WGU D774 - PA WITH ACTUAL
QUESTIONS AND ANSWERS.
, Which ancient civilization dates to the early development of
accounting? - correct ans:Ancient Mesopotamia (c. 3000 BCE)
Which year is associated with the stock market crash that had a
profound economic impact? - correct ans:1929
What was the regulatory outcome of accounting scandals such as
Enron, WorldCom, and Tyco? - correct ans:The Sarbanes-Oxley Act
was introduced, requiring stricter financial controls and oversight.
A business owner is trying to better understand their company's
financial performance and operations. The owner recently learned
that two types of accounting—financial accounting and managerial
accounting—serve different purposes. What is one difference
between them? - correct ans:Financial accounting focuses on
external reporting, while managerial accounting focuses on internal
decision-making.
Which statement describes the focus of managerial accounting? -
correct ans:Improving future results based on an analysis of past
performance
A company is preparing annual financial statements to share with
investors. Which characteristic of financial accounting reports
applies in this situation? - correct ans:They include monetary and
nonmonetary information.
A publicly traded company is preparing to issue stock to its
investors. As part of the process, the company must submit financial
disclosures and filings to the regulatory agency overseeing
securities markets. Which federal agency is responsible for this
regulation? - correct ans:Securities and Exchange Commission (SEC)
QUESTIONS AND ANSWERS.
, Which ancient civilization dates to the early development of
accounting? - correct ans:Ancient Mesopotamia (c. 3000 BCE)
Which year is associated with the stock market crash that had a
profound economic impact? - correct ans:1929
What was the regulatory outcome of accounting scandals such as
Enron, WorldCom, and Tyco? - correct ans:The Sarbanes-Oxley Act
was introduced, requiring stricter financial controls and oversight.
A business owner is trying to better understand their company's
financial performance and operations. The owner recently learned
that two types of accounting—financial accounting and managerial
accounting—serve different purposes. What is one difference
between them? - correct ans:Financial accounting focuses on
external reporting, while managerial accounting focuses on internal
decision-making.
Which statement describes the focus of managerial accounting? -
correct ans:Improving future results based on an analysis of past
performance
A company is preparing annual financial statements to share with
investors. Which characteristic of financial accounting reports
applies in this situation? - correct ans:They include monetary and
nonmonetary information.
A publicly traded company is preparing to issue stock to its
investors. As part of the process, the company must submit financial
disclosures and filings to the regulatory agency overseeing
securities markets. Which federal agency is responsible for this
regulation? - correct ans:Securities and Exchange Commission (SEC)
