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WGU D196 Exam Practice Questions and Answers (100% Pass)
WGU D196 Exam Practice Questions and Answers (100% Pass)
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©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Saturday, August 3, 2024 7:34 AMWEST VIRGINIA UNIVERSIRTY- (WV) : 26506
WGU D196 Exam Practice Questions and Answers (100% Pass)
What is the correct sequence of budgets in a manufacturing business? - ✔️✔️Sales,
production, direct materials
What is the effect of a company's accounting department maintaining high ethical
standards? - ✔️✔️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 often used in determining employee
bonuses.
Which group establishes financial accounting rules in the United States? - ✔️✔️Financial
Accounting Standards Board (FASB)
Which report is one of the three primary financial statements? - ✔️✔️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 increase by $5,000; expenses increase by $5,000.
A company borrowed $80,000 cash from a bank. - ✔️✔️Assets increase by $80,000;
liabilities increase by $80,000.
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, ©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Saturday, August 3, 2024 7:34 AM
WEST VIRGINIA UNIVERSIRTY- (WV) : 26506
What is the impact of expenses on the accounting equation? - ✔️✔️Expenses decrease
owners' equity.
Which type of account are accounts payable and notes payable both examples of? -
✔️✔️Liability
What is the purpose of the financial accounting cycle? - ✔️✔️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? - ✔️✔️Assets
Which item is an expense item? - ✔️✔️Cost of goods sold
How is gross profit computed? - ✔️✔️Sales minus cost of goods sold
Which type of account is retained earnings? - ✔️✔️Equity
For purposes of cash flow classification in the statement of cash flows, which item is an
operating activity? - ✔️✔️Paying Employees
How does a classified balance sheet provide useful information to a decision maker? -
✔️✔️It distinguishes between current and long-term assets
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