WGU D196 |OA| OBJECTIVE ASSESSMENT | EXAM
Correct
Incorrect
As an administrative expense
As cost of goods manufactured
As cost of goods sold
Cost driver
(FASB)
, Manufacturing As an administrative expense
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2 of 56
Term
A company reports these data:
Total sales revenue = $250,000
Number of units sold = 50,000 units
Variable costs = $100,000
If the company is operating at its break-even point, what is the
company's total contribution margin?
$200,000
$50,000
$150,000
$100,000
Give this one a try later!
Assets increase by $80,000;
Paying employees
liabilities increase by $80,000.
Assets $150,000
Don't know?
3 of 56
,Term
What is the correct sequence for the flow of costs through a job
order costing system?
Raw materials inventory, cost of goods sold, work-in-process
inventory, finished goods inventory
Raw materials inventory, finished goods inventory, cost of goods
sold, work-in-process inventory
Raw materials inventory, work-in-process inventory, finished goods
inventory, cost of goods sold
Raw materials inventory, work-in-process inventory, cost of goods
sold, finished goods inventory
Give this one a try later!
Amount of total production cost
To turn information about
divided by the number of units
transactions into financial
completed during a particular
statements
period of time
Raw materials inventory, work-
in-process inventory, finished Raw materials, work-in-process,
goods inventory, cost of finished goods, cost of goods sold
goods sold
Don't know?
4 of 56
Term
How are production costs treated in a process costing system?
Costs are assigned to the actual manufacturing overhead account
, during the period.
Costs are accumulated by process and averaged over all products
made during the period.
Costs are assigned to specific jobs or products made during the
period.
Costs are assigned to a selling, general, and administrative expense
account during the period.
Give this one a try later!
Costs are accumulated by
Raw materials inventory, work-in-
process and averaged over all
process inventory, finished goods
products made during the
inventory, cost of goods sold
period.
To turn information about
Assets decrease by $5,000;
transactions into financial
expenses increase by $5,000.
statements
Don't know?
5 of 56
Term
What is a transaction?
A type of commonly used accounting software
A category of merchandiser or retailer
Two parties exchanging something of value
An example of an online business document
Correct
Incorrect
As an administrative expense
As cost of goods manufactured
As cost of goods sold
Cost driver
(FASB)
, Manufacturing As an administrative expense
Don't know?
2 of 56
Term
A company reports these data:
Total sales revenue = $250,000
Number of units sold = 50,000 units
Variable costs = $100,000
If the company is operating at its break-even point, what is the
company's total contribution margin?
$200,000
$50,000
$150,000
$100,000
Give this one a try later!
Assets increase by $80,000;
Paying employees
liabilities increase by $80,000.
Assets $150,000
Don't know?
3 of 56
,Term
What is the correct sequence for the flow of costs through a job
order costing system?
Raw materials inventory, cost of goods sold, work-in-process
inventory, finished goods inventory
Raw materials inventory, finished goods inventory, cost of goods
sold, work-in-process inventory
Raw materials inventory, work-in-process inventory, finished goods
inventory, cost of goods sold
Raw materials inventory, work-in-process inventory, cost of goods
sold, finished goods inventory
Give this one a try later!
Amount of total production cost
To turn information about
divided by the number of units
transactions into financial
completed during a particular
statements
period of time
Raw materials inventory, work-
in-process inventory, finished Raw materials, work-in-process,
goods inventory, cost of finished goods, cost of goods sold
goods sold
Don't know?
4 of 56
Term
How are production costs treated in a process costing system?
Costs are assigned to the actual manufacturing overhead account
, during the period.
Costs are accumulated by process and averaged over all products
made during the period.
Costs are assigned to specific jobs or products made during the
period.
Costs are assigned to a selling, general, and administrative expense
account during the period.
Give this one a try later!
Costs are accumulated by
Raw materials inventory, work-in-
process and averaged over all
process inventory, finished goods
products made during the
inventory, cost of goods sold
period.
To turn information about
Assets decrease by $5,000;
transactions into financial
expenses increase by $5,000.
statements
Don't know?
5 of 56
Term
What is a transaction?
A type of commonly used accounting software
A category of merchandiser or retailer
Two parties exchanging something of value
An example of an online business document
