WGU D196 Objective Assessment Prep (New 2024/ 2025 Update) Principles of Financial and Managerial Accounting | Questions and Verified Answers| 100% Correct| A Grade

WGUID196IObjectiveIAssessmentIPrepI
(NewI2024/I2025IUpdate)IPrinciplesIofI
FinancialIandIManagerialIAccounting-
IQuestionsIandIVerifiedIAnswers|I100%I
Correct|IAIGradeI
QUESTION
IWhichIstatementIisItrueIwithIrespectItoIactivity-basedIcostingI(ABC)Isystems?I
a.IAnIABCIsystemIhelpsItoIprovideImoreIaccurateIproductIcostingIandIbetterIdecisionImaking
b.IImplementingIanIABCIsystemIrequiresIveryIlittleIanalysisIofItheIfactorsIthatIcreateIoverhea
dIcosts
c.IImplementingIanIABCIsystemIrequiresIonlyIaIcarefulIcalculationIofItotalIdirectIlaborIhours
d.IAnIABCIsystemIassumesIthatIallIproducts,Iprojects,IandIprocessesIconsumeItheIoverheadIin
frastructureIservicesIinIdirectIproportionItoIaIsingleImeasureIofIactivity.I


Answer:
a



QUESTION
IWhatIisItheIfirstIbudgetIthatIisIpreparedIinIaImanufacturingIbusiness?I
aI.IDirectImaterials
b.IProduction
c.ISales
dI.IDirectIlabor


Answer:
c



QUESTION
IWhatIdoesIaImanagerIhaveIcontrolIoverIinIanIinvestmentIcenter?Ia.ICostsI,IRevenueI,IandIA
ssets
b.IInvestmentsI

,cI.ICostsIandI.IRevenue
d.IAssets


Answer:
a



QUESTION
IIfIbudgetedIcostsIareIhigherIthanIactualIcosts,IwhichIstatementIisItrue?I
a.ITheIcostIvarianceIisIfavorableI
bI.IBudgetedIcostIareIestimatedItooIlow
c.IActualIcostsIareItooIhigh
d.ITheIcostIvarianceIisIunfavorable


Answer:
a



QUESTION
IAIcompanyIrepaysI$80,000IborrowedIfromIaIbank.IHowIdoesIthisItransactionIaffectItheIacco
untingIequationIofItheIborrowingIcompany?I
a.IAssetsIdecreaseIbyI$80,000;Iowners'IequityIincreasesIbyI$80,000Ib.IAssetsIdecreaseIbyI$80,
000;IrevenuesIdecreaseIby$80,000
c.IAssetsIdecreaseIbyI$80,000;IliabilitiesIdecreaseIbyI$80,000
d.IAssetsIdecreaseIbyI$80,000;IliabilitiesIincreaseIbyI$80,000


Answer:
c



QUESTION
IForIpurposesIofIcashIflowIclassificationIinItheIstatementIofIcashIflows,IwhichIitemIisIanIinve
stingIactivity?
a.IRepayingIloans
b.IBorrowingImoney
c.IDistributionItoIowners
d.IPurchasingIland

,Answer:
d



QUESTION
IWhichIofItheIfollowingIisIusedIbyIcreditors,IinvestorsIandIotherIexternalIusers?
a.IBalanceISheet
b.IStatementIofICashIFlows
c.ICorporateItaxIreturns
d.IAllIofItheIabove


Answer:
d



QUESTION
IWhichItypeIofIaccountIisIcommonIstock?
Ia.IAsset
b.ILiability
c.IEquity
d.IRevenue


Answer:
c



QUESTION
IWhichItypeIofIaccountIisIinventory?
Ia.IExpense
b.IEquity
c.IAsset
d.ILiability


Answer:
c

, QUESTION
IWhichIbudgetIwouldIincludeIsalariesIofIsalesImanagersIandIaIcompanyIpresident?I
a.IManufacturingIoverheadIbudget
b.ISellingIandIadministrativeIexpenseIbudget
c.IDirectIlaborIbudget
d.ISales


Answer:
b



QUESTION
IWhichIlabelIisIgivenItoItheIcostIofIwagesIforIanIassemblyIlineIworker?I
a.IManufacturingIoverhead
b.IDirectIlabor
c.IDirectImaterials
d.ISellingIandIadministrative


Answer:
b



QUESTION
IWhichIstatementIisItrueIaboutIsunkIcost?I
a.ISunkIcostIareIfutureIunavoidableIcosts
b.ISunkIcostsIareIrecoverable
c.ISunkIcostsIareIfutureIcostsIthatIcannotIbeIchanged
d.ISunkIcostsIareIpastIcostsIthatIcannotIbeIchanged


Answer:
d



QUESTION
ILiabilitiesIareIsummarizedIonIwhichIfinancialIstatement?
a.IBalanceISheet