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WGU C213 Final Exam | 73 Questions And
Answers
Order of assets listed on the balance sheet Correct Ans
➡ Assets are
listed in the order of liquidity. Liquidity is the amount of time it would
usually take to covert an asset into cash. Obviously, cash would be
listed first, followed by marketable investments (a company can
quickly convert a short- term investment into cash). Accounts
receivable would be listed next followed by inventory, and long-term
investments, fixed assets, and intangibles.
Current assets are listed before long-term assets.
Current liabilities are listed before long-term liabilities, but there is
no specific order they are listed in outside of current and long-term.
There is also no specific order equity accounts are listed on the
balance sheet; although, typically you will see paid-in-capital followed
by retained earnings followed by accumulated other comprehensive
income, and lastly, treasury stock.
Difference between a manufacturing company and a service
company. Period Costs Product Costs
Service Co. Selling Costs Direct Labor
Administrative Costs Service Overhead
Manufacturing Co Selling Costs Direct Labor
Administrative Costs Manufacturing Overhead
Direct Materials (inventory Correct Ans ➡ The only difference is
- a manufacturing company has direct materials (inventory).
Evaluating a historical income statement to project a future income
statement.
Projected growth for 2017 = 10% increase over 2016 sales.
Step 1: Convert the income statement into a common-sized income
statement.
Step 2: Multiply 2016 sales by 1.10 (10% growth) to get the
forecasted 2017 sales. Then multiply the projected 2017 sales by the
percentages from step 1.
Now, what would you do if you were given the 2017 sales figure and
you need to calculate the 2016 sales figure based off the 10%
growth for 2017? Correct Ans ➡ Calculation for 2016: 110,000 /
1.10 = 100,000
Role of the U. S. Securities and Exchange Commission (SEC) in
financial reporting. Correct Ans ➡ Regulates the U.S.
Stock exchanges.
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Seeks to create a fair information environment in which investors
can buy and sell stocks.
Congress created the first securities act in 1933 and the second
securities act in 1934 in response to the stock market crash of
1929.
The Securities Act of 1933 requires most companies planning to
issue new debt or stock securities to the public to submit a
registration statement to the public for approval.
The Securities Act of 1934 requires a public company to file detailed
periodic reports including audited financial statements (form 10-K is
the annual report; Form 10-Q is the quarterly report).
Granted the legal authority to establish accounting standards.
Currently the SEC accepts the pronouncements set by FASB.
The SEC can suspend trading of a company's stock, and if hearings
show that the issue failed to comply with the securities laws, the SEC
can de-list the security.
Congress strengthened the SEC through the enactment of Sarbanes-
Oxley (SOX), which was enacted after the massive frauds that
occurred in the late 1990s and the early 2000s.
Compare and Contrast Traditional Costing to Activity-Based Costing
(ABC). Correct Ans ➡ ABC is a more accurate product costing
system than traditional product costing systems.
ABC requires more time and expense to administer than do
traditional costing systems.
Companies with diverse products involving substantially different
production processes, an ABC system yields better cost data and
better management decisions.
Describe how basic cost behavior patterns change as sales volumes
change. Correct Ans ➡ Fixed costs (FC) are fixed in total, but as
sales volume increases, the per unit FC decreases.
Variable costs (VC) are fixed per unit, but as sales volume increases,
total VC increases.
Stewart Manufacturing produces and sells die cast race cars. VC for
each die cast car is $3 and total FC are $300,000
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WGU C213 Final Exam | 73 Questions And
Answers
Order of assets listed on the balance sheet Correct Ans
➡ Assets are
listed in the order of liquidity. Liquidity is the amount of time it would
usually take to covert an asset into cash. Obviously, cash would be
listed first, followed by marketable investments (a company can
quickly convert a short- term investment into cash). Accounts
receivable would be listed next followed by inventory, and long-term
investments, fixed assets, and intangibles.
Current assets are listed before long-term assets.
Current liabilities are listed before long-term liabilities, but there is
no specific order they are listed in outside of current and long-term.
There is also no specific order equity accounts are listed on the
balance sheet; although, typically you will see paid-in-capital followed
by retained earnings followed by accumulated other comprehensive
income, and lastly, treasury stock.
Difference between a manufacturing company and a service
company. Period Costs Product Costs
Service Co. Selling Costs Direct Labor
Administrative Costs Service Overhead
Manufacturing Co Selling Costs Direct Labor
Administrative Costs Manufacturing Overhead
Direct Materials (inventory Correct Ans ➡ The only difference is
- a manufacturing company has direct materials (inventory).
Evaluating a historical income statement to project a future income
statement.
Projected growth for 2017 = 10% increase over 2016 sales.
Step 1: Convert the income statement into a common-sized income
statement.
Step 2: Multiply 2016 sales by 1.10 (10% growth) to get the
forecasted 2017 sales. Then multiply the projected 2017 sales by the
percentages from step 1.
Now, what would you do if you were given the 2017 sales figure and
you need to calculate the 2016 sales figure based off the 10%
growth for 2017? Correct Ans ➡ Calculation for 2016: 110,000 /
1.10 = 100,000
Role of the U. S. Securities and Exchange Commission (SEC) in
financial reporting. Correct Ans ➡ Regulates the U.S.
Stock exchanges.
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5:42:03 AM*&!#%#&&!%%#^#^&^!#&*^&^*#!(FG*T!^&*#*((*!#&()#_)
Seeks to create a fair information environment in which investors
can buy and sell stocks.
Congress created the first securities act in 1933 and the second
securities act in 1934 in response to the stock market crash of
1929.
The Securities Act of 1933 requires most companies planning to
issue new debt or stock securities to the public to submit a
registration statement to the public for approval.
The Securities Act of 1934 requires a public company to file detailed
periodic reports including audited financial statements (form 10-K is
the annual report; Form 10-Q is the quarterly report).
Granted the legal authority to establish accounting standards.
Currently the SEC accepts the pronouncements set by FASB.
The SEC can suspend trading of a company's stock, and if hearings
show that the issue failed to comply with the securities laws, the SEC
can de-list the security.
Congress strengthened the SEC through the enactment of Sarbanes-
Oxley (SOX), which was enacted after the massive frauds that
occurred in the late 1990s and the early 2000s.
Compare and Contrast Traditional Costing to Activity-Based Costing
(ABC). Correct Ans ➡ ABC is a more accurate product costing
system than traditional product costing systems.
ABC requires more time and expense to administer than do
traditional costing systems.
Companies with diverse products involving substantially different
production processes, an ABC system yields better cost data and
better management decisions.
Describe how basic cost behavior patterns change as sales volumes
change. Correct Ans ➡ Fixed costs (FC) are fixed in total, but as
sales volume increases, the per unit FC decreases.
Variable costs (VC) are fixed per unit, but as sales volume increases,
total VC increases.
Stewart Manufacturing produces and sells die cast race cars. VC for
each die cast car is $3 and total FC are $300,000
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