To turn information in to financial
c. turn off employees
d. All of the answers - ANSWER-b
The amount of liabilities and equity must equal
2026/2027 TEST BANK 2 LATEST ACTUAL EXAM WITH
COMPLETE QUESTIONS AND CORRECT DETAILED
ANSWERS (100% VERIFIED ANSWERS) |ALREADY
GRADED A+| ||PROFESSOR VERIFIED|| LATEST
VERSION!!
Job costing and process costing have similarities. Which
statement is true about both?
a. Both cost systems have the same goal: to determine
the cost of products
b. Both cost systems are appropriate for companies that
cannot specifically
c. identify each job or product. Both cost systems should
be used when manufacturing unique products
,d. Both cost systems should be used when cost cannot be
differentiated from one product to another - ANSWER-a
53. What is an example of a financial cost that would
result from poor direct materials budgeting and planning?
a. Increased hiring training, and overtime costs
b. Increased depreciation costs for facilities
c. Excessive inventory storage costs
d. Delayed cash collections from credit customers -
ANSWER-c
54. A company decides to purchase a piece of equipment
with cash. Which accounts are affected by this
transaction?
,a. Increase and decrease to asset
b. Increase and decrease to owner's equity
c. Increase in asset and decrease in revenue
d. Increase in asset and increase in liability - ANSWER-a
55. Accurate cost data is needed for which of the
following?
a. Valuing assets
b. Setting sales prices
c. Making good business decisions
d. All of the above - ANSWER-d
56. Type of accounts payable and notes payable are
, a .Liability
b. asset .
c. equity
d. none of the answers - ANSWER-a
57. Purposes of accounting cycle?
a. potential gain from other alternatives when one
alternative is chosen.
b. To turn information in to financial
c. turn off employees
d. All of the answers - ANSWER-b
The amount of liabilities and equity must equal
