WGU D774 Intro to Business Accounting
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)
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
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
Which information is contained in the reported amount of net income?
The amount by which revenues exceed expenses
Which measurement is highlighted in the multi-step format for the income statement?
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)
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
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
Which information is contained in the reported amount of net income?
The amount by which revenues exceed expenses
Which measurement is highlighted in the multi-step format for the income statement?
