WGU D196- Principles of Financial and Managerial Accounting
Pre-Assessment Exam with 200+ Questions and Verified Rationalized
Answers 100% Graded A+ Pass Score
1. bookkeeping: day to day keeping of transcations s s s s s s
2. steps of decision making: identify issue ga
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ther information
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identify alternatives
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select option that most likely results in desired objective
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3. accounting: analysis of events s s s
record and report financial effects of business activities
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4. where does capital come from (3): investors cr
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editors(lenders)
business itself (from earnings retained)
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5. 2 main types of accounting: financial and managerial
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6. managerial accounting: gather and analysis of information for internal use and dec
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ision making.
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7. financial accounting: gather, report, analysis of information for external users-
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,investors and creditors. summary of a business
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8. what does managerial accounting review: product cost, breakeven analysis, bud
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geting, performance analysis, outsource production
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9. what does financial accounting review: credit analysis, financial health, esti-
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mate value of the company
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10. examples of external financial reports for financial accounting: annual re-
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port, financial statement, balance sheet, income statement, statement of cash flow
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11. balance sheet: reports assets and liabilities. basic. li
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st as of a point in time. as of today, as of yesterday
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12. income statement: how much did you ,ake p
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eriod of time - from nov to jan
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13. statement of cash flow: where did the cash come from and where did the cash go
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period of time - from nov to jan
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14. lender: lends money with intend to get it back plus interest. need current income, exi
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sting obligations, existing assets, payroll stub, tax return, monthly payments, bank stmts
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15. investor: buys into your company. looks at if the business is profitable, what they are
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buying, buying obligations, potential future projections
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16. what forms will the manager of a business use: both financial and managerial
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,17. fasb-
what does it stand for, who are they and what do they do: financial accounting st
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andards boards
private group, not govt agency, no legal authority, conducted of people from a variety of bu
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siness related backgrounds.
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establishes financial accounting and reporting standards for private sector compa-
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, nies
1 of the two boards that make up GAAP
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18. gasb-
s what does it stand for, who are they, what do they do: governmental accounting sta
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ndards board s
sets accounting and financial reporting standards for state and legal governments. auth
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ority over financial reporting by government entities
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1 of the two boards that make up GAAP
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19. gaap: generally accepted accounting principles
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20. sec: Securities and Exchange Commission
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regulates us stock exchange. provides investors with full and fair information about pub
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icly traded companies.
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legal punishment s
21. iasb: International Accounting Standards Board
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develop international accounting standards. made up of members from many coun-
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s tries
22. aicpa: american institute of certified public accountants
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administers the cpa exam. s s s
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