Wgud196 - Study guides, Class notes & Summaries

What is the role and purpose of accounting? - Accounting is used to accumulate, measure, and communicate financial information about organizations. This information is used to make informed decisions regarding resource usage and allocation. Who uses accounting information and why? - Managerial Accounting: Internal decision making (managers, CEO's, supervisors, etc.) Financial Accounting: External user benefit (stakeholders, investors, tax authorities, etc.) What are important influences o...

What is the effect of a company's accounting department maintaining high ethical standards? - correct answerThe company's accounting information will increase in value. Why might employees be interested in their company's financial accounting information? - correct answerFinancial statement data are often used in determining employee bonuses. Which group establishes financial accounting rules in the United States? - correct answerFinancial accounting standards board Which report is o...

step in the decision-making process? -ANSWER Identify the issue The money that a company needs to buy its land, pay its employees, and buy its supplies is called capital. What are the potential sources of capital for a business? -ANSWER Investors, creditors, and retained business earnings Which primary area of accounting generates reports for internal users? -ANSWER Management accounting True or False: Accountants measure and communicate the results of business activities. -ANSWER True ...

WGU D196 Exam Questions and Answers | Latest Update Graded A+ 2023/2024. For purposes of cash flow classification in the statement of cash flows, which item is an operating activity? Distributing dividends Paying employees Buying equipment 7 / 11 Selling bonds ANS Paying employees 16. How does a classified balance sheet provide useful information to a decision maker? It distinguishes between current and long-term assets. It provides data that are not publicly disclosed. It provides da...

WGU D196 Pre-Assessment Questions With Answers 2023/2024 | Latest Update Graded A+. What is the impact of expenses on the accounting equation? Expenses decrease liabilities. Expenses increase liabilities. Expenses decrease owners' equity. Expenses increase owners' equity. ANS Expenses decrease owners' equity. 4 / 12 10. Which type of account are accounts payable and notes payable both examples of? Liability Expense Asset Equity ANS Liability 11. What is the purpose of the financia...

WGU D196 Pre Assessment Questions and Answers | Latest Update Graded A+ (2023/2024). 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 ANS Cost of aluminum in making an airplane 2. What is the effect of a company's accounting department maintaining high ethical standards? The company can hire fewer accountants to do the ...

WGU D196 Exam Questions and Answers | Latest Update Graded A+ 2023/2024. For purposes of cash flow classification in the statement of cash flows, which item is an operating activity? Distributing dividends Paying employees Buying equipment 7 / 11 Selling bonds ANS Paying employees 16. How does a classified balance sheet provide useful information to a decision maker? It distinguishes between current and long-term assets. It provides data that are not publicly disclosed. It provides da...

absolute cell reference -ANSWER A cell reference that does not change when copied or moved to a new cell. Account -ANSWER An accounting record in which the results of transactions are accumulated; shows increases, decreases, and a balance. Accounting -ANSWER A system for providing quantitative, financial information about economic entities that is useful for making sound economic decisions. Accounting provides the means of recording and communicating business activities and the results of ...

WGU D196 Exam Questions and Answers | Latest Update Graded A+ 2023/2024. 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. ANS The company's accounting information will increase in ...