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WGU Accounting-for-Decision-Makers Exam Syllabus Topics:

SectionObjectives
Business Decision Support- Relevant Costing
  • 1. Make or buy decisions
    • 2. Differential cost analysis
      - Performance Measurement
      • 1. Financial ratios overview
        • 2. Responsibility accounting concepts
          Financial Accounting Fundamentals- Financial Statements
          • 1. Balance Sheet structure
            • 2. Cash Flow Statement basics
              • 3. Income Statement analysis
                - Accounting Principles
                • 1. Accrual vs cash accounting
                  • 2. Revenue recognition concepts
                    Managerial Accounting for Decision Making- Cost Behavior
                    • 1. Mixed costs analysis
                      • 2. Fixed vs variable costs
                        - Budgeting and Planning
                        • 1. Forecasting and variance analysis
                          • 2. Operating budgets
                            - Cost-Volume-Profit Analysis
                            • 1. Break-even analysis
                              • 2. Contribution margin concepts

                                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
                                Reveal Solution  Discussion  0

                                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
                                Reveal Solution  Discussion  0

                                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
                                Reveal Solution  Discussion  0

                                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
                                Reveal Solution  Discussion  0

                                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
                                Reveal Solution  Discussion  0

                                Correct Answer: C  🗳️

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