WGU D196 Pre-Assessment Principles of Financial and Managerial
Accounting Exam with 55 Multiple choice Questions and Answers
100% Graded A+
1. What is the effect of a company's accounting department maintaining higheth
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ical standards?
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-The company can report more favorable results in its financial statements.
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-The company's accounting information will decrease in value.
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-The company can hire fewer accountants to do the same amount of work.
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The company's accounting information will increase in value.: The company'sacc
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ounting information will increase in value.
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2. Why might employees be interested in their company's financial accountinginf
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ormation?
-Financial statement data are used to record long term liabilities.
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-Financial statement data provide detailed internal budget information.
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-Financial statement data are often used in determining employee bonuses.
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-Financial statement data provide item-by-item product cost information.: Fi-
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1b/b10
,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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-Internal Revenue Service (IRS)
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-American Institute of Certified Public Accountants (AICPA)
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-Financial Accounting Standards Board (FASB)
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-International Accounting Standards Board (IASB): Financial Accounting Stan-
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dards Board (FASB)
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4. Which report is one of the three primary financial statements?
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-Statement of stakeholder funds b b b
-Statement of cash flows b b b
-Statement of the accounting cycle b b b b
-Statement of management accounting: Statement of cash flows
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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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-Assets decrease by $5,000; expenses increase by $5,000.
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-Assets decrease by $5,000; liabilities increase by $5,000.
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-Assets decrease by $5,000; revenues increase by $5,000.
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-Assets increase by $5,000; expenses increase by $5,000.: Assets decrease by
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2b/b10
, $5,000; expenses increase by $5,000.
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6. What is a transaction? b b b
-Two parties exchanging something of value
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-An example of an online business document
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-A type of commonly used accounting software
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A category of merchandiser or retailer: Two parties exchanging something ofvalu
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e
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