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WGU D19 FOR OA AND PRE ASSESSMENT ACTUAL EXAM GUIDE ()|VERIFIED EXAM QUESTIONS AND CORRECT ANSWERS ALL GRADED A+|GUARANTEED SUCCESS
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WGU D19 FOR OA AND PRE ASSESSMENT ACTUAL EXAM GUIDE ()|VERIFIED EXAM QUESTIONS AND CORRECT ANSWERS ALL GRADED A+|GUARANTEED SUCCESS What is the correct sequence of budgets in a manufacturing business? - ANSWER-Sales, production, direct materials What is the effect of a company's acco...

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  • October 8, 2024
  • 24
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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WGU D19 FOR OA AND PRE
ASSESSMENT ACTUAL EXAM GUIDE
(2024-2025)|VERIFIED EXAM
QUESTIONS AND CORRECT
ANSWERS ALL GRADED
A+|GUARANTEED SUCCESS


What is the correct sequence of budgets in a manufacturing business? - ANSWER-
✅Sales, production, direct materials

What is the effect of a company's accounting department maintaining high ethical
standards? - ANSWER-✅The company's accounting information will increase in value.

Why might employees be interested in their company's financial accounting
information? - ANSWER-✅Financial statement data are often used in determining
employee bonuses.

Which group establishes financial accounting rules in the United States? - ANSWER-
✅Financial Accounting Standards Board (FASB)

Which report is one of the three primary financial statements? - ANSWER-
✅Statement of cash flows

A company paid $5,000 cash in advertising costs.
How does this transaction affect the paying company's accounting equation? -
ANSWER-✅Assets increase by $5,000; expenses increase by $5,000.

A company borrowed $80,000 cash from a bank. - ANSWER-✅Assets increase by
$80,000; liabilities increase by $80,000.

What is the impact of expenses on the accounting equation? - ANSWER-✅Expenses
decrease owners' equity.

,Which type of account are accounts payable and notes payable both examples of? -
ANSWER-✅Liability

What is the purpose of the financial accounting cycle? - ANSWER-✅To gather
information related to the expenses and income generated by a company

According to the accounting equation, the amount of liabilities and equity must
always be equal to another amount.
What is that other amount? - ANSWER-✅Assets

Which item is an expense item? - ANSWER-✅Cost of goods sold

How is gross profit computed? - ANSWER-✅Sales minus cost of goods sold

Which type of account is retained earnings? - ANSWER-✅Equity

For purposes of cash flow classification in the statement of cash flows, which item is
an operating activity? - ANSWER-✅Paying Employees

How does a classified balance sheet provide useful information to a decision maker?
- ANSWER-✅It distinguishes between current and long-term assets

What information does a balance sheet provide to a decision maker? - ANSWER-
✅Summary of the financial position of a company at a particular date

What is an account payable? - ANSWER-✅The amount owed by a company that
purchased goods or services from a supplier on credit

Why is the net cash for December negative while total sales for December are the
highest out of the months from October through December? - ANSWER-✅Total cash
available does not reflect December sales because there was a high volume of credit
sales.

Managerial Accounting - ANSWER-✅focuses on the information needed for
planning, implementing plans, and controlling costs. For Internal decisions

Financial Accounting - ANSWER-✅concerned with reporting financial information to
external parties, such as stockholders, creditors, and regulators

What is looked at in Managerial Accounting? - ANSWER-✅~Product Costs
~Breakeven Analysis
~Budgeting
~Performance Evaluation
~Outsource Production

What is looked at in Financial Accounting? - ANSWER-✅~Credit Analysis

, ~Regulatory Uses
~Estimate the Value of the Company

Balance Sheet - ANSWER-✅~ List as of a point in time
~ Resources/ Assets
~ Obligations / Liabilities

Income Statement - ANSWER-✅~ For a period of time (such as a year)
~ How much profit did we make?

Statement Cash Flows - ANSWER-✅~ For a period of time (such as a year)
~ Where did our cash come from? Where did it go?

The balance sheet - ANSWER-✅Reports the resources of a company (the assets),
the company's obligations (the liabilities), and the owners' equity, which represents
the difference between what is owned (assets) and what is owed (liabilities).

The income statement - ANSWER-✅Reports the amount of net income earned by a
company during a period.

The statement of cash flows. - ANSWER-✅Reports the amount of cash collected and
paid out by a company in the following three types of activities: operating, investing,
and financing.

Financial Accounting Standards Board (FASB). - ANSWER-✅Private nongovernment
group ~ Creates the rules but a private body without the power to enforce them.

Governmental Accounting Standards Board (GASB) - ANSWER-✅Non Governmental
organization that seeks to improve Accountants practices. Sets the accounting and
financial reporting standards for state and local government

Securities and Exchange Commission (SEC) - ANSWER-✅Legally authorized to take
over. Regulates Stocks and Exchanges

American Institute of Certified Public Accountants (AICPA) - ANSWER-✅Provides
CPA Certifications

Functions of the Accounting System: - ANSWER-✅~ Analysis
~ Bookkeeping
~ Evaluation

GAAP - ANSWER-✅Rules governing financial accountant ~ Generally Accepted
Practices

Public Company Accounting Oversight Board (PCAOB) - ANSWER-✅Oversees all
accounting firms

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