D196 WGU ACTUAL EXAM WITH QUESTIONS AND WELL VERIFIED ANSWERS[GRADED A+] REAL EXAM 100%

D196 WGU ACTUAL EXAM WITH QUESTIONS AND WELL VERIFIED ANSWERS[GRADED A+] REAL EXAM 100% What is the role and purpose of accounting ? - ANSWER-Role: To help track income and expenditures, and to provide investors, management, and government with financial information. Purpose: To accumulate, measure, and communicate financial information about businesses and other organizations. What are the three main functions of accounting? - ANSWER-The 3 main functions of accounting are: Analyzing, Bookkeeping, and Evaluating(ABE). The Financial Accounting Standards Board(FASB) - ANSWER-An organization responsible for studying accounting issues and establishing standards a) Private group b) Public process c) Establishes GAAP Internal Revenue Service(IRS) - ANSWERCollects and regulates income taxes International Accounting Standards Board(IASB) - ANSWER-The FASB of the world(except the USA) Assets - ANSWER-assets are what we OWN. Common Assets: -) Cash -) Accounts receivable -) Inventory -) Buildings -) Prepaid Liabilities - ANSWER-An obligation to pay cash, transfer other assets, or provide services to someone.