WGU D774 INTRO TO BUSINESS
ACCOUNTING OA OBJECTIVE ASSESSMENT
COMPREHENSIVE REVIEW GUIDE WITH
SOLVED QUESTIONS 2026
‣ Ancient Mesopotamia . Answer: Which ancient civilization dates to the
early development of accounting?
‣ 1929 . Answer: Which year is associated with the stock market crash?
‣ Sarbanes-Oxley Act . Answer: Regulatory outcome of
Enron/WorldCom/Tyco scandals?
‣ Financial accounting . Answer: External reporting
‣ Managerial accounting . Answer: Internal decision-making
‣ Focus of managerial accounting . Answer: Improving future results
using past performance
‣ Financial accounting characteristic for annual reports . Answer:
Includes monetary & nonmonetary information
‣ SEC . Answer: Which federal agency oversees stock market filings?
, ‣ FASB . Answer: Organization that sets GAAP standards?
‣ PCAOB . Answer: Purpose of PCAOB?
‣ Big Four . Answer: Best audit firm type for a multinational public
company?
‣ Income statement formula . Answer: Revenues − Expenses
‣ Operating expense . Answer: Day-to-day operational costs not directly
tied to selling
‣ General & administrative expenses . Answer: Rent expense category?
‣ Income statement . Answer: Which statement reports profit/loss on
accrual?
‣ Income statement handling . Answer: Categorizes revenue into
operating & non-operating
‣ $500 product sale . Answer: Goes to Revenue
‣ $10,000 cake sales . Answer: Where does it appear? Revenue
ACCOUNTING OA OBJECTIVE ASSESSMENT
COMPREHENSIVE REVIEW GUIDE WITH
SOLVED QUESTIONS 2026
‣ Ancient Mesopotamia . Answer: Which ancient civilization dates to the
early development of accounting?
‣ 1929 . Answer: Which year is associated with the stock market crash?
‣ Sarbanes-Oxley Act . Answer: Regulatory outcome of
Enron/WorldCom/Tyco scandals?
‣ Financial accounting . Answer: External reporting
‣ Managerial accounting . Answer: Internal decision-making
‣ Focus of managerial accounting . Answer: Improving future results
using past performance
‣ Financial accounting characteristic for annual reports . Answer:
Includes monetary & nonmonetary information
‣ SEC . Answer: Which federal agency oversees stock market filings?
, ‣ FASB . Answer: Organization that sets GAAP standards?
‣ PCAOB . Answer: Purpose of PCAOB?
‣ Big Four . Answer: Best audit firm type for a multinational public
company?
‣ Income statement formula . Answer: Revenues − Expenses
‣ Operating expense . Answer: Day-to-day operational costs not directly
tied to selling
‣ General & administrative expenses . Answer: Rent expense category?
‣ Income statement . Answer: Which statement reports profit/loss on
accrual?
‣ Income statement handling . Answer: Categorizes revenue into
operating & non-operating
‣ $500 product sale . Answer: Goes to Revenue
‣ $10,000 cake sales . Answer: Where does it appear? Revenue
