WGU D101 COST AND MANAGERIAL
ACCOUNTING EXAM 54 QUESTIONS WITH
VERIFIED ANSWERS
beginning WIP + total manufacturing costs - ending WIP - CORRECT ANSWER Cost
of Goods Manufactured (COGM)
Beginning balance - CORRECT ANSWER Work in Process (WIP)
A method of product costing whereby production costs for a period are
accumulated and then averaged over all units manufactured during that period -
CORRECT ANSWER Process Costing
Sales - COGS - CORRECT ANSWER Gross Margin Calculation
Cost of partially completed work at the end of an accounting period - CORRECT
ANSWER ending work in process inventory
The ending-work-in-process inventory that is carried over from the last accounting
period to the current accounting period - CORRECT ANSWER beginning work in
process inventory
Direct Labor + Manufacturing Overhead - CORRECT ANSWER Conversion Cost
A method used in a process costing system to measure the production output
during a period; essentially the "work done" by the center or department in terms
of units of output. - CORRECT ANSWER equivalent units of production
, Contribution Margin / Sales - CORRECT ANSWER Contribution Margin Ratio
Fix cost/cm ratio - CORRECT ANSWER BEP in sales dollars (breakeven)
Sales - Variable Costs - CORRECT ANSWER Contribution Margin
costs that vary directly with the level of production - CORRECT ANSWER variable
costs
Techniques for determining how changes in revenues, costs, and level of activity
affect the profitability of an organization. - CORRECT ANSWER Cost-Volume-Profit
Analysis
the way in which a cost reacts to changes in the level of activity - CORRECT
ANSWER cost behavior
Sales price (Per unit) X Units - CORRECT ANSWER Sales Revenue
variable cost per unit x units sold - CORRECT ANSWER total variable cost
Sales revenue X VC ratio - CORRECT ANSWER total variable cost
Current Sales - Breakeven Sales - CORRECT ANSWER Margin of Safety
ACCOUNTING EXAM 54 QUESTIONS WITH
VERIFIED ANSWERS
beginning WIP + total manufacturing costs - ending WIP - CORRECT ANSWER Cost
of Goods Manufactured (COGM)
Beginning balance - CORRECT ANSWER Work in Process (WIP)
A method of product costing whereby production costs for a period are
accumulated and then averaged over all units manufactured during that period -
CORRECT ANSWER Process Costing
Sales - COGS - CORRECT ANSWER Gross Margin Calculation
Cost of partially completed work at the end of an accounting period - CORRECT
ANSWER ending work in process inventory
The ending-work-in-process inventory that is carried over from the last accounting
period to the current accounting period - CORRECT ANSWER beginning work in
process inventory
Direct Labor + Manufacturing Overhead - CORRECT ANSWER Conversion Cost
A method used in a process costing system to measure the production output
during a period; essentially the "work done" by the center or department in terms
of units of output. - CORRECT ANSWER equivalent units of production
, Contribution Margin / Sales - CORRECT ANSWER Contribution Margin Ratio
Fix cost/cm ratio - CORRECT ANSWER BEP in sales dollars (breakeven)
Sales - Variable Costs - CORRECT ANSWER Contribution Margin
costs that vary directly with the level of production - CORRECT ANSWER variable
costs
Techniques for determining how changes in revenues, costs, and level of activity
affect the profitability of an organization. - CORRECT ANSWER Cost-Volume-Profit
Analysis
the way in which a cost reacts to changes in the level of activity - CORRECT
ANSWER cost behavior
Sales price (Per unit) X Units - CORRECT ANSWER Sales Revenue
variable cost per unit x units sold - CORRECT ANSWER total variable cost
Sales revenue X VC ratio - CORRECT ANSWER total variable cost
Current Sales - Breakeven Sales - CORRECT ANSWER Margin of Safety
