WGU D196 ADVANCED PATHOPHARMACOLOGICAL
FOUNDATIONS UPDATED ON APRIL 12 2024
(RASMUSSEN COLLEGE)
Liabilities - correct answers-An obligation to pay cash, transfer other assets, or provide
services to someone.
A) Liabilities are what we OWE.
B) Common Liabilities:
-) Accounts Payable
-) Taxes...
WGU D196 ADVANCED PATHOPHARMACOLOGICAL
FOUNDATIONS UPDATED ON APRIL 12 2024
(RASMUSSEN COLLEGE)
,Liabilities - correct answers-An obligation to pay cash, transfer other assets, or provide
services to someone.
A) Liabilities are what we OWE.
B) Common Liabilities:
-) Accounts Payable
-) Taxes Payable
-) Mortgage Payable
-) Unearned Revenue
What is the role and purpose of accounting ? - correct answers-Role: To help track
income and expenditures, and to provide investors, management, and government with
financial information.
Purpose: To accumulate, measure, and communicate financial information about
businesses and other organizations.
· Who uses accounting information and why? - correct answers-Potential investors and
creditors use accounting information, but basically everyone uses accounting
information. They use it to make internal and external business decisions.
· What are the important influences on accounting? - correct answers-Important
influences on accounting is the development of the "generally accepted accounting
principles"(GAAP), international business and ethical consideration.
· What is the role of ethics in accounting? - correct answers-Being an accountant
requires honesty and integrity, as well as professional judgement. So having ethics in
accounting is very important.
What are the three main functions of accounting? - correct answers-The 3 main
functions of accounting are: Analyzing, Bookkeeping, and Evaluating(ABE).
The Financial Accounting Standards Board(FASB) - correct answers-An organization
responsible for studying accounting issues and establishing standards
a) Private group
b) Public process
c) Establishes GAAP
The Public Company Accounting Oversight Board(PCAOB) - correct answers-Oversees
all accounting firms.
Internal Revenue Service(IRS) - correct answers-Collects and regulates income taxes
International Accounting Standards Board(IASB) - correct answers-The FASB of the
world(except the USA)
Assets - correct answers-assets are what we OWN.
Common Assets:
The Governmental Accounting Standards Board(GASB) - correct answers-A private,
non governmental organization who sets accounting and financial reporting standards
for state and local governments
Securities and Exchange Commission(SEC) - correct answers-Regulates stock
exchanges
a) Has legal authority to regulate financial markets and accounting
b) Usually defers to the FASB on accounting matters
The Public Company Accounting Oversight Board(PCAOB) - correct answers-Oversees
all accounting firms.
Internal Revenue Service(IRS) - correct answers-Collects and regulates income taxes
International Accounting Standards Board(IASB) - correct answers-The FASB of the
world(except the USA)
Assets - correct answers-assets are what we OWN.
Common Assets:
-) Cash
-) Accounts receivable
-) Inventory
-) Buildings
-) Prepaid
Owners Equity - correct answers-The owners share of earnings.
A) Sources of equity:
-) Capital/Common Stock
-) Retained Earnings
What is the Accounting Cycle and how does it work? - correct answers-The accounting
cycle is the procedure for analyzing, recording, summarizing, and preparing the
transactions of a business. The accounting cycle works by turning transactions into
financial statements through these steps:
Step 1: Analyze Transactions
Step 2: Record the effects of transactions
Step 3: Summarize the effects
Step 4: Prepare reports
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