Reliable WGU Accounting-for-Decision-Makers Exam Questions - Valid Accounting-for-Decision-Makers Exam Pattern

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

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

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                                Valid Accounting-for-Decision-Makers Exam Pattern, New Accounting-for-Decision-Makers Test Pattern

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                                WGU Accounting for Decision Makers C213 VAC2 Sample Questions (Q61-Q66):

                                NEW QUESTION # 61
                                What is the impact on costs as sales volume decreases?

                                Answer: D

                                Explanation:
                                The correct answer is C. Total variable costs will decrease in direct proportion . Variable costs change in total as activity or sales volume changes. When sales volume decreases, total variable costs also decrease proportionally because fewer units are produced or sold. Multiple accounting references explain that total variable cost rises and falls with the level of activity, while the variable cost per unit remains constant within the relevant range.
                                Option A is the opposite of what happens when volume falls. Options B and D are incorrect because total fixed costs generally remain unchanged within the relevant range regardless of short-term changes in sales volume. OpenStax notes that fixed costs are present regardless of production or sales levels, while variable costs occur only as items or services are produced and sold.
                                This distinction is central to cost behavior analysis and profit planning. As volume declines, total variable costs go down in direct proportion, but total fixed costs do not normally move with sales in the short run.
                                Therefore, the correct answer is Option C .


                                NEW QUESTION # 62
                                What purpose do the notes within financial statements serve to the Financial Accounting Standards Board?

                                Answer: B

                                Explanation:
                                The correct answer is A. Providing supplementary information as needed . Notes to financial statements are designed to give users additional information that supports, explains, and expands on the amounts shown in the main financial statements. They may include descriptions of accounting policies, contingencies, commitments, segment information, assumptions, and other disclosures necessary for fair presentation. FASB- related disclosure materials and accounting references describe notes as providing supporting or supplementary information for items presented in the statements.
                                Option C is partly true in a narrower sense because the notes often include a summary of significant accounting policies , but that is only one component of their broader purpose. Option B is incorrect because totals are summarized in the statements themselves, not mainly in the notes. Option D is also incorrect because the notes are not limited to financial statistics; they provide qualitative and quantitative disclosures that help users interpret the statements properly. Therefore, the best overall answer is that notes serve the purpose of providing supplementary information as needed to make the financial statements more complete, understandable, and decision-useful.


                                NEW QUESTION # 63
                                Which internal control is intended to ensure that a company does not mistakenly pay a supplier for an invoice that includes more items than were actually received?

                                Answer: C

                                Explanation:
                                The correct answer is D . The control designed to prevent payment for goods not actually received is the receiving function's preparation of a receiving report , which is then sent to accounts payable and matched against the supplier invoice and purchase order. This is the essence of a three-way match : purchase order, receiving report, and vendor invoice. AccountingTools explains that payables staff should match the supplier invoice to the related purchase order and proof of receipt before authorizing payment.
                                Option A is helpful for controlling check completeness and sequence, but it does not verify quantities received. Option B adds authorization control over disbursements, but it also does not confirm whether the shipment matched the invoice. Option C helps ensure purchases are approved before ordering, but it still does not prove what was actually delivered. The receiving department's counting and inspection of goods, followed by forwarding the receiving documentation to accounts payable, directly addresses the risk that a supplier invoice includes more items than were received. Therefore, the best internal control is Option D .


                                NEW QUESTION # 64
                                Which organization establishes rules U.S. companies use to record and report accounting transactions?

                                Answer: D

                                Explanation:
                                The correct answer is C. Financial Accounting Standards Board (FASB) . The FASB is the private-sector standard-setting body whose accounting and financial reporting standards are recognized as authoritative U.S.
                                generally accepted accounting principles (GAAP) for purposes of the federal securities laws. The SEC has explicitly recognized FASB standards as "generally accepted," which is why U.S. companies rely on FASB guidance when recording and reporting accounting transactions.
                                Option A is incorrect because the Accounting Principles Board (APB) was a former standard-setting body that was replaced by the FASB. Option B, the SEC , does have legal authority over public company reporting, but it does not serve as the primary day-to-day accounting standard setter in the same way FASB does. Option D, the IRS , is responsible for tax administration, not financial accounting standards for general-purpose financial statements. For exam purposes, when the question asks which organization establishes the accounting rules U.S. companies use to record and report transactions, the best and most accurate answer is FASB .


                                NEW QUESTION # 65
                                What are two examples of product costs?
                                Choose 2 answers.

                                Answer: C,D

                                Explanation:
                                The correct answers are B. Direct labor and D. Raw materials . Product costs are the costs incurred to manufacture or acquire a product that will be sold. In a manufacturing setting, product costs normally include direct materials (raw materials) , direct labor , and manufacturing overhead . Corporate Finance Institute summarizes product costs as including direct material, direct labor, and manufacturing overhead.
                                Option A. Selling and administrative expenses is incorrect because those are period costs , not product costs. Option C. Period expenses is also incorrect for the same reason. Period costs are expensed in the period incurred and are not attached to inventory production. Lumen Learning similarly distinguishes product costs from period costs by explaining that product costs include direct materials, direct labor, and overhead, while selling and administrative expenses are period costs.
                                Because the question asks for two examples of costs directly associated with making a product, the best answers are Direct labor and Raw materials . These are core manufacturing inputs and become part of inventory until the goods are sold.


                                NEW QUESTION # 66
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