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What is the effect of a company's accounting department maintaining high ethical standards? A)The company can hire fewer accountants to do the same amount of work B)The company can report more favorable results in its financial statements. C)The company's accounting information will increase i...

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  • August 26, 2024
  • 15
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • what is the effect of a companys accounting depar

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  • WGU D196
  • WGU D196

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WGU D196 Study || A+ Graded Already.
What is the effect of a company's accounting department maintaining high ethical standards?

A)The company can hire fewer accountants to do the same amount of work
B)The company can report more favorable results in its financial statements.
C)The company's accounting information will increase in value.
D) The company's accounting information will decrease in value. correct answers C) The
company's accounting information will increase in value.

Why might employees be interested in their company's financial accounting information?

A) Financial statement data provide item-by-item product cost information.

B) Financial statement data are often used in determining employee bonuses.

C) Financial statement data are used to record long term liabilities.

D) Financial statement data provide detailed internal budget information. correct answers
Financial statement data are often used in determining employee bonuses.

Which group establishes financial accounting rules in the United States?

A) International Accounting Standards Board (IASB)

B) Internal Revenue Service (IRS)

C) Financial Accounting Standards Board (FASB)

D) American Institute of Certified Public Accountants (AICPA) correct answers Financial
Accounting Standards Board (FASB)

Which report is one of the three primary financial statements?

A) Statement of management accounting

B) Statement of the accounting cycle

C) Statement of stakeholder funds

D) Statement of cash flows correct answers Statement of cash flows

A company paid $5,000 cash in advertising costs.

How does this transaction affect the paying company's accounting equation?

, A) Assets increase by $5,000; expenses increase by $5,000.

B) Assets decrease by $5,000; revenues increase by $5,000.

C) Assets decrease by $5,000; expenses increase by $5,000.

D) Assets decrease by $5,000; liabilities increase by $5,000. correct answers Assets decrease by
$5,000; expenses increase by $5,000.

What is the transactional model?

A) Two parties exchanging something of value

B) A type of commonly used accounting software

C) A category of merchandiser or retailer

D) An example of an online business document correct answers 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?

A) Assets increase by $80,000; revenues increase by $80,000.

B) Assets increase by $80,000; liabilities increase by $80,000.

C) Assets increase by $80,000; liabilities decrease by $80,000.

D) Assets increase by $80,000; owners' equity increases by correct answers Assets increase by
$80,000; liabilities increase by $80,000.

What is the impact of expenses on the accounting equation?

A) Expenses decrease owners' equity.

B) Expenses decrease liabilities.

C) Expenses increase owners' equity.

D) Expenses increase liabilities. correct answers Expenses decrease owners' equity.

Which type of account are accounts payable and notes payable both examples of?

A) Liability

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