Accounting equation notes - Study guides, Class notes & Summaries
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WGU D196 Pre- Assessment V1 (Latest 2024/ 2025 Update) Principles of Financial and Managerial Accounting-Questions and Verified Answers| 100% Correct| Grade A
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WGU D196 Pre- Assessment V1 (Latest 2024/ 2025 Update) Principles of Financial and Managerial Accounting-Questions and Verified Answers| 100% Correct| Grade A 
 
Q: Which type of account are accounts payable and notes payable both examples of? 
 
Liability 
Expense 
Asset 
Equity 
 
 
Answer: 
Liability 
 
 
 
Q: 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 gene...
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MGA 201 Final Exam 2025 With 100% Correct Answers
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Basic Accounting Equation - correct answers Assets= Liabilities + Stockholders Equity 
 
Corporations - correct answers Separate entity from both a legal and accounting perspective. Owners of corporations (stockholders) are not personally responsible for debts of the corporation 
 
Separate Entity Assumption - correct answers requires that a business's financial reports include only the activities of the business and not those of its stockholders 
 
Assets - correct answers Resources controll...
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MGA 201 Final Exam 2025 With 100% Correct Answers
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Basic Accounting Equation - correct answers Assets= Liabilities + Stockholders Equity 
 
Corporations - correct answers Separate entity from both a legal and accounting perspective. Owners of corporations (stockholders) are not personally responsible for debts of the corporation 
 
Separate Entity Assumption - correct answers requires that a business's financial reports include only the activities of the business and not those of its stockholders 
 
Assets - correct answers Resources controll...
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BOMI- Budgeting and Accounting Exam Questions And Answers 100% Pass
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BOMI- Budgeting and Accounting Exam 
Questions And Answers 100% Pass 
Which key components make up the bookkeeping process? (2) - Answerrecording and 
classifying transactions is known as bookkeeping. 
Describe the roles filled by a accountant (3) - AnswerAccounting is a system of summarizing, 
interpreting, and communicating financial data. 
What are the primary functions associated with accounting ? (4) - AnswerAccounting is the 
next step in the process. Accounting is the system of summarizin...
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Accounting 200 - Exam 1 Prep Questions with Verified Solutions
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Accounting 200 - Exam 1 Prep 
Questions with Verified Solutions 
 
1. What characteristic defines a sole proprietorship? 
 The owner assumes personal responsibility for the business's debts, even if they exceed the 
owner's invested capital. 
 
2. Identify the financing activities from the options below. (Choose all that apply.) 
 - Issued Stock 
 
- Issued a Notes Payable 
 
3. What system provides the necessary financial information for managing a company? 
 Accounting system 
 
4. What does...
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WGU C213 Accounting for Decision Makers Final Exam Questions and Verified Answers 2025
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Which of the following is NOT true of the Financial Accounting 
Standards Board (FASB)? - It is a government agency 
THEY DO: 
It consists of seven full-time members 
It seeks consistency for its proposed standards 
It has no legal power to enforce the standards it sets 
Generally accepted accounting principles are - Developed by accounting 
rule makers 
The initials GAAP stand for - Generally Accepted Accounting Principles 
The current standard-setting board for accounting in the private sector...
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wgu d196 pre assessment exam study questions and answers 2025
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What is an example of direct materials? 
Cost of robotic equipment in making automobiles 
Cost of sandpaper in making wood furniture 
Cost of saws and hammers in constructing a house 
Cost of aluminum in making an airplane -Correct Answer Cost of aluminum in making an airplane 
 
What is the effect of a company's accounting department maintaining high ethical standards? 
The company can hire fewer accountants to do the same amount of work. 
The company can report more favorable results in its...
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D196 WGU PRE-ASSESSMENT EXAM QUESTIONS WITH CORRECT ANSWERS ALL VERIFIED BY AN EXPERT A+ GRADED (LATEST UPDATE)
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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. - ANS The company's accounting information will increase in value. 
 
Why might employees be interested in their compan...
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WGU D196 Pre-Assessment Test Questions and Answers 2025
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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 thei...
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D196 WGU Exam Guide Questions with Verified Answers 2025 Graded A+
- Exam (elaborations) • 10 pages • 2025
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What is the effect of a company's accounting department maintaining high ethical standards? 
The company can hire fewer accountants to do the same amount of work. 
The company's accounting information will decrease in value. 
The company can report more favorable results in its financial statements. 
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 co...
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