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WGU D196 OBJECTIVE ASSESSMENT EXAM 150 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) |ALREADY GRADED A+ £22.87
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WGU D196 OBJECTIVE ASSESSMENT EXAM 150 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) |ALREADY GRADED A+

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WGU D196 OBJECTIVE ASSESSMENT EXAM 150 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) |ALREADY GRADED A+ WGU D196 OBJECTIVE ASSESSMENT EXAM 150 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) |ALREADY GRADED A+

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  • August 9, 2024
  • 16
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • wgu d196
  • wgu d196 objective assessment exam 150
  • wgu d196 objective assessment

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  • WGU D196 OBJECTIVE ASSESSMENT
  • WGU D196 OBJECTIVE ASSESSMENT

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WGU D196 OBJECTIVE ASSESSMENT 2023-2024 EXAM
150 QUESTIONS AND CORRECT DETAILED ANSWERS
WITH RATIONALES (VERIFIED ANSWERS) |ALREADY
GRADED A+
What is an example of direct materials?

Cost of robotic equipment in making automobiles

Cost of sandpaper in making wood furniture

Cost of saws and hammers in constructing a house

Cost of aluminum in making an airplane - ANSWER-Cost of aluminum in making an airplane



What is the effect of a company's accounting department maintaining high ethical standards?

The company can hire fewer accountants to do the same amount of work.

The company can report more favorable results in its financial statements.

The company's accounting information will increase in value.

The company's accounting information will decrease in value. - ANSWER-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 are often used in determining employee bonuses.

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

Financial statement data provide detailed internal budget information. - ANSWER-Financial statement
data are often used in determining employee bonuses.



Which group establishes financial accounting rules in the United States?

Internal Revenue Service (IRS)

Financial Accounting Standards Board (FASB)

International Accounting Standards Board (IASB)

,American Institute of Certified Public Accountants (AICPA) - ANSWER-Financial Accounting Standards
Board (FASB)



Which report is one of the three primary financial statements?

Statement of management accounting

Statement of the accounting cycle

Statement of stakeholder funds

Statement of cash flows - 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?

Assets decrease by $5,000; liabilities increase by $5,000.

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

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

Assets decrease by $5,000; revenues increase by $5,000. - ANSWER-Assets decrease by $5,000;
expenses increase by $5,000.



What is a transaction?

Two parties exchanging something of value

A type of commonly used accounting software

A category of merchandiser or retailer

An example of an online business document - ANSWER-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?

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

Assets increase by $80,000; owners' equity increases by $80,000.

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

Assets increase by $80,000; revenues increase by $80,000. - ANSWER-Assets increase by $80,000;
liabilities increase by $80,000.

, What is the impact of expenses on the accounting equation?

Expenses decrease liabilities.

Expenses increase liabilities.

Expenses decrease owners' equity.

Expenses increase owners' equity. - ANSWER-Expenses decrease owners' equity.



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

Liability

Expense

Asset

Equity - ANSWER-Liability



What is the purpose of the financial accounting cycle?

To turn information about transactions into financial statements

To gather information related to the expenses and income generated by a company

To produce and analyze a company's monthly bank statement

To collect confidential information for management to use as a competitive tool - ANSWER-To turn
information about transactions into financial statements



According to the accounting equation, the amount of liabilities and equity must always be equal to
another amount.

What is that other amount?

The sum of expenses and dividends

Cash

Assets

The sum of revenues and expenses - ANSWER-Assets



Which item is an expense item?

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