Exam Code: Accounting-for-Decision-Makers
Exam Name: WGU Accounting for Decision Makers C213 VAC2
Certification Provider: WGU
Corresponding Certification: Courses and Certificates
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WGU Accounting-for-Decision-Makers Exam Syllabus Topics:

SectionObjectives
Topic 1: Financial Accounting Fundamentals- Accounting Principles
  • 1. Accrual vs cash accounting
    • 2. Revenue recognition concepts
      - Financial Statements
      • 1. Cash Flow Statement basics
        • 2. Income Statement analysis
          • 3. Balance Sheet structure
            Topic 2: Managerial Accounting for Decision Making- Cost Behavior
            • 1. Fixed vs variable costs
              • 2. Mixed costs analysis
                - Budgeting and Planning
                • 1. Operating budgets
                  • 2. Forecasting and variance analysis
                    - Cost-Volume-Profit Analysis
                    • 1. Contribution margin concepts
                      • 2. Break-even analysis
                        Topic 3: Business Decision Support- Performance Measurement
                        • 1. Responsibility accounting concepts
                          • 2. Financial ratios overview
                            - Relevant Costing
                            • 1. Make or buy decisions
                              • 2. Differential cost analysis

                                WGU Accounting for Decision Makers C213 VAC2 Sample Questions:

                                1. Which body regulates a certified public accounting firm's audit practices when the firm is auditing a large, publicly traded company?

                                A) The Internal Revenue Service (IRS)
                                B) The Financial Accounting Standards Advisory Council (FASAC)
                                C) The Public Company Accounting Oversight Board (PCAOB)
                                D) The Financial Accounting Standards Board (FASB)


                                2. Which current asset on a balance sheet appears first in the traditional category order for U.S.-based companies?

                                A) Inventory
                                B) Prepaid expenses
                                C) Cash
                                D) Accounts receivable


                                3. What can be determined when a firm performs an external audit of a company's financial statements?

                                A) Whether a company's financial statements indicate it made a profit
                                B) Whether a company's financial statements fairly reflect its financial position
                                C) Whether a company's financial statements were prepared by a trained bookkeeper
                                D) Whether a company's financial statements indicate that the company has to pay income taxes


                                4. Which two items on an income statement result in decreased net income if they are increased?
                                Choose 2 answers.

                                A) Interest expense
                                B) Revenues
                                C) Cost of goods sold
                                D) Gains


                                5. Which formula yields a cash times interest earned ratio of 11?

                                A) Cash before interest and taxes of $11,000 / cash paid for acquisitions of $1,000
                                B) Cash before interest and taxes of $11,000 / cash paid for interest of $1,000
                                C) Cash before interest and taxes of $11,000 / cash from operations of $1,000
                                D) Cash before interest and taxes of $11,000 / cash paid for income taxes of $1,000


                                Solutions:

                                Question # 1
                                Answer: C
                                Question # 2
                                Answer: C
                                Question # 3
                                Answer: B
                                Question # 4
                                Answer: A,C
                                Question # 5
                                Answer: B

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