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WGU Accounting-for-Decision-Makers Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Financial Accounting Fundamentals | - Financial Statements
|
| Business Decision Support | - Performance Measurement
|
| Managerial Accounting for Decision Making | - Budgeting and Planning
|
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
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
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
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
Correct Answer: D 🗳️
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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
Correct Answer: A 🗳️
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