D196 D 196 Final Exam Latest

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

Question:

The chief financial officer (CFO) of JayBob Company is facing a cash flow crunch. He is being forced to very carefully plan all cash payments in order to avoid running out of cash during the next few months. A key payment each month is the cash payment to suppliers for raw materials purchases. The CFO must have a precise forecast of next month's purchases so that he can plan the timing of the payments to the suppliers.What are the factors the CFO should consider in forecasting next month's purchases?

Answer:

Cost of goods sold, total manufacturing overhead, and accounts payable

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Question:

Scott Pippen is the manager of Segment A in Chicago Company. Segment A is a profit center. Which two things should be used in developing a performance evaluation measure of Scott Pippen?

Answer:

Revenues and controllable costs

Question:

Which statement about managerial accounting data is true?

Answer:

Managerial accounting data are created based on competitive needs that are unique to the organization.

Question:

Which characteristic is a unique feature of management accounting information?

Answer:

Management accounting information is composed of both financial and nonfinancial data.

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Question:

Which group represents the primary users of managerial accounting information?

Answer:

Managers

Question:

Company managers are important users of managerial accounting information. What are the three primary functions of company managers?

Answer:

Planning, controlling, and evaluating

Question:

Which statement correctly distinguishes the uses of financial accounting information from the uses of managerial accounting information?

Answer:

Financial accounting information is prepared according to a generally accepted set of rules.

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Question:

Which activity involves the process of tracking the actual performance of a company?

Answer:

Controlling

Question:

What does long-run planning include?

Answer:

Strategic planning and capital budgeting

Question:

Which type of business is a typical retailer?

Answer:

Merchandising business

Question:

Which types of costs does a merchandiser have?

Answer:

Both product and period costs

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