D 196 D196 Final Exam Latest

D 196 / D196 Final Exam (Latest Update 2025/ 2026) Principles of Financial and Managerial Accounting | Questions & Answers | Grade A | 100% Correct - WGU

Question:

Long-term Assets

Answer:

Assets that are illiquid and that are needed to operate a business over an extended period of time.

Question:

Long-term Liabilities

Answer:

Liabilities that are not expected to be satisfied within a year.

• / 4

Question:

Losses

Answer:

Money lost on activities outside the normal business of a company.

Question:

Management Accounting

Answer:

The area of accounting concerned with providing internal financial reports to assist management in making decisions.

Question:

Manufacturing Business

Answer:

Any organization whose main economic activity involves using components or raw materials to make finished goods for sale to customers.

• / 4

Question:

Manufacturing Overhead

Answer:

All costs incurred in the manufacturing process other than direct materials and direct labor.

Question:

Manufacturing Overhead Budget

Answer:

A schedule of production costs other than those for direct labor and direct materials.

Question:

Market Value

Answer:

The value of a company as measured by the number of shares of stock outstanding multiplied by the current market price of the stock; the current value of a business.

• / 4

Question:

Master Budget

Answer:

A network of many separate schedules and budgets that together constitute the overall operating and financing plan for the coming operating period.

Question:

Merchandising Business

Answer:

Any organization whose main economic activity involves purchasing finished goods and reselling them to customers.

Question:

Mixed Costs

Answer:

Costs that contain both variable and fixed costs components.

• / 4