WGU D196 FINAL EXAM |COMPLETE QUESTIONS WITH 100%
RATED EXPERT SOLUTIONS |2026 LATEST UPDATED
What is the correct sequence of budgets in a manufacturing business? - (answer)Sales,
production, direct materials
What is the effect of a company's accounting department maintaining high ethical standards? -
(answer)The company's accounting information will increase in value.
Why might employees be interested in their company's financial accounting information? -
(answer)Financial statement data are often used in determining employee bonuses.
Which group establishes financial accounting rules in the United States? - (answer)Financial
Accounting Standards Board (FASB)
Which report is one of the three primary financial statements? - (answer)Statement of cash flows
A company paid $5,000 cash in advertising costs.
How does this transaction affect the paying company's accounting equation? - (answer)Assets
increase by $5,000; expenses increase by $5,000.
, A company borrowed $80,000 cash from a bank. - (answer)Assets increase by $80,000; liabilities
increase by $80,000.
What is the impact of expenses on the accounting equation? - (answer)Expenses decrease
owners' equity.
Which type of account are accounts payable and notes payable both examples of? -
(answer)Liability
What is the purpose of the financial accounting cycle? - (answer)To gather information related to
the expenses and income generated by a company
According to the accounting equation, the amount of liabilities and equity must always be equal
to another amount.
What is that other amount? - (answer)Assets
Which item is an expense item? - (answer)Cost of goods sold
RATED EXPERT SOLUTIONS |2026 LATEST UPDATED
What is the correct sequence of budgets in a manufacturing business? - (answer)Sales,
production, direct materials
What is the effect of a company's accounting department maintaining high ethical standards? -
(answer)The company's accounting information will increase in value.
Why might employees be interested in their company's financial accounting information? -
(answer)Financial statement data are often used in determining employee bonuses.
Which group establishes financial accounting rules in the United States? - (answer)Financial
Accounting Standards Board (FASB)
Which report is one of the three primary financial statements? - (answer)Statement of cash flows
A company paid $5,000 cash in advertising costs.
How does this transaction affect the paying company's accounting equation? - (answer)Assets
increase by $5,000; expenses increase by $5,000.
, A company borrowed $80,000 cash from a bank. - (answer)Assets increase by $80,000; liabilities
increase by $80,000.
What is the impact of expenses on the accounting equation? - (answer)Expenses decrease
owners' equity.
Which type of account are accounts payable and notes payable both examples of? -
(answer)Liability
What is the purpose of the financial accounting cycle? - (answer)To gather information related to
the expenses and income generated by a company
According to the accounting equation, the amount of liabilities and equity must always be equal
to another amount.
What is that other amount? - (answer)Assets
Which item is an expense item? - (answer)Cost of goods sold
