WGU D774 Intro to Business
Accounting | OA| Questions and
Correct Answers
In which country was the double-entry accounting system developed in the 15th
century?
Italy
Which major economic event followed soon after the Stock Market Crash of
1929?
Great Depression
Which economic event immediately preceded and led to the passage of the
Sarbanes-Oxley Act of 2002?
Dot-com bubble
,Why are there no standardized regulations relating to the production of
managerial accounting information?
Company managers can generate any information they want to help them make
better decisions, so no outside regulation is needed.
What is a common use of managerial accounting information?
Making better planning, operating, and evaluating decisions inside a company
Which report is one of the three primary financial statements?
Income statement
Who performs external audits of financial statements?
Certified Public Accountant (CPA)
, Who selects a corporation’s board of directors?
Shareholders of the corporation
What is an advantage of structuring a business as a corporation?
Legal existence separated from that of the shareholders
What is one of the characteristics of a corporation?
Ease of transfer of ownership
What is contained in Securities and Exchange Commission Form 10-K?
Annual audited financial statements
Why would a company's employees be directly interested in the company's
income statement?
To assess the current profitability of the company, its performance, and its
liquidity
Accounting | OA| Questions and
Correct Answers
In which country was the double-entry accounting system developed in the 15th
century?
Italy
Which major economic event followed soon after the Stock Market Crash of
1929?
Great Depression
Which economic event immediately preceded and led to the passage of the
Sarbanes-Oxley Act of 2002?
Dot-com bubble
,Why are there no standardized regulations relating to the production of
managerial accounting information?
Company managers can generate any information they want to help them make
better decisions, so no outside regulation is needed.
What is a common use of managerial accounting information?
Making better planning, operating, and evaluating decisions inside a company
Which report is one of the three primary financial statements?
Income statement
Who performs external audits of financial statements?
Certified Public Accountant (CPA)
, Who selects a corporation’s board of directors?
Shareholders of the corporation
What is an advantage of structuring a business as a corporation?
Legal existence separated from that of the shareholders
What is one of the characteristics of a corporation?
Ease of transfer of ownership
What is contained in Securities and Exchange Commission Form 10-K?
Annual audited financial statements
Why would a company's employees be directly interested in the company's
income statement?
To assess the current profitability of the company, its performance, and its
liquidity
