WGU D196 TEST BANK FOR OA AND PRE

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WGU D196 TEST BANK FOR OA AND PRE

ASSESSMENT REVIEW WITH 250 ACTUAL

EXAM QUESTIONS AND CORRECT ANSWER S

(100% CORRECT ANSWER S) D196 PRACTICE

EXAM (BRAND NEW!!)

• Which budget should include all production costs other than

those for direct materials and direct labor?

• Sales budget
• Direct materials budget
• Manufacturing overhead budget
• Production budget

Correct answer: C. Manufacturing overhead budget

• Which account is a common asset account?
• Accounts payables
• Equity
• Accounts receivable
• Utilities Expense

Correct answer: C. Accounts receivable

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• On which financial statement would you see the valuation of

a company's asset accounts?

• Statement of Cash Flows
• Balance Sheet
• Income Statement
• Statement of Retained Earnings

Correct answer: b. Balance Sheet

• What is the final step in the accounting cycle?
• Summarize the effects of transactions
• Analyze transactions
• Prepare reports
• Record the effects of transactions

Correct answer: c. Prepare reports

• Which of the following is not an example of a transaction?
• Receive cash in payment of an invoice
• Purchase an asset from a supplier
• Sale on credit to a customer
• Preparing financial statements

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Correct answer: d. Preparing financial statements

• On which financial statement would you see cash flows from

financing activities?

• Statement of Cash Flows
• Balance Sheet
• Income Statement
• Statement of Retained Earnings

Correct answer: a. Statement of Cash Flows

• Whose job is it to make sure that investors are provided with

full and fair information about publicly traded companies?

FASB AICPA IASB SEC

Correct answer: SEC

• How does a classified balance sheet provide useful

information to a decision maker?

• It distinguishes between current and long-term assets

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• It provides data that are not publicly disclosed
• It distinguishes liabilities from expenses
• It provides data for a period of time instead of as a point in

time

Correct answer: a. It distinguishes between current and long-

term assets

• In some companies, the performance measures for profit

center managers are heavily influenced by cost allocations downward from organizational units (such as company headquarters). Why is this a mistake?

• Controllable costs should not be included in the

performance evaluation measure of a profit center manager

• Revenues should not be included in the performance

evaluation measure of a profit center manager

• Uncontrollable costs should not be included in the

performance evaluation measure of a profit center manager

• Direct costs should not be included in the performance

evaluation measure of a profit center manager

Correct answer: c. Uncontrollable costs should not be included

in the performance evaluation measure of a profit center manager