Learn with WGU : Accounting-for-Decision-Makers training material for 100% pass

Updated: Jul 03, 2026

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WGU Accounting for Decision Makers C213 VAC2 Sample Questions:

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

A) Disclosing financial statistics
B) Summarizing totals of financial statements
C) Providing supplementary information as needed
D) Providing a summary of accounting policies


2. Who does Sarbanes-Oxley apply to?

A) Publicly traded companies in the United States
B) Publicly traded, wholly-owned subsidiaries of foreign companies doing business in the United States
C) Nonpublic companies in the United States
D) Nonpublic wholly-owned subsidiaries of foreign companies doing business in the United States


3. The following list provides partial financial information for a company.
Current assets = $36,543
Total assets = $58,719
Current liabilities = $24,824
Total liabilities = $48,561
Stockholders' equity = $10,158
Sales = $46,997
Net income = $3,761
Market value of equity = $41,316
What is the current ratio for this company?

A) 0.83
B) 1.38
C) 1.47
D) 4.78


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

A) The selling price for only Products A and C should increase
B) The selling price for only Product B should increase
C) No change should be made to the selling price
D) The selling price should increase for all three products


5. Which two items increase net income?
Choose 2 answers.

A) Cost of sales
B) Gain on sale of assets
C) Interest income
D) Income tax expense


Solutions:

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

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