WGU D101 Cost and Managerial Accounting exam questions with answers

WGU D101 Cost and Managerial Accounting
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exam questions with answers |\ |\ |\




Actual Manufacturing Overhead - CORRECT ANSWERS
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✔✔Manufacturing costs other than direct materials and direct |\ |\ |\ |\ |\ |\ |\ |\


labor


Applied Manufacturing Overhead - CORRECT ANSWERS ✔✔The
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amount of the manufacturing overhead that is assigned to the
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goods produced; this is usually done by using a predetermined
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annual overhead rate |\ |\




Batch-level Activities - CORRECT ANSWERS ✔✔Activities that take
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place to support a batch or production run, regardless of the size
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of the batch
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Beginning Work-in-process Inventory - CORRECT ANSWERS
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✔✔The ending-work-in-process inventory that is carried over from
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the last accounting period to the current accounting period
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Break-even Point - CORRECT ANSWERS ✔✔The amount of sales
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at which total costs of the number of units sold equal total
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revenues; the point at which there is no profit or loss
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Budgeted Production in Units - CORRECT ANSWERS ✔✔The
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budgeted number of units to be produced in a period, taking into
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consideration the sales volume, the number of units in beginning
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, inventory, and the number of units required to be in ending
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inventory


Budgeted Sales in Dollars - CORRECT ANSWERS ✔✔The result
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when the budgeted sales in units is multiplied by the unit sales
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prices for each product budgeted to be sold in the budget for the
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next year or the next period
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Budgeted Sales in Units - CORRECT ANSWERS ✔✔Information in
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the sales budget that feeds directly into the production budget,
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from which the direct materials and direct labor budgets are
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created


Common Costs - CORRECT ANSWERS ✔✔Overhead costs like
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executive salaries or property taxes that cannot be attributed to
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and are not the responsibility of specific products, departments,
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or business segments
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Contribution Margin - CORRECT ANSWERS ✔✔The difference |\ |\ |\ |\ |\ |\ |\


between total sales and variable costs; the portion of sales
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revenue available to cover fixed costs and provide a profit
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Contribution Margin Ratio - CORRECT ANSWERS ✔✔The |\ |\ |\ |\ |\ |\ |\


percentage of net sales revenue left after variable costs are |\ |\ |\ |\ |\ |\ |\ |\ |\ |\


deducted; the contribution margin divided by net sales revenue
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Conversion Costs - CORRECT ANSWERS ✔✔The costs of |\ |\ |\ |\ |\ |\ |\ |\


converting raw materials to finished products; these include |\ |\ |\ |\ |\ |\ |\ |\


direct labor and manufacturing overhead costs
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