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WGU D196 Principles of Financial and Managerial Accounting Pre-assessment Exam with 62 Questions and Verified Answers, 100% Graded A+ $16.49
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WGU D196 Principles of Financial and Managerial Accounting Pre-assessment Exam with 62 Questions and Verified Answers, 100% Graded A+

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WGU D196 exam prep WGU accounting pre-assessment D196 financial accounting test managerial accounting WGU D196 WGU D196 study guide principles of accounting practice exam D196 exam questions and answers WGU financial accounting exam help WGU D196 test preparation managerial accounting stud...

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WGU D196 Principles of Financial and Managerial Accounting
Pre-assessment Exam with 62 Questions and Verified Answers,
100% Graded A+




1. What is an example of direct materials?
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Cost of robotic equipment in making automobilesCo
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st of sandpaper in making wood furniture
z z z z z z




Cost of saws and hammers in constructing a house
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Cost of aluminum in making an airplane: Cost of aluminum in making an airplane
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2. What is the effect of a company's accounting department maintaining highethi
z z z z z z z z z z z




cal standards?
z




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




ompany can report more favorable results in its financial statements.The com
z z z z z z z z z z z




pany's accounting information will increase in value.
z z z z z z




The company's accounting information will decrease in value.: The company'sacco
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unting information will increase in value.
z z z z z




3. Why might employees be interested in their company's financial accountinginfor
z z z z z z z z z z




mation?

1z/z12

,Financial statement data are used to record long term liabilities.
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Financial statement data are often used in determining employee bonuses.Fin
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ancial statement data provide item-by-item product cost information.
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Financial statement data provide detailed internal budget information.: Finan-
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cial statement data are often used in determining employee bonuses.
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4. Which group establishes financial accounting rules in the United States?Inte
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rnal Revenue Service (IRS)
z z z




Financial Accounting Standards Board (FASB) Intern
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ational Accounting Standards Board (IASB)
z z z z




American Institute of Certified Public Accountants (AICPA): Financial Account-
z z z z z z z z




ing Standards Board (FASB)
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5. Which report is one of the three primary financial statements?Sta
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tement of management accounting
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Statement of the accounting cycleS z z z z z




tatement of stakeholder funds z z z




Statement of cash flows: Statement of cash flows
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6. A company paid $5,000 cash in advertising costs.
z z z z z z z




How does this transaction affect the paying company's accounting equation?Asse
z z z z z z z z z z




2z/z12

,ts decrease by $5,000; liabilities increase by $5,000.
z z z z z z z




Assets increase by $5,000; expenses increase by $5,000.Ass
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ets decrease by $5,000; expenses increase by $5,000.
z z z z z z z




Assets decrease by $5,000; revenues increase by $5,000.: Assets decrease by
z z z z z z z z z z




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




7. What is a transaction?
z z z




Two parties exchanging something of value
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3z/z12

, A type of commonly used accounting softwareA c
z z z z z z z z




ategory of merchandiser or retailerz z z z




An example of an online business document: Two parties exchanging somethingof val
z z z z z z z z z z z z




ue

8. A company borrowed $80,000 cash from a bank.
z z z z z z z




How does this transaction affect the accounting equation of the borrowingcom
z z z z z z z z z z z




pany?

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




crease by $80,000; owners' equity increases by $80,000.Assets incre
z z z z z z z z z




ase by $80,000; liabilities decrease by $80,000.
z z z z z z




Assets increase by $80,000; revenues increase by $80,000.: Assets increase by
z z z z z z z z z z




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




9. What is the impact of expenses on the accounting equation?Exp
z z z z z z z z z z




enses decrease liabilities.z z




Expenses increase liabilities. Expens z z z




es decrease owners' equity.
z z z




Expenses increase owners' equity.: Expenses decrease owners' equity.
z z z z z z z




10. Which type of account are accounts payable and notes payable bothexa
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4z/z12

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