WGU D196- Principles of Financial and Managerial
Accoun ng| Ques ons and answers | Updated 2026
bookkeeping
day to day keeping of transca ons
steps of decision making
iden fy issue
gather informa on
iden fy alterna ves
select op on that most likely results in desired objec ve
accoun ng
analysis of events
record and report financial effects of business ac vi es
where does capital come from (3)
investors
creditors(lenders)
business itself (from earnings retained)
2 main types of accoun ng
financial and managerial
managerial accoun ng
gather and analysis of informa on for internal use and decision making.
financial accoun ng
gather, report, analysis of informa on for external users- investors and creditors. summary of a
business
what does managerial accoun ng review
product cost, breakeven analysis, budge ng, performance analysis, outsource produc on
what does financial accoun ng review
credit analysis, financial health, es mate value of the company
,examples of external financial reports for financial accoun ng
annual report, financial statement, balance sheet, income statement, statement of cash flow
balance sheet
reports assets and liabili es. basic.
list as of a point in me. as of today, as of yesterday
income statement
how much did you ,ake
period of me - from nov to jan
statement of cash flow
where did the cash come from and where did the cash go
period of me - from nov to jan
lender
lends money with intend to get it back plus interest. need current income, exis ng obliga ons,
exis ng assets, payroll stub, tax return, monthly payments, bank stmts
investor
buys into your company. looks at if the business is profitable, what they are buying, buying
obliga ons, poten al future projec ons
what forms will the manager of a business use
both financial and managerial
fasb- what does it stand for, who are they and what do they do
financial accoun ng standards board
private group, not govt agency, no legal authority, conducted of people from a variety of
business related backgrounds.
establishes financial accoun ng and repor ng standards for private sector companies
1 of the two boards that make up GAAP
gasb- what does it stand for, who are they, what do they do
governmental accoun ng standards board
sets accoun ng and financial repor ng standards for state and legal governments.
authority over financial repor ng by government en es
1 of the two boards that make up GAAP
, gaap
generally accepted accoun ng principles
sec
Securi es and Exchange Commission
regulates us stock exchange. provides investors with full and fair informa on about publicly
traded companies.
legal punishment
iasb
Interna onal Accoun ng Standards Board
develop interna onal accoun ng standards. made up of members from many countries
aicpa
american ins tute of cer fied public accountants
administers the cpa exam.
enforces professional sanc on by taking away cpa license when acted unethically.
role and purpose of accoun ng
accumulate and report on financial informa on about performance, financial posi on, cash flow
of a business. used to reach decisions about how to manage the business, invest in it, or lend
money to it
what is a balance sheet
statement of what they have and how they financed it at a specific point in me.
balance sheet equa on
assets = liabili es + owners equity
what are assets and examples
what they own or control that will provide probable future benefits
cash, accts receivable, inventory, buildings, land.
what are liabili es and examples
what we owe. obliga ons that require future sacrifice.
phone bill, car loan, accts payable, fed and state govt tax, mortgage, unearned revenue
what is owners equity and examples
Accoun ng| Ques ons and answers | Updated 2026
bookkeeping
day to day keeping of transca ons
steps of decision making
iden fy issue
gather informa on
iden fy alterna ves
select op on that most likely results in desired objec ve
accoun ng
analysis of events
record and report financial effects of business ac vi es
where does capital come from (3)
investors
creditors(lenders)
business itself (from earnings retained)
2 main types of accoun ng
financial and managerial
managerial accoun ng
gather and analysis of informa on for internal use and decision making.
financial accoun ng
gather, report, analysis of informa on for external users- investors and creditors. summary of a
business
what does managerial accoun ng review
product cost, breakeven analysis, budge ng, performance analysis, outsource produc on
what does financial accoun ng review
credit analysis, financial health, es mate value of the company
,examples of external financial reports for financial accoun ng
annual report, financial statement, balance sheet, income statement, statement of cash flow
balance sheet
reports assets and liabili es. basic.
list as of a point in me. as of today, as of yesterday
income statement
how much did you ,ake
period of me - from nov to jan
statement of cash flow
where did the cash come from and where did the cash go
period of me - from nov to jan
lender
lends money with intend to get it back plus interest. need current income, exis ng obliga ons,
exis ng assets, payroll stub, tax return, monthly payments, bank stmts
investor
buys into your company. looks at if the business is profitable, what they are buying, buying
obliga ons, poten al future projec ons
what forms will the manager of a business use
both financial and managerial
fasb- what does it stand for, who are they and what do they do
financial accoun ng standards board
private group, not govt agency, no legal authority, conducted of people from a variety of
business related backgrounds.
establishes financial accoun ng and repor ng standards for private sector companies
1 of the two boards that make up GAAP
gasb- what does it stand for, who are they, what do they do
governmental accoun ng standards board
sets accoun ng and financial repor ng standards for state and legal governments.
authority over financial repor ng by government en es
1 of the two boards that make up GAAP
, gaap
generally accepted accoun ng principles
sec
Securi es and Exchange Commission
regulates us stock exchange. provides investors with full and fair informa on about publicly
traded companies.
legal punishment
iasb
Interna onal Accoun ng Standards Board
develop interna onal accoun ng standards. made up of members from many countries
aicpa
american ins tute of cer fied public accountants
administers the cpa exam.
enforces professional sanc on by taking away cpa license when acted unethically.
role and purpose of accoun ng
accumulate and report on financial informa on about performance, financial posi on, cash flow
of a business. used to reach decisions about how to manage the business, invest in it, or lend
money to it
what is a balance sheet
statement of what they have and how they financed it at a specific point in me.
balance sheet equa on
assets = liabili es + owners equity
what are assets and examples
what they own or control that will provide probable future benefits
cash, accts receivable, inventory, buildings, land.
what are liabili es and examples
what we owe. obliga ons that require future sacrifice.
phone bill, car loan, accts payable, fed and state govt tax, mortgage, unearned revenue
what is owners equity and examples
