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D196 WGU Questions & 100% Correct Answers
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What is vertical analysis and what information does it provide? :~~ Vertical analysis is used to compare percentages at the same point in time across companies in the same industry. It provides information on how a company's financial value or financial gain/loss compares to another similar...

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  • September 9, 2024
  • 33
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • d196 wgu questions 100 correct answers
  • what is vertical analysis and what information doe

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1 | P a g e | © copyright 2024/2025 | Grade A+




D196 WGU Questions & 100% Correct
Answers
What is vertical analysis and what information does it provide?

✓ :~~ Vertical analysis is used to compare percentages at the same point in

time across companies in the same industry. It provides information on how

a company's financial value or financial gain/loss compares to another

similar company.




· What are common-size financial statements and how are they used?

✓ :~~ Common-Size Financial Statements are included in most of the main

statements and reduces figures to be more easily understood(such as

reducing numbers to percentages). Horizontal and Vertical analysis is used

to analyze a company's performance over a certain period of time.




· Who uses accounting information and why?

✓ :~~ Potential investors and creditors use accounting information, but

basically everyone uses accounting information. They use it to make internal

and external business decisions.




· What are the important influences on accounting?




Master01 | September, 2024/2025 | Latest update

, 2 | P a g e | © copyright 2024/2025 | Grade A+


✓ :~~ Important influences on accounting is the development of the

"generally accepted accounting principles"(GAAP), international business and

ethical consideration.




· What is the role of ethics in accounting?

✓ :~~ Being an accountant requires honesty and integrity, as well as

professional judgement. So having ethics in accounting is very important.




What are the three main functions of accounting?


✓ :~~ The 3 main functions of accounting are: Analyzing, Bookkeeping, and

Evaluating(ABE).




The Financial Accounting Standards Board(FASB)

✓ :~~ An organization responsible for studying accounting issues and

establishing standards

a) Private group

b) Public process

c) Establishes GAAP




The Governmental Accounting Standards Board(GASB)




Master01 | September, 2024/2025 | Latest update

, 3 | P a g e | © copyright 2024/2025 | Grade A+


✓ :~~ A private, non governmental organization who sets accounting and

financial reporting standards for state and local governments




Securities and Exchange Commission(SEC)

✓ :~~ Regulates stock exchanges

a) Has legal authority to regulate financial markets and accounting

b) Usually defers to the FASB on accounting matters




The Public Company Accounting Oversight Board(PCAOB)


✓ :~~ Oversees all accounting firms.




What is the role and purpose of accounting ?

✓ :~~ Role: To help track income and expenditures, and to provide investors,

management, and government with financial information.

Purpose: To accumulate, measure, and communicate financial information about

businesses and other organizations.




Internal Revenue Service(IRS)

✓ :~~ Collects and regulates income taxes




International Accounting Standards Board(IASB)




Master01 | September, 2024/2025 | Latest update

, 4 | P a g e | © copyright 2024/2025 | Grade A+


✓ :~~ The FASB of the world(except the USA)




Assets


✓ :~~ assets are what we OWN.

Common Assets:

-) Cash

-) Accounts receivable

-) Inventory

-) Buildings

-) Prepaid




Liabilities

✓ :~~ An obligation to pay cash, transfer other assets, or provide services to

someone.

A) Liabilities are what we OWE.

B) Common Liabilities:

-) Accounts Payable

-) Taxes Payable

-) Mortgage Payable

-) Unearned Revenue




Master01 | September, 2024/2025 | Latest update

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