WGU D196 Pre-Assessment Quiz 2023 with complete solution
0 view 0 purchase
Course
WGU D196
Institution
WGU D196
WGU D196 Pre-Assessment Quiz 2023 with complete solution
What is the effect of a company's accounting department maintaining high ethical standards?
-The company can report more favorable results in its financial statements.
-The company's accounting information will decrease in value.
-The c...
wgu d196 pre assessment quiz 2023 with complete solution what is the effect of a companys accounting department maintaining high ethical standards the company can report more favorable results
Written for
WGU D196
All documents for this subject (402)
Seller
Follow
LECTMAGGY
Reviews received
Content preview
WGU D196 Pre-Assessment Quiz 2023 with complete
solution
What is the effect of a company's accounting department maintaining high ethical
standards?
-The company can report more favorable results in its financial statements.
-The company's accounting information will decrease in value.
-The company can hire fewer accountants to do the same amount of work.
-The company's accounting information will increase in value.
The company's accounting information will increase in value.
Why might employees be interested in their company's financial accounting
information?
-Financial statement data are used to record long term liabilities.
-Financial statement data provide detailed internal budget information.
-Financial statement data are often used in determining employee bonuses.
-Financial statement data provide item-by-item product cost information.
Financial statement data are often used in determining employee bonuses.
Which group establishes financial accounting rules in the United States?
-Internal Revenue Service (IRS)
-American Institute of Certified Public Accountants (AICPA)
-Financial Accounting Standards Board (FASB)
-International Accounting Standards Board (IASB)
Financial Accounting Standards Board (FASB)
Which report is one of the three primary financial statements?
-Statement of stakeholder funds
-Statement of cash flows
-Statement of the accounting cycle
-Statement of management accounting
Statement of cash flows
A company paid $5,000 cash in advertising costs.
How does this transaction affect the paying company's accounting equation?
-Assets decrease by $5,000; expenses increase by $5,000.
-Assets decrease by $5,000; liabilities increase by $5,000.
-Assets decrease by $5,000; revenues increase by $5,000.
-Assets increase by $5,000; expenses increase by $5,000.
Assets decrease by $5,000; expenses increase by $5,000.
What is a transaction?
-Two parties exchanging something of value
-An example of an online business document
-A type of commonly used accounting software
-A category of merchandiser or retailer
Two parties exchanging something of value
A company borrowed $80,000 cash from a bank.
How does this transaction affect the accounting equation of the borrowing company?
-Expenses decrease owners' equity.
, -Expenses increase liabilities.
-Expenses decrease liabilities.
-Expenses increase owners' equity.
Expenses decrease owners' equity.
What is the impact of expenses on the accounting equation?
-Expenses decrease owners' equity.
-Expenses increase liabilities.
-Expenses decrease liabilities.
-Expenses increase owners' equity.
Expenses decrease owners' equity.
Which type of account are accounts payable and notes payable both examples of?
-Asset
-Equity
-Expense
-Liability
Liability
What is the purpose of the financial accounting cycle?
-To turn information about transactions into financial statements
-To gather information related to the expenses and income generated by a company
-To produce and analyze a company's monthly bank statement
-To collect confidential information for management to use as a competitive tool
To turn information about transactions into financial statements
According to the accounting equation, the amount of liabilities and equity must always
be equal to another amount.
What is that other amount?
-Cash
-The sum of expenses and dividends
-Assets
-The sum of revenues and expenses
Assets
Which item is an expense item?
-Accounts receivable
-Accounts payable
-Cost of goods sold
-Loans payable
Cost of goods sold
How is gross profit computed?
-Sales minus cost of goods sold
-Total revenues minus total expenses
-Accounts receivable minus accounts payable
-Total assets minus total liabilities
Sales minus cost of goods sold
Which type of account is retained earnings?
-Liability
-Asset
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LECTMAGGY. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.29. You're not tied to anything after your purchase.
