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WGU Accounting-for-Decision-Makers Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Business Decision Support | - Relevant Costing
|
| Financial Accounting Fundamentals | - Financial Statements
|
| Managerial Accounting for Decision Making | - Cost Behavior
|
WGU Accounting for Decision Makers C213 VAC2 Sample Questions:
In January of Year 1, a company began doing business as a corporation in order to sell technology-related accessories and services. During its first month of operations, the following events occurred:
January 1
The corporation received $900,000 in cash in exchange for stock issued to stockholders.
January 3
The corporation borrowed $250,000 from a bank. The loan is a four-year loan with an interest rate of 12%, payable each year on January 1 beginning in Year 2.
January 5
The corporation purchased equipment to be used in the business for $200,000 cash.
January 8
The corporation purchased inventory costing $200,000 by paying $120,000 in cash. The remainder was put on credit accounts with suppliers.
January 15
The corporation hired five employees. Each employee will be paid $1,000 at the end of each month.
January 30
The corporation paid $6,000 cash for a one-year insurance policy. The policy period will begin on February 1, Year 1.
What will be the impact of the January 1 event on the company's balance sheet on that date, along with an increase to cash of $900,000?
- A. Retained earnings will increase by $900,000
- B. Loan payable will increase by $900,000
- C. Stockholders' equity will increase by $900,000
- D. Investments will increase by $900,000
Correct Answer: C 🗳️
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The following cost-volume-profit graph shows revenues and costs at various levels of production.
How many units should this company sell each month to realize a profit?
- A. 250
- B. 100
- C. 275
- D. 225
Correct Answer: C 🗳️
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Which current asset on a balance sheet appears first in the traditional category order for U.S.-based companies?
- A. Cash
- B. Inventory
- C. Prepaid expenses
- D. Accounts receivable
Correct Answer: A 🗳️
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Which balance sheet category reflects what a company owns that can be turned into cash or used to generate cash?
- A. Assets
- B. Revenues
- C. Liabilities
- D. Owners' equity
Correct Answer: A 🗳️
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What does the overall economic performance of a company for a given time period represent?
- A. Whether or not a company's sales exceed the costs of the products sold for a given time period
- B. Whether or not cash received from sales exceeds cash paid for business expenses for a given time period
- C. The net income of the company
- D. The overall market value of the company
Correct Answer: C 🗳️
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