D196 WGU PRE-ASSESSMENT EXAM QUESTIONS WITH CORRECT ANSWERS ALL VERIFIED BY AN EXPERT A+ GRADED (LATEST UPDATE)
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Course
WGU D196
Institution
WGU D196
What is the effect of a company's accounting department maintaining high ethical standards?
-The company can report more favorable results in its financial statements.
-The company's accounting information will decrease in value.
-The company can hire fewer accountants to do the same amount of w...
K
C
LO
YC
D196 WGU PRE-ASSESSMENT
EXAM QUESTIONS WITH
D
CORRECT ANSWERS ALL
U
VERIFIED BY AN EXPERT A+
ST
GRADED (LATEST UPDATE)
, What is the effect of a company's accounting department maintaining high ethical standards?
-The company can report more favorable results in its financial statements.
-The company's accounting information will decrease in value.
-The company can hire fewer accountants to do the same amount of work.
-The company's accounting information will increase in value. - ANS The company's
accounting information will increase in value.
Why might employees be interested in their company's financial accounting information?
-Financial statement data are used to record long term liabilities.
-Financial statement data provide detailed internal budget information.
K
-Financial statement data are often used in determining employee bonuses.
-Financial statement data provide item-by-item product cost information. - ANS Financial
statement data are often used in determining employee bonuses.
C
Which group establishes financial accounting rules in the United States?
-Internal Revenue Service (IRS)
LO
-American Institute of Certified Public Accountants (AICPA)
-Financial Accounting Standards Board (FASB)
-International Accounting Standards Board (IASB) - ANS Financial Accounting Standards
Board (FASB)
YC
Which report is one of the three primary financial statements?
-Statement of stakeholder funds
-Statement of cash flows
-Statement of the accounting cycle
-Statement of management accounting - ANS Statement of cash flows
D
A company paid $5,000 cash in advertising costs.
How does this transaction affect the paying company's accounting equation?
-Assets decrease by $5,000; expenses increase by $5,000.
U
-Assets decrease by $5,000; liabilities increase by $5,000.
-Assets decrease by $5,000; revenues increase by $5,000.
-Assets increase by $5,000; expenses increase by $5,000. - ANS Assets decrease by $5,000;
ST
expenses increase by $5,000.
What is a transaction?
-Two parties exchanging something of value
-An example of an online business document
-A type of commonly used accounting software
-A category of merchandiser or retailer - ANS 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?
-Expenses decrease owners' equity.
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