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D196 WGU PRINCIPLES OF FINANCIAL AND MANEGERIAL ACCOUNTING EXAM STUDY GUIDE 2024|BRAND NEW VERIFIED EXAM QUESTIONS AND CORRECT ANSWERS ALL GRADED A+|GUARANTEED SUCCESS|LATEST UPDATE

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D196 WGU Principles of Financial and Managerial Ac

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D196 WGU Principles Of Financial And Managerial Ac

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Uploaded on October 25, 2024
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wgu principles of financial
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Institution D196 WGU Principles of Financial and Managerial Ac
Course D196 WGU Principles of Financial and Managerial Ac

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D196 WGU PRINCIPLES OF FINANCIAL AND
MANEGERIAL ACCOUNTING EXAM STUDY GUIDE
2024|BRAND NEW VERIFIED EXAM QUESTIONS
AND CORRECT ANSWERS ALL GRADED
A+|GUARANTEED SUCCESS|LATEST UPDATE 2024-
2025

bookkeeping - ANSWER-✔day to day keeping of transcations

steps of decision making - ANSWER-✔identify issue
gather information
identify alternatives
select option that most likely results in desired objective

accounting - ANSWER-✔analysis of events
record and report financial effects of business activities

where does capital come from (3) - ANSWER-✔investors
creditors(lenders)
business itself (from earnings retained)

2 main types of accounting - ANSWER-✔financial and managerial

managerial accounting - ANSWER-✔gather and analysis of information for internal
use and decision making.

financial accounting - ANSWER-✔gather, report, analysis of information for external
users- investors and creditors. summary of a business

what does managerial accounting review - ANSWER-✔product cost, breakeven
analysis, budgeting, performance analysis, outsource production

what does financial accounting review - ANSWER-✔credit analysis, financial health,
estimate value of the company

examples of external financial reports for financial accounting - ANSWER-✔annual
report, financial statement, balance sheet, income statement, statement of cash
flow

balance sheet - ANSWER-✔reports assets and liabilities. basic.
list as of a point in time. as of today, as of yesterday

,income statement - ANSWER-✔how much did you ,ake
period of time - from nov to jan

statement of cash flow - ANSWER-✔where did the cash come from and where did
the cash go
period of time - from nov to jan

lender - ANSWER-✔lends money with intend to get it back plus interest. need
current income, existing obligations, existing assets, payroll stub, tax return, monthly
payments, bank stmts

investor - ANSWER-✔buys into your company. looks at if the business is profitable,
what they are buying, buying obligations, potential future projections

what forms will the manager of a business use - ANSWER-✔both financial and
managerial

fasb- what does it stand for, who are they and what do they do - ANSWER-
✔financial accounting standards board
private group, not govt agency, no legal authority, conducted of people from a
variety of business related backgrounds.
establishes financial accounting and reporting standards for private sector
companies
1 of the two boards that make up GAAP

gasb- what does it stand for, who are they, what do they do - ANSWER-
✔governmental accounting standards board
sets accounting and financial reporting standards for state and legal governments.
authority over financial reporting by government entities
1 of the two boards that make up GAAP

gaap - ANSWER-✔generally accepted accounting principles

sec - ANSWER-✔Securities and Exchange Commission
regulates us stock exchange. provides investors with full and fair information about
publicly traded companies.
legal punishment

iasb - ANSWER-✔International Accounting Standards Board
develop international accounting standards. made up of members from many
countries

aicpa - ANSWER-✔american institute of certified public accountants
administers the cpa exam.
enforces professional sanction by taking away cpa license when acted unethically.

, role and purpose of accounting - ANSWER-✔accumulate and report on financial
information about performance, financial position, cash flow of a business. used to
reach decisions about how to manage the business, invest in it, or lend money to it

what is a balance sheet - ANSWER-✔statement of what they have and how they
financed it at a specific point in time.

balance sheet equation - ANSWER-✔assets = liabilities + owners equity

what are assets and examples - ANSWER-✔what they own or control that will
provide probable future benefits
cash, accts receivable, inventory, buildings, land.

what are liabilities and examples - ANSWER-✔what we owe. obligations that
require future sacrifice.
phone bill, car loan, accts payable, fed and state govt tax, mortgage, unearned
revenue

what is owners equity and examples - ANSWER-✔owners share, stockholders equity,
how much owner originally invested in business + how much profit they have left
capital stock- amt given by shareholders to obtain shares of stock(capital=$ so
money from stocks)
retained earnings- earnings retained in business, ex= net income

do dividends increase or decrease owners equity - ANSWER-✔decrease

does investments by owners increase or decrease owners equity - ANSWER-
✔increase

what is an income stmt - ANSWER-✔analyzes economic performance for a specific
period of time. statement of income. revenues, expenses, liabilities.

equation for net income - ANSWER-✔net income= revenues - expenses

does revenues increase or decrease net assets - ANSWER-✔increase

does expenses increase or decrease net assets - ANSWER-✔decrease

what is revenue - ANSWER-✔amount of assets created from sale.
products, membership, software, hardware, etc

what are expenses - ANSWER-✔amount of assets consumed in generating revenues.
wages, utilities, wholesale cost

if revenue exceeds expenses what happens - ANSWER-✔you get net income

if revenue is less than expenses paid, what happens - ANSWER-✔net loss

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Exam (elaborations)

D196 WGU PRINCIPLES OF FINANCIAL AND MANEGERIAL ACCOUNTING EXAM STUDY GUIDE 2024|BRAND NEW VERIFIED EXAM QUESTIONS AND CORRECT ANSWERS ALL GRADED A+|GUARANTEED SUCCESS|LATEST UPDATE

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