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

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

                                WGU Accounting for Decision Makers C213 VAC2 Sample Questions:

                                Which events represent financial information recorded in the accounting system of a business?

                                • A. Personal events of each business owner during a year
                                • B. Personal events of each business owner that are likely to occur in the future
                                • C. Business events that have already occurred
                                • D. Business events that are likely to occur in the future
                                Reveal Solution  Discussion  0

                                Correct Answer: C  🗳️

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                                What is an advantage of the indirect method of the cash flow statement?

                                • A. Easy to reconcile between net income and cash flows
                                • B. Easy to avoid making mistakes because the method reveals indirect costs
                                • C. Easy to highlight the difference between direct and indirect costs
                                • D. Easy for a novice to decipher operating cash flow information
                                Reveal Solution  Discussion  0

                                Correct Answer: A  🗳️

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                                What is a cost incurred as part of the production process?

                                • A. Period cost
                                • B. Raw materials cost
                                • C. Opportunity cost
                                • D. Sunk cost
                                Reveal Solution  Discussion  0

                                Correct Answer: B  🗳️

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                                What is true regarding the use of International Financial Reporting Standards (IFRS)?

                                • A. IFRS are required to be used by the Securities and Exchange Commission (SEC)
                                • B. IFRS are seldom used by non-U.S. companies
                                • C. IFRS may be used instead of generally accepted accounting principles (GAAP) by any U.S.-based corporation
                                • D. IFRS are commonly required to be used in Asia
                                Reveal Solution  Discussion  0

                                Correct Answer: D  🗳️

                                Explanation: Only visible for Exams4sures members. You can sign-up / login (it's free).

                                What can be determined when a firm performs an external audit of a company's financial statements?

                                • A. Whether a company's financial statements fairly reflect its financial position
                                • B. Whether a company's financial statements indicate it made a profit
                                • C. Whether a company's financial statements were prepared by a trained bookkeeper
                                • D. Whether a company's financial statements indicate that the company has to pay income taxes
                                Reveal Solution  Discussion  0

                                Correct Answer: A  🗳️

                                Explanation: Only visible for Exams4sures members. You can sign-up / login (it's free).

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