UFC1 WGU 2024 ACTUAL EXAM QUESTIONS AND VERIFIED ANSWERS /GET IT 100% ACCURATE|ALREADY GRADED A+

UFC1 WGU 2024 ACTUAL EXAM QUESTIONS AND VERIFIED ANSWERS /GET IT 100% ACCURATE|ALREADY GRADED A+ Practice questions for this set Terms in this set (123) Learn 1 / 7 Study with Learn Direct Labor Variances. Rate is pay and Efficiency is hours Or Quantity Managerial Accounting Provides financial and nonfinancial information to an internal decision makers Nonfinancial Info Customer/employee satisfaction data, % of on time deliveries, and product defect rates Planning Process of setting goals and making plans to achieve them Control Process of monitoring planning decisions and evaluating an organizations activities and employees Fraud Includes Benefits employee, violates employee obligation to employer, cost employer, hidden from employer Internal Control System Monitor and control business activities with policies and procedures Classification by behavior Fixed Cost, Variable Costs, or Mixed Cost Classification by tractability Traced to a cost object (Product, process, department, or customer) Direct or indirect. Classification by controllabilty Controllable or not. Which managers can make choices. Classification by Relevance Sunk Cost = Already paid, and not reversible, Out-of Pocket cost = Future Expense Choose matching term 1 Cost-plus basis 2 Rate/Efficiency Variances 3 Material Receiving Report 4 Materials Requisition Don't know? 12/13/24, 12:17 PM UFC1 WGU 2024 ACTUAL EXAM QUESTIONS AND VERIFIED ANSWERS /GET IT 100% ACCURATE|ALREADY GRADED A+… Classification by Function Product Costs=needed to finish end product, and Period costs (selling and admin expenses) Product Costs Expenditures necessary to a finished product, assigned to inventory on balance sheet until sold Period Costs Expenditures with a time period for the finished product, assigned to expenses on Income sheet 3 Inventory of Mfg Co Raw Materials, Goods in progress, and finished goods. COG Manufactured Includes direct materials, direct labor, and factory overhead Direct Materials Tangible components that are separately and readily traced Direct Labor Efforts of employee who physically convert materials to finished product. Factory Overhead Indirect materials and labor, not traceable. Not to include period costs (that are expensed) Prime Cost Costs directly associated with manufacturing costs (Direct material and direct labor costs) Conversion Costs Costs of converting raw materials to finished good Flow of Mfg Activities Materials Activity, Production Activities, and Sales Activities Materials Activities Raw materials inventory carried over plus new materials purchased Production Activities Beginning goods in process, direct materials, direct labor, and overhead Sales Activity Finished goods beginning inventory plus goods manufactured in the current period. Manufacturing Statement Manufacturing activities are described. Types and amounts of costs. Mfg Statement Parts Direct materials, Direct labor, Factory overhead, and Cost of Goods Manufactured Lean Business Practices Total Quality Management, Just in time Manufacturing, Value Chain, Continuous Improvement Cycle Time Metric that measures time to Mfg product. Process time+Inspection Time+Move Time+ Wait time. Why a Cost acct sys? To generate timely and accurate inventory information Cost Acct System Records Mfg activities using perpetual inventory. Live updates for costs/in progress/finished inventory. Job Order Production Customized products (wedding invitation, artwork) Job Lot Producing more than one custom unit. (t-shirt for a race, benches for a church) Jobs on speculation When production is started before the contract is signed. 3 step Job Order Costing 1. Predict the Cost to complete the job. 2. Negotiate price, decide to do job. 3. Schedule Production Cost-plus basis Jobs are priced at cost plus the negotiated rate of profit Job Order Cost Acct Sys To determine the cost of producing each job, or job lot. Job Cost Sheet Separate record maintained for each job. Material Receiving Report Serves as the source document for the material ledger card and general ledger. More 12/13/24, 12:17 PM UFC1 WGU 2024 ACTUAL EXAM QUESTIONS AND VERIFIED ANSWERS /GET IT 100% ACCURATE|ALREADY GRADED A+… Material Ledger Cards Perpetual records that are updated when supplies are purchased or used for production Materials Requisition Source document for the request of materials for use in production Posting a Material Requisition Debit to Job cost sheet and credit to materials ledger card. Time Tickets Source document that employees report how much time is spent on each job Allocation Base The factor to which overhead costs are linked. Usually a % of direct labor of machine hours. Predetermined O/H Rate Estimated rate of O/H. Equation = Estimated O/H Cost / Estimated Activity Base Sales mix Ratio of sales volumes for various products Composite Unit Specific Number of each product in proportion to their expected sales mix CVP with Composite Unit Add variable costs/selling price of all units in Composite unit and used the break even equation. Weighted Avg Margin =Unit Contribution Margin x % of sales mix. Add each margin up then Fixed Cost/Weighted Margin Budgetary Control Use of budgets to monitor and control a company's operation. To make sure planned objectives are met. Budget Reports Compares actual results to planned activities Steps of Budgetary Control 1. Develop from planned objectives. 2. Compare to actual & analyze. 3. Corrective & strategic actions. 4. Establish new planned objectives and budget. Fixed budget Or called a static budget. Based on a fixed number of sales or other measure of activity. Downside=does not adjust if sales is different. Favorable/Unfavorable Variance F=higher income, U=lower income when comparing budget and actual results. Flexible Budget Or Variable Budget. Revenues/expenses for different levels of output. Include worst case/best case "what