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WGU D196 Study Guide Principles of Financial and Managerial Accounting Exam with 60 Questions and Correct Answers 100% A+ Graded 2025/2026 $16.49
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WGU D196 Study Guide Principles of Financial and Managerial Accounting Exam with 60 Questions and Correct Answers 100% A+ Graded 2025/2026
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WGU D196 study guide WGU accounting exam Principles of financial accounting Principles of managerial accounting WGU D196 exam questions Financial and managerial accounting D196 correct answers D196 accounting exam prep WGU financial accounting study WGU managerial accounting study D196 ex...

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  • December 21, 2024
  • 33
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • WGU D196
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WGU D196 Study Guide Principles of Financial and Managerial Accounting
Exam with 60 Questions and Correct Answers 100% A+ Graded


1. What is the effect of a company's accounting department maintaining high eth
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ical standards?
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A) The company can hire fewer accountants to do the same amount of work
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B) The company can report more favorable results in its financial statements.
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C) The company's accounting information will increase in value.
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D) The company's accounting information will decrease in value.: C) The com-
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pany's accounting information will increase in value.
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2. Why might employees be interested in their company's financial accounting inf
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ormation?

A) Financial statement data provide item-by-item product cost information.
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B) Financial statement data are often used in determining employee bonuses.
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C) Financial statement data are used to record long term liabilities.
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D) Financial statement data provide detailed internal budget information.: Fi-
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nancial statement data are often used in determining employee bonuses.
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3. Which group establishes financial accounting rules in the United States?
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A) International Accounting Standards Board (IASB)q q q q




B) Internal Revenue Service (IRS)
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33

,C) Financial Accounting Standards Board (FASB)
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D) American Institute of Certified Public Accountants (AICPA): Financial Ac-
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counting Standards Board (FASB)
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4. Which report is one of the three primary financial statements?
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A) Statement of management accounting
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B) Statement of the accounting cycle
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C) Statement of stakeholder funds
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D) Statement of cash flows: Statement of cash flows
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33

,5. A company paid $5,000 cash in advertising costs.
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How does this transaction affect the paying company's accounting equation?
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A) Assets increase by $5,000; expenses increase by $5,000.
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B) Assets decrease by $5,000; revenues increase by $5,000.
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C) Assets decrease by $5,000; expenses increase by $5,000.
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D) Assets decrease by $5,000; liabilities increase by $5,000.: Assets decrease by
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$5,000; expenses increase by $5,000.
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6. What is the transactional model?
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A) Two parties exchanging something of value
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B) A type of commonly used accounting software
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C) A category of merchandiser or retailer
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D) An example of an online business document: Two parties exchanging some-
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thing of value
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7. A company borrowed $80,000 cash from a bank.
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How does this transaction affect the accounting equation of the borrowing comp
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any?

A) Assets increase by $80,000; revenues increase by $80,000.
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3q/q
33

, B) Assets increase by $80,000; liabilities increase by $80,000.
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C) Assets increase by $80,000; liabilities decrease by $80,000.
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D) Assets increase by $80,000; owners' equity increases by: Assets increase by
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$80,000; liabilities increase by $80,000.
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8. What is the impact of expenses on the accounting equation?
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A) Expenses decrease owners' equity.
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33

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