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D 196 / D196 Final Exam ( Update 2025/ 2026) Principles of Financial and Managerial Accounting Questions & Answers - 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 within a year.
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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.
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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.
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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.
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