WGU D196 |OA| OBJECTIVE ASSESSMENT | EXAM
Correct
Incorrect
An example of companies
who use process costing is
, An example of companies who use An example of companies who use
process costing is engineering process costing is construction
firms, or architectural designers. businesses, or advertising agencies.
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2 of 107
Term
· What are organizational segments?
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Organizational segments are
Organizational segments are groups
individual departments for daily
for internal communication only.
tasks.
Organizational segments are
Organizational segments are
parts of an organization that
temporary teams for project
require a separate report for
completion.
evaluation by management.
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3 of 107
Term
When does process costing work best?
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, Process costing works best in a Process costing works best in a
business that produces unique, business that focuses on small batch
custom-made items. production.
Process costing works best in
a business or environment that Process costing works best in a
has a continuing cycle of business with highly variable
repetitive tasks, or when things production cycles.
are mass-produced.
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4 of 107
Term
What is cost variance?
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A cost variance is the A cost variance is the variation in
difference between the actual production time compared to the
cost and the budgeted cost standard time.
A cost variance is the difference A cost variance is the discrepancy
between the projected revenue and between the budgeted sales and
the actual revenue. the actual sales.
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5 of 107
, Definition
The owners share of earnings.
A) Sources of equity:
-) Capital/Common Stock
-) Retained Earnings
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Owners Equity Direct Labor Budget
Break Even in Units Sales Budget
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6 of 107
Term
What is the role and purpose of accounting ?
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The accounting cycle is the procedure for analyzing, recording, summarizing,
and preparing the transactions of a business. The accounting cycle works by
turning transactions into financial statements through these steps:
Step 1: Analyze Transactions
Step 2: Record the effects of transactions
Step 3: Summarize the effects
Step 4: Prepare reports
Correct
Incorrect
An example of companies
who use process costing is
, An example of companies who use An example of companies who use
process costing is engineering process costing is construction
firms, or architectural designers. businesses, or advertising agencies.
Don't know?
2 of 107
Term
· What are organizational segments?
Give this one a try later!
Organizational segments are
Organizational segments are groups
individual departments for daily
for internal communication only.
tasks.
Organizational segments are
Organizational segments are
parts of an organization that
temporary teams for project
require a separate report for
completion.
evaluation by management.
Don't know?
3 of 107
Term
When does process costing work best?
Give this one a try later!
, Process costing works best in a Process costing works best in a
business that produces unique, business that focuses on small batch
custom-made items. production.
Process costing works best in
a business or environment that Process costing works best in a
has a continuing cycle of business with highly variable
repetitive tasks, or when things production cycles.
are mass-produced.
Don't know?
4 of 107
Term
What is cost variance?
Give this one a try later!
A cost variance is the A cost variance is the variation in
difference between the actual production time compared to the
cost and the budgeted cost standard time.
A cost variance is the difference A cost variance is the discrepancy
between the projected revenue and between the budgeted sales and
the actual revenue. the actual sales.
Don't know?
5 of 107
, Definition
The owners share of earnings.
A) Sources of equity:
-) Capital/Common Stock
-) Retained Earnings
Give this one a try later!
Owners Equity Direct Labor Budget
Break Even in Units Sales Budget
Don't know?
6 of 107
Term
What is the role and purpose of accounting ?
Give this one a try later!
The accounting cycle is the procedure for analyzing, recording, summarizing,
and preparing the transactions of a business. The accounting cycle works by
turning transactions into financial statements through these steps:
Step 1: Analyze Transactions
Step 2: Record the effects of transactions
Step 3: Summarize the effects
Step 4: Prepare reports
