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WGU Accounting for Decision Makers C213 VAC2 Sample Questions:
1. Which action should a managerial accountant consider taking if confronted by an ethical conflict?
A) Use an objective advisor confidentially
B) Report directly to the chief executive officer
C) Confer with any stakeholder in the organization
D) Consult with a coworker
2. Which information does a balance sheet provide about a company?
A) Assets and liabilities for a specific point in time
B) Revenues and expenses for a period of time
C) Cash collections and cash expenditures for a period of time
D) Cash collections and cash expenditures at a specific point in time
3. During the year, a company purchased goods on a credit basis for its supplies of $750.
What would be the impact on the accounting equation and financial statement?
A) Increase in assets by $750 and decrease in liability by $750
B) Decrease in assets by $750 and increase in liability by $750
C) Decrease in assets by $750 and decrease in liability by $750
D) Increase in assets by $750 and increase in liability by $750
4. How does management accounting differ from financial accounting?
A) Management accounting is restricted to providing financial rather than nonfinancial data
B) Management accounting is not used to gain a competitive advantage in the marketplace
C) Management accounting is used primarily for internal planning, control, and evaluation
D) Management accounting presents an unbiased view of a company's economic performance
5. What does the overall economic performance of a company for a given time period represent?
A) The overall market value of the company
B) Whether or not cash received from sales exceeds cash paid for business expenses for a given time period
C) Whether or not a company's sales exceed the costs of the products sold for a given time period
D) The net income of the company
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: A | Question # 3 Answer: D | Question # 4 Answer: C | Question # 5 Answer: D |
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