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D196 WGU Questions & Accurate Answers
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D196 WGU Questions & Accurate Answers
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D196 WGU Questions & Accurate AnswersUnit 2: International Accounting Standards Board (IASB) ✔️Ans - A
committee formed to develop international accounting standards.
Unit 2: American Institute of Certified Public Accountants (AICPA) ✔️Ans
- A professional organization for CPAs in which membership is voluntary.
*Professional Sanctions*
Unit 2: Certified public accountant (CPA) ✔️Ans - An accountant who has
met specified professional requirements established by the AICPA and local
and state societies. A key service provided by CPAs is the performance of
independent audits of financial statements.
Unit 2: Securities and Exchange Commission (SEC) ✔️Ans - The
government body responsible for regulating the financial reporting practices
of most publicly owned corporations in connection with the buying and selling
of stocks and bonds. *Legal Punishment*
Unit 2: Governmental Accounting Standards Board (GASB) ✔️Ans - An
independent private organization that sets the accounting and financial
reporting standards for state and local governments following GAAP.
Unit 2: Generally accepted accounting principles (GAAP) ✔️Ans -
Authoritative guidelines that define accounting practice at a particular time in
the United States.
Unit 2: Financial Accounting Standards Board (FASB) ✔️Ans - the private
board that establishes the generally accepted accounting principles used in
the practice of financial accounting
variety of backgrounds
not a government agency - no legal power to enforce the accounting standards
Unit 2: accounting system ✔️Ans - The procedures and processes used
by a business to analyze transactions, handle routine bookkeeping tasks, and
structure information so it can be used to evaluate the performance and
health of the business.
, Unit 2: Accounting ✔️Ans - Quantitative information, primarily financial
in nature, about economic entities that is intended to be useful in making
economic decisions.
Unit 2: Quantitative ✔️Ans - Accounting relates to numbers.
Unit 2: Financial ✔️Ans - The health and performance of a business are
affected by and reflected in many dimensions
Unit 2: Useful ✔️Ans - The practice of accounting is supported by a long
tradition of theory.
Unit 2: Decisions ✔️Ans - Although accounting is the structured
reporting of what has already occurred, this past information can only be
useful if it impacts decisions about the future.
Unit 2: The Decision Making Process ✔️Ans - Step 1: Identify Issue
Step 2: Gather Info
Step 3: Identify Alternatives
Step 4: Select Best Option
Unit 2: Revenues ✔️Ans - The amount of assets created through the sale
of goods and services.
Unit 2: Management accounting ✔️Ans - The area of accounting
concerned with providing internal financial reports to assist management in
making decisions.
Unit 2: Financial statements ✔️Ans - Reports such as the balance sheet,
income statement, and statement of cash flows, which summarize the financial
status and results of operations of a business entity.
Unit 2: Annual report ✔️Ans - A document that summarizes the results
of operations and financial status of a company for the past year and outlines
future plans.
Unit 2: Balance Sheet ✔️Ans - Lists as of a point in time.
Provides Assets (resources)
Provide Liabilities (obligations)
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