Free WGU Accounting-for-Decision-Makers Exam Questions

The following list provides partial financial information for a company.Beginning cash balance = $1,200Received cash from sales of goods = $16,000Paid wages and salaries = $4,500Received cash from non-trading securities = $5,000Paid cash for plant assets = $6,000Received cash from loans = $8,000Paid cash in repayment of loans = $2,000What is the ending cash balance for this company?

Given the following information:Pairs of shoes expected to be produced = 1,950,000Pairs of shoes produced = 2,500,000Overhead rate = $0.75What is the amount of applied overhead?

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 company has three product lines and has historically used the traditional costing system to allocateoverhead costs to each product line. Due to significant differences in the production processes for the threeproduct lines, the company implemented an activity-based costing study and identified the activity-based costfor each product, as shown in the following table.Product AProduct BProduct CTraditional cost per unit$558$1,375$1,211Activity-based cost per unit$675$1,585$1,350Selling price per unit$650$1,450$1,300What do these data points reveal about the selling price of this company's products?

What purpose do the notes within financial statements serve to the Financial Accounting Standards Board?