WGU D196 Pre-Assessment Test Questions and Answers 2025
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WGU D196 .
Institución
Western Governors University
What is the effect of a company's accounting department maintaining high ethical standards?
-The company can report more favorable results in its financial statements.
-The company's accounting information will decrease in value.
-The company can hire fewer accountants to do the same amount of w...
wgu d196 pre assessment test questions and answers
wgu d196 pre assessment test questions
wgu d196 pre assessment test
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WGU D196 .
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WGU D196 Exam
WGU D196 Pre-Assessment Test
Questions and Answers 2025
What is the effect of a company's accounting department maintaining high ethical
standards?
-The company can report more favorable results in its financial statements.
-The company's accounting information will decrease in value.
-The company can hire fewer accountants to do the same amount of work.
-The company's accounting information will increase in value. -Correct Answer ✔The
company's accounting information will increase in value.
Why might employees be interested in their company's financial accounting
information?
-Financial statement data are used to record long term liabilities.
-Financial statement data provide detailed internal budget information.
-Financial statement data are often used in determining employee bonuses.
-Financial statement data provide item-by-item product cost information. -Correct
Answer ✔Financial statement data are often used in determining employee bonuses.
Which group establishes financial accounting rules in the United States?
-Internal Revenue Service (IRS)
-American Institute of Certified Public Accountants (AICPA)
-Financial Accounting Standards Board (FASB)
-International Accounting Standards Board (IASB) -Correct Answer ✔Financial
Accounting Standards Board (FASB)
Which report is one of the three primary financial statements?
-Statement of stakeholder funds
-Statement of cash flows
-Statement of the accounting cycle
-Statement of management accounting -Correct Answer ✔Statement of cash flows
A company paid $5,000 cash in advertising costs.
How does this transaction affect the paying company's accounting equation?
-Assets decrease by $5,000; expenses increase by $5,000.
-Assets decrease by $5,000; liabilities increase by $5,000.
-Assets decrease by $5,000; revenues increase by $5,000.
-Assets increase by $5,000; expenses increase by $5,000. -Correct Answer ✔Assets
decrease by $5,000; expenses increase by $5,000.
What is a transaction?
-Two parties exchanging something of value
-An example of an online business document
-A type of commonly used accounting software
WGU D196 Exam
, WGU D196 Exam
-A category of merchandiser or retailer -Correct Answer ✔Two parties exchanging
something of value
A company borrowed $80,000 cash from a bank.
How does this transaction affect the accounting equation of the borrowing company?
-Expenses decrease owners' equity.
-Expenses increase liabilities.
-Expenses decrease liabilities.
-Expenses increase owners' equity. -Correct Answer ✔Expenses decrease owners'
equity.
What is the impact of expenses on the accounting equation?
-Expenses decrease owners' equity.
-Expenses increase liabilities.
-Expenses decrease liabilities.
-Expenses increase owners' equity. -Correct Answer ✔Expenses decrease owners'
equity.
Which type of account are accounts payable and notes payable both examples of?
-Asset
-Equity
-Expense
-Liability -Correct Answer ✔Liability
What is the purpose of the financial accounting cycle?
-To turn information about transactions into financial statements
-To gather information related to the expenses and income generated by a company
-To produce and analyze a company's monthly bank statement
-To collect confidential information for management to use as a competitive tool -
Correct Answer ✔To turn information about transactions into financial statements
According to the accounting equation, the amount of liabilities and equity must always
be equal to another amount.
What is that other amount?
-Cash
-The sum of expenses and dividends
-Assets
-The sum of revenues and expenses -Correct Answer ✔Assets
Which item is an expense item?
-Accounts receivable
-Accounts payable
-Cost of goods sold
-Loans payable -Correct Answer ✔Cost of goods sold
WGU D196 Exam
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