C213 Accounting WGU 2024 EXAM
PRACTICE QUESTIONS WITH VERIFIED
ANSWERS BEST STUDYING MATERIAL
GUARANTEED PASS
Controlling
- ANSWER implementing management plans and identifying how plans compare with
actual performance
cost volume profit analysis
- ANSWER techniques for determining how change sin revenues, costs, and level of
activity affect the profitability of an organization
differential costs
- ANSWER future costs that change as a result of a decision, also called incremental or
relevant costs
direct costs
- ANSWER costs that are specifically traceable to a unit of business or segment being
analyzed
direct labor
- ANSWER wages paid to those who physically work on direct materials to transform
them into a finished product and are traceable to specific products
direct materials - ANSWER materials that become part of the product and are traceable
to it
evaluating –
ANSWER analyzing results, rewarding performance, and identifying problems
fixed costs
- ANSWER costs that remain constant in total, regardless of activity level, over a
certain range of activity
indirect costs
- ANSWER cost normally incurred for the benefit of several segments within the
organization; sometimes called common costs or joint costs
indirect labor - ANSWER labor that is necessary to a manufacturing or service business
but is not directly related to the actual production of the product
indirect materials
, - ANSWER materials that are necessary to a manufacturing or service business but are
not directly included in or are not a significant part of the actual product
manufacturing overhead
- ANSWER all costs incurred in the manufacturing process other than direct materials
and direct labor
operational budgeting - ANSWER managerial planning decisions regarding current and
immediate future (a year or less)operations that are characterized by regularity and
frequency
opportunity costs
- ANSWER the benefits lost or forfeited as a result of selecting one alternative course of
action over another
out of pocket costs - ANSWER cost that require an outlay of cash or other resources
period costs
- ANSWER costs not directly related to a product, service, or asset. they are charged
as expenses to the income statement in the period in which they are incurred
planning - ANSWER outlining the activities that need to be performed for an
organization to achieve its objectives
product costs
- ANSWER costs associated with products or services offered
production prioritizing - ANSWER management's continual evaluation of various product
lines and divisions' profitability in order to analyze and identify opportunities to improve
profits
return on investment
- ANSWER a measure of operating performance and efficiency in utilizing assets;
computed in its simplest form by dividing net income by average total assets (also know
as return on assets or ROA)
. Accounting
- ANSWER a system of providing "quantitative information, primarily financial in nature,
about economic entities that is intended to be useful in making economic decisions"
AICPA –
ANSWER American Institute of Certified Public Accountants-the professional
organization of certified public accountants in the united states
PRACTICE QUESTIONS WITH VERIFIED
ANSWERS BEST STUDYING MATERIAL
GUARANTEED PASS
Controlling
- ANSWER implementing management plans and identifying how plans compare with
actual performance
cost volume profit analysis
- ANSWER techniques for determining how change sin revenues, costs, and level of
activity affect the profitability of an organization
differential costs
- ANSWER future costs that change as a result of a decision, also called incremental or
relevant costs
direct costs
- ANSWER costs that are specifically traceable to a unit of business or segment being
analyzed
direct labor
- ANSWER wages paid to those who physically work on direct materials to transform
them into a finished product and are traceable to specific products
direct materials - ANSWER materials that become part of the product and are traceable
to it
evaluating –
ANSWER analyzing results, rewarding performance, and identifying problems
fixed costs
- ANSWER costs that remain constant in total, regardless of activity level, over a
certain range of activity
indirect costs
- ANSWER cost normally incurred for the benefit of several segments within the
organization; sometimes called common costs or joint costs
indirect labor - ANSWER labor that is necessary to a manufacturing or service business
but is not directly related to the actual production of the product
indirect materials
, - ANSWER materials that are necessary to a manufacturing or service business but are
not directly included in or are not a significant part of the actual product
manufacturing overhead
- ANSWER all costs incurred in the manufacturing process other than direct materials
and direct labor
operational budgeting - ANSWER managerial planning decisions regarding current and
immediate future (a year or less)operations that are characterized by regularity and
frequency
opportunity costs
- ANSWER the benefits lost or forfeited as a result of selecting one alternative course of
action over another
out of pocket costs - ANSWER cost that require an outlay of cash or other resources
period costs
- ANSWER costs not directly related to a product, service, or asset. they are charged
as expenses to the income statement in the period in which they are incurred
planning - ANSWER outlining the activities that need to be performed for an
organization to achieve its objectives
product costs
- ANSWER costs associated with products or services offered
production prioritizing - ANSWER management's continual evaluation of various product
lines and divisions' profitability in order to analyze and identify opportunities to improve
profits
return on investment
- ANSWER a measure of operating performance and efficiency in utilizing assets;
computed in its simplest form by dividing net income by average total assets (also know
as return on assets or ROA)
. Accounting
- ANSWER a system of providing "quantitative information, primarily financial in nature,
about economic entities that is intended to be useful in making economic decisions"
AICPA –
ANSWER American Institute of Certified Public Accountants-the professional
organization of certified public accountants in the united states
