WGU D196 |OA|OBJECTIVE ASSESSMENT EXAM
Correct
Incorrect
1 of 197
Term
A company is preparing a cash flow budget, forecasting its cash
inflows and cash outflows in the future. The results of this cash flow
budget are being reviewed by company management. According to
the company's cash budget, when can company management plan
to repay the company's loans?
Give this one a try later!
When forecasted cash deficits are
When excess cash is available
highest
, When the aging of accounts When forecasted cash surpluses are
receivable is available lowest
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2 of 197
Term
Which example correctly shows how contribution margin analysis is
used by management in making business decisions?
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Contribution margin analysis assists Contribution margin analysis
in setting production schedules. evaluates supplier performance.
Contribution margin analysis
Contribution margin analysis helps
helps management evaluate
management determine inventory
whether to continue selling a
levels.
product.
Don't know?
, 3 of 197
Term
Why do the notes to the financial statements contain a summary of
significant accounting policies?
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Because accounting involves Because accounting involves only
making assumptions, precise calculations and no
estimates, and judgments judgment
Because accounting relies solely on Because accounting policies are
historical data without estimates universally standardized and fixed
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4 of 197
Term
What is owners' equity?
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The residual amount
representing the net assets The sum of operating, investing, and
available to another party financing cash flows generated by
after all obligations have been another party
satisfied
, The U.S. government agency
charged with regulating financial The amount by which revenues
markets and ensuring the availability exceed expenses
of reliable financial information
Don't know?
5 of 197
Term
Four tax consulting companies serve very different sets of
customers. Which of these four tax consulting companies is most
likely to use a process system in determining the cost of each
customer engagement?
Give this one a try later!
A company that serves tax
customers who are middle- A company that serves high-income
income individuals who all individuals with complex tax
have basically the same tax situations
issues
A company that provides tax A company that specializes in
services to multinational corporate tax planning for large
corporations with diverse tax needs businesses
Don't know?
6 of 197
Correct
Incorrect
1 of 197
Term
A company is preparing a cash flow budget, forecasting its cash
inflows and cash outflows in the future. The results of this cash flow
budget are being reviewed by company management. According to
the company's cash budget, when can company management plan
to repay the company's loans?
Give this one a try later!
When forecasted cash deficits are
When excess cash is available
highest
, When the aging of accounts When forecasted cash surpluses are
receivable is available lowest
Don't know?
2 of 197
Term
Which example correctly shows how contribution margin analysis is
used by management in making business decisions?
Give this one a try later!
Contribution margin analysis assists Contribution margin analysis
in setting production schedules. evaluates supplier performance.
Contribution margin analysis
Contribution margin analysis helps
helps management evaluate
management determine inventory
whether to continue selling a
levels.
product.
Don't know?
, 3 of 197
Term
Why do the notes to the financial statements contain a summary of
significant accounting policies?
Give this one a try later!
Because accounting involves Because accounting involves only
making assumptions, precise calculations and no
estimates, and judgments judgment
Because accounting relies solely on Because accounting policies are
historical data without estimates universally standardized and fixed
Don't know?
4 of 197
Term
What is owners' equity?
Give this one a try later!
The residual amount
representing the net assets The sum of operating, investing, and
available to another party financing cash flows generated by
after all obligations have been another party
satisfied
, The U.S. government agency
charged with regulating financial The amount by which revenues
markets and ensuring the availability exceed expenses
of reliable financial information
Don't know?
5 of 197
Term
Four tax consulting companies serve very different sets of
customers. Which of these four tax consulting companies is most
likely to use a process system in determining the cost of each
customer engagement?
Give this one a try later!
A company that serves tax
customers who are middle- A company that serves high-income
income individuals who all individuals with complex tax
have basically the same tax situations
issues
A company that provides tax A company that specializes in
services to multinational corporate tax planning for large
corporations with diverse tax needs businesses
Don't know?
6 of 197
