WGU D196 Final Exam (Latest 2025/ 2026 Update) Principles of Financial and Managerial Accounting Guide| Q/A | Grade A| 100% Correct (Verified Answers)

WGU D196 Final Exam (Latest 2025/ 2026 Update) Principles of Financial and Managerial Accounting Guide| Q/A | Grade A| 100% Correct (Verified Answers) QUESTION Capital Budgeting Systematic planning for long-term investments in operating assets. QUESTION Capital Stock Answer: The portion of stockholder's equity that represents investment by owners in exchange for shares of stock; also referred to as paid-in capital. QUESTION Cash Budget Answer: A short-term schedule of expected cash inflows and outflows during a period of time. QUESTION Certified Public Accountant (CPA) Answer: An accountant who has met specified professional requirements established by the AICPA and local and state societies. A key service provided by CPAs is the performance of independent audits of financial statements. QUESTION Classified Balance Sheet Answer: A balance sheet that distinguishes between current and long-term assets. QUESTION Comparative Financial Statements Answer: Financial statements that include information for both the current year and preceding year(s) that are prepared for users to identify any significant changes in particular items. QUESTION Contribution Margin Answer: The difference between total sales and variable costs; the portion of sales revenue available to cover fixed costs and provide a profit. QUESTION Contribution Margin Ratio Answer: The percentage of net sales revenue left after variable costs are deducted; the contribution margin divided by net sales revenue. QUESTION Controllable Costs Answer: Costs over which a manager has direct authority and can change. QUESTION Controlling Answer: Tracking the actual performance of a company. QUESTION Cost Accountant Answer: An accountant who is specially trained to prepare and analyze accounting information for internal decision-making. QUESTION Cost Behavior Answer: The way a cost is affected by changes in activity levels. QUESTION Cost Center Answer: An organizational unit in which a manager has control over and is held accountable for cost performance. QUESTION Cost Drivers Answer: A numerical measure used to reflect the amount of a specific cost that is associated with a particular activity. QUESTION Cost Objects Answer: An output of a business, such as a product, service, or division. QUESTION Cost Pool Answer: Total cost being generated by a specific overhead cost activity. QUESTION Cost Variance Answer: A difference between the actual cost and the budgeted cost. QUESTION Cost of Goods Manufactured Statement Answer: A schedule supporting the income statement that summarizes the total cost of goods manufactured and transferred out of the work-inprocess inventory account during a period. These costs include direct materials, direct labor, and applied manufacturing overhead.