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

SectionWeightObjectives
Topic 1: Controls and Regulations10–15%- Internal control systems and principles
  • 1. Risk assessment and control activities
  • 2. Compliance with laws and regulations
Topic 2: Financial Analysis45–50%- Purpose and components of financial statements
  • 1. GAAP and reporting standards
  • 2. Balance sheet, income statement, cash flow statement
- Financial statement analysis techniques
  • 1. Trend and comparative analysis
  • 2. Ratio analysis: liquidity, profitability, solvency
Topic 3: Cost Systems20–25%- Cost concepts and classification
  • 1. Direct vs indirect costs
  • 2. Variable, fixed, mixed costs
- Costing methods
  • 1. Traditional costing
  • 2. Activity-based costing (ABC)
Topic 4: Profit Planning10–15%- Cost-volume-profit (CVP) analysis
  • 1. Sensitivity analysis
  • 2. Break-even and target profit calculations
Topic 5: Budgeting and Decision Making10–15%- Relevant information for decision making
  • 1. Make-or-buy, special order, keep-or-drop decisions
  • 2. Capital budgeting basics
- Master budget and components
  • 1. Cash budgeting and forecasting
  • 2. Operating and financial budgets

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WGU Accounting for Decision Makers C213 VAC2 Sample Questions (Q12-Q17):

NEW QUESTION # 12
A company manufactures leather products and has recently switched to the activity-based costing (ABC) method. It needs to determine the cost of its leather wallets. The company is already aware of its DM and DL costs.
What is the first step to calculating the cost of the product?

Answer: A

Explanation:
The correct answer is D. Identify overhead cost activities . In activity-based costing (ABC) , once direct materials and direct labor are known, the process begins by identifying the activities that cause overhead costs . Those activities become the basis for forming cost pools and selecting cost drivers. ACCA's ABC overview explains the sequence as splitting overheads into activities or cost pools, then identifying what causes those costs, and finally allocating costs based on cost-driver usage.
Option B is incorrect because assigning overhead occurs after the relevant activities and drivers have been identified. Option A is incorrect because general and administrative costs are not the first ABC step for costing a specific manufactured product. Option C may be a sensible housekeeping action, but it is not the formal first step in the ABC method. Other ABC explanations also begin with identifying activities and cost pools before calculating rates and assigning overhead to products.
Therefore, when using ABC to calculate the cost of leather wallets after DM and DL are known, the first formal step is to identify overhead cost activities , making Option D the correct answer.


NEW QUESTION # 13
Which two examples represent financial statement errors?
Choose 2 answers.

Answer: A,C

Explanation:
The correct answers are A and C . A financial statement error is an unintentional misstatement in the amount, classification, presentation, or disclosure of financial statement information. PCAOB standards explain that misstatements can arise from either error or fraud , and errors are unintentional. A miscalculated payroll tax liability is a classic accounting error because it produces an incorrect liability amount without intent to deceive. Likewise, unintentionally recording unearned customer prepayments as revenue is an error in revenue recognition and financial statement classification.
Option B is not an error; it is fraud or misappropriation of assets because it involves deliberate overpayment and a kickback. PCAOB fraud guidance distinguishes intentional misconduct from accidental mistakes.
Option D is not necessarily an error merely because an auditor disagrees with management's estimate.
Allowance for uncollectible accounts is an area of judgment, and disagreement alone does not prove a financial statement error exists. Therefore, the two choices that best represent unintentional financial statement errors are A and C .


NEW QUESTION # 14
Which action should a managerial accountant consider taking if confronted by an ethical conflict?

Answer: A

Explanation:
The correct answer is A. Use an objective advisor confidentially . The IMA Statement of Ethical Professional Practice includes guidance for resolving ethical conflict and notes that management accountants may wish to discuss the matter with an objective advisor to obtain a better understanding of possible courses of action. This step is intended to help the accountant evaluate the issue carefully while preserving confidentiality and professionalism.
Option B is not the best answer because going directly to the chief executive officer is not always the first or most appropriate step. Ethical conflict guidance usually recommends following the organization's established chain of command unless the issue involves that level of management. Option C is incorrect because discussing the issue with "any stakeholder" could violate confidentiality. Option D is also weaker because consulting a coworker is not the same as seeking advice from an objective and appropriate advisor. The emphasis in professional ethics guidance is on confidentiality, sound judgment, and proper escalation.
Therefore, the most suitable action among the options given is to use an objective advisor confidentially , making Option A correct.


NEW QUESTION # 15
What is true regarding the use of International Financial Reporting Standards (IFRS)?

Answer: D

Explanation:
The correct answer is C. IFRS are commonly required to be used in Asia . IFRS is widely used around the world, and the IFRS Foundation states that companies in more than 140 jurisdictions are required to use IFRS Accounting Standards when reporting their financial health. That broad global adoption includes many Asian jurisdictions, so saying IFRS are commonly required in Asia is accurate.
Option A is incorrect because U.S. domestic issuers are generally required under SEC rules to file financial statements prepared in accordance with U.S. GAAP , not simply choose IFRS instead. Option B is false because IFRS are not seldom used by non-U.S. companies; in fact, they are extensively used internationally.
Option D is incorrect because the SEC does not require IFRS for all issuers; rather, SEC rules generally require U.S. GAAP for domestic registrants, while certain foreign private issuers may use IFRS as issued by the IASB. Therefore, among the listed choices, Option C is the only statement that is broadly correct and consistent with current international reporting practice.


NEW QUESTION # 16
What does it mean if a company has a debt ratio of 101.5%?

Answer: B


NEW QUESTION # 17
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