WGU C253 ADVANCED MANAGERIAL
ACCOUNTING EXAM 2024 ACTUAL
EXAM COMPLETE 200 QUESTIONS
WITH DETAILED VERIFIED
ANSWERS/ALREADY GRADED A+
The difference between a direct material's actual
price per unit and its standard price per unit,
multiplied by the quantity purchased. -
....ANSWER...Materials price variance
The difference between the actual quantity of
materials used in production and the standard
quantity allowed for the actual output, multiplied by
the standard price per unit of materials. -
....ANSWER...Materials quantity variance
A document that specifies the type and quantity of
materials to be drawn from the storeroom and that
,identifies the job that will be charged for the cost of
those materials. - ....ANSWER...Materials requisition
form
A detailed plan used by a merchandising company
that shows the amount of goods that must be
purchased from suppliers during the period. -
....ANSWER...Merchandise purchases budget
A cost that contains both variable and fixed cost
elements. - ....ANSWER...Mixed cost
A costing system with multiple overhead cost pools
and a different predetermined overhead rate for
each cost pool, rather than a single predetermined
overhead rate for the entire company. Each
production department may be treated as a separate
overhead cost pool. - ....ANSWER...Multiple
predetermined overhead rates
The difference between the present value of an
investment project's cash inflows and the present
value of its cash outflows. - ....ANSWER...Net present
value
,A costing system in which overhead costs are
applied to a job by multiplying a predetermined
overhead rate by the actual amount of the allocation
base incurred by the job. - ....ANSWER...Normal cost
system
A measure of how sensitive net operating income is
to a given percentage change in unit sales. -
....ANSWER...Operating leverage
A hybrid costing system used when products have
some common characteristics and some individual
characteristics. - ....ANSWER...Operation costing
The potential benefit that is given up when one
alternative is selected over another. -
....ANSWER...Opportunity cost
The potential benefit that is given up when one
alternative is selected over another. -
....ANSWER...Opportunity cost
Activities that are carried out regardless of which
customers are served, which products are produced,
how many batches are run, or how many units are
, made. - ....ANSWER...Organization-sustaining
activities
Actual cash outlays for salaries, advertising, repairs,
and similar costs. - ....ANSWER...Out-of-pocket costs
A credit balance in the Manufacturing Overhead
account that occurs when the amount of overhead
cost applied to Work in Process is greater than the
amount of overhead cost actually incurred during a
period. - ....ANSWER...Overapplied overhead
The process of assigning overhead cost to specific
jobs. - ....ANSWER...Overhead application
The length of time that it takes for a project to fully
recover its initial cost out of the net cash inflows
that it generates. - ....ANSWER...Payback period
Costs that are taken directly to the income
statement as expenses in the period in which they
are incurred or accrued. - ....ANSWER...Period costs
ACCOUNTING EXAM 2024 ACTUAL
EXAM COMPLETE 200 QUESTIONS
WITH DETAILED VERIFIED
ANSWERS/ALREADY GRADED A+
The difference between a direct material's actual
price per unit and its standard price per unit,
multiplied by the quantity purchased. -
....ANSWER...Materials price variance
The difference between the actual quantity of
materials used in production and the standard
quantity allowed for the actual output, multiplied by
the standard price per unit of materials. -
....ANSWER...Materials quantity variance
A document that specifies the type and quantity of
materials to be drawn from the storeroom and that
,identifies the job that will be charged for the cost of
those materials. - ....ANSWER...Materials requisition
form
A detailed plan used by a merchandising company
that shows the amount of goods that must be
purchased from suppliers during the period. -
....ANSWER...Merchandise purchases budget
A cost that contains both variable and fixed cost
elements. - ....ANSWER...Mixed cost
A costing system with multiple overhead cost pools
and a different predetermined overhead rate for
each cost pool, rather than a single predetermined
overhead rate for the entire company. Each
production department may be treated as a separate
overhead cost pool. - ....ANSWER...Multiple
predetermined overhead rates
The difference between the present value of an
investment project's cash inflows and the present
value of its cash outflows. - ....ANSWER...Net present
value
,A costing system in which overhead costs are
applied to a job by multiplying a predetermined
overhead rate by the actual amount of the allocation
base incurred by the job. - ....ANSWER...Normal cost
system
A measure of how sensitive net operating income is
to a given percentage change in unit sales. -
....ANSWER...Operating leverage
A hybrid costing system used when products have
some common characteristics and some individual
characteristics. - ....ANSWER...Operation costing
The potential benefit that is given up when one
alternative is selected over another. -
....ANSWER...Opportunity cost
The potential benefit that is given up when one
alternative is selected over another. -
....ANSWER...Opportunity cost
Activities that are carried out regardless of which
customers are served, which products are produced,
how many batches are run, or how many units are
, made. - ....ANSWER...Organization-sustaining
activities
Actual cash outlays for salaries, advertising, repairs,
and similar costs. - ....ANSWER...Out-of-pocket costs
A credit balance in the Manufacturing Overhead
account that occurs when the amount of overhead
cost applied to Work in Process is greater than the
amount of overhead cost actually incurred during a
period. - ....ANSWER...Overapplied overhead
The process of assigning overhead cost to specific
jobs. - ....ANSWER...Overhead application
The length of time that it takes for a project to fully
recover its initial cost out of the net cash inflows
that it generates. - ....ANSWER...Payback period
Costs that are taken directly to the income
statement as expenses in the period in which they
are incurred or accrued. - ....ANSWER...Period costs
