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WGU Principles of Financial and Managerial Accounting D196 Practice Exam with 180+ Questions and Verified Rationalized Answers Guaranteed Graded A+ 2025/2026 $16.49
WGU Principles of Financial and Managerial Accounting D196 Practice Exam with 180+ Questions and Verified Rationalized Answers Guaranteed Graded A+ 2025/2026
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WGU D196
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WGU D196
WGU accounting practice exam
Principles of financial accounting WGU
Managerial accounting WGU practice test
D196 WGU exam questions
Accounting exam rationalized answers
WGU D196 practice questions
Financial accounting study material WGU
Managerial accounting exam preparation WGU
WGU verifie...
WGU Principles of Financial and Managerial Accounting D196
Practice Exam with 180+ Questions and Verified Rationalized Answers
Guaranteed Graded A+
1. Accounting System: Used by business to:
v v v v v v
1. Analyze transactions
v
2. Handle routine bookkeeping tasks
v v v
3. Use the information to evaluate business performance
v v v v v v
2. Analysis/Bookkeeping/Evaluation:
3. Accounting: Quantitative information, primarily financial in nature, about eco-
v v v v v v v v
nomic entities that is intended to be useful in making economic decisions
v v v v v v v v v v v v
4. Decision-Making Process: v v
5. Business: An organization operated with the objective of making a profit from thesale
v v v v v v v v v v v v v v
of goods or services
v v v
6. Nonprofit Organization: An entity without a profit objective, oriented towardpro
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1v/v13
,viding services efficiently and effectively
v v v v
7. Capital or Financing: Monetary resources that come from three sources: in-
v v v v v v v v v v
v vestors (owners), creditors (lenders), and the business itself in the form of earnings
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8. Revenues: The amount of assets created through the sale of goods and services
v v v v v v v v v v v v
9. Accountant Roles in Business: 1.Measuring and reporting: Using the account-
v v v v v v v v v v
ing cycle to report the results of business activities
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2. Advising: Using the reports gathered to inform managers on how to structureactivities
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to achieve the goals of the business
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10. Activities Common to Business Organizations: v v v v
11. Accounting Cycle: The procedure for analyzing, recording, classifying, sum-
v v v v v v v v
marizing, and reporting the transactions of a business
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12. Managerial Accounting (internal): Gathering and analysis of information forthe
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purpose of internal decision making
v v v v
13. Financial Accounting (external): Gathering, reporting, and analysis of infor-
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mation primarily for the benefit of external users such as investors and creditors
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2v/v13
,14. Output of the Accounting Cycle:
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15. Annual Report: A document that summarizes the results of operations andfina
v v v v v v v v v v v
ncial status of a company for the past year and outlines future plans
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3v/v13
, 16. Financial Statements: Reports such as the balance sheet, income statement,an
v v v v v v v v v v
d statement of cash flows, which summarize the financial status and results of operati
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ons of a business entity
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17. Balance Sheet: Reports the resources of a company (assets), the company's oblig
v v v v v v v v v v v
ations (liabilities), and the owner's equity at a given point in time, which repre-
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sents the difference between what is owned (assets) and what is owed (liabilities)
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18. Income Statement: Reports the amount of net income earned by a companyduri
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ng a period. Revenues - Expenses = Net Income
v v v v v v v v
19. Statement of Cash Flows: Reports the amount of cash collected and paid outby a
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company in the following three types of activities: operating, investing, and financing
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20. External Stakeholders: Includes lenders, investors, competitors, and govern-
v v v v v v v
ment agencies
v v
21. Internal Stakeholders: Includes management, suppliers, customers, and em-
v v v v v v v
ployees
v
22. Financial Accounting Standards Board (FASB): The organization responsiblefor st
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udying accounting issues and establishing accounting standards to govern financial re
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porting in the United States v v v v
23. Generally Accepted Accounting Principles (GAAP): Authoritative guidelinesthat
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4v/v13
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