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In today's fast-paced educational landscape, students need reliable resources to excel in their studies.
5.0
D196 WGU Questions With Detailed Verified Answers
(100% Correct Answers) /Already Graded A+
Q: What is the role and purpose of accounting ?
Ans: 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.
Q: · Who uses accounting information and why?
Ans: Potential investors and creditors use accounting information, but
basically everyone uses accounting information. They use it to make
internal and external business decisions.
Q: · What are the important influences on accounting?
Ans: Important influences on accounting is the development of the
"generally accepted accounting principles"(GAAP), international
business and ethical consideration.
Q: · What is the role of ethics in accounting?
Ans: Being an accountant requires honesty and integrity, as well as
professional judgement. So having ethics in accounting is very
important.
Q: What are the three main functions of accounting?
,Ans: The 3 main functions of accounting are: Analyzing, Bookkeeping, and
Evaluating(ABE).
Q: The Financial Accounting Standards Board(FASB)
Ans: An organization responsible for studying accounting issues and
establishing standards
a) Private group
b) Public process
c) Establishes GAAP
Q: The Governmental Accounting Standards Board(GASB)
Ans: A private, non governmental organization who sets accounting and
financial reporting standards for state and local governments
Q: Securities and Exchange Commission(SEC)
Ans: Regulates stock exchanges
a) Has legal authority to regulate financial markets and accounting
b) Usually defers to the FASB on accounting matters
Q: The Public Company Accounting Oversight Board(PCAOB)
Ans: Oversees all accounting firms.
Q: Internal Revenue Service(IRS)
Ans: Collects and regulates income taxes
Q: International Accounting Standards Board(IASB)
Examstudy - Stuvia US
, Ans: The FASB of the world(except the USA)
Q: Assets
Ans: assets are what we OWN.
Common Assets:
-) Cash
-) Accounts receivable
-) Inventory
-) Buildings
-) Prepaid
Q: Liabilities
Ans: An obligation to pay cash, transfer other assets, or provide services to
someone.
A) Liabilities are what we OWE.
B) Common Liabilities:
-) Accounts Payable
-) Taxes Payable
-) Mortgage Payable
-) Unearned Revenue
Q: Owners Equity
Ans: The owners share of earnings.
A) Sources of equity:
-) Capital/Common Stock
-) Retained Earnings
Q: What is the Accounting Cycle and how does it work?
Examstudy - Stuvia US
In today's fast-paced educational landscape, students need reliable resources to excel in their studies.
5.0
D196 WGU Questions With Detailed Verified Answers
(100% Correct Answers) /Already Graded A+
Q: What is the role and purpose of accounting ?
Ans: 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.
Q: · Who uses accounting information and why?
Ans: Potential investors and creditors use accounting information, but
basically everyone uses accounting information. They use it to make
internal and external business decisions.
Q: · What are the important influences on accounting?
Ans: Important influences on accounting is the development of the
"generally accepted accounting principles"(GAAP), international
business and ethical consideration.
Q: · What is the role of ethics in accounting?
Ans: Being an accountant requires honesty and integrity, as well as
professional judgement. So having ethics in accounting is very
important.
Q: What are the three main functions of accounting?
,Ans: The 3 main functions of accounting are: Analyzing, Bookkeeping, and
Evaluating(ABE).
Q: The Financial Accounting Standards Board(FASB)
Ans: An organization responsible for studying accounting issues and
establishing standards
a) Private group
b) Public process
c) Establishes GAAP
Q: The Governmental Accounting Standards Board(GASB)
Ans: A private, non governmental organization who sets accounting and
financial reporting standards for state and local governments
Q: Securities and Exchange Commission(SEC)
Ans: Regulates stock exchanges
a) Has legal authority to regulate financial markets and accounting
b) Usually defers to the FASB on accounting matters
Q: The Public Company Accounting Oversight Board(PCAOB)
Ans: Oversees all accounting firms.
Q: Internal Revenue Service(IRS)
Ans: Collects and regulates income taxes
Q: International Accounting Standards Board(IASB)
Examstudy - Stuvia US
, Ans: The FASB of the world(except the USA)
Q: Assets
Ans: assets are what we OWN.
Common Assets:
-) Cash
-) Accounts receivable
-) Inventory
-) Buildings
-) Prepaid
Q: Liabilities
Ans: An obligation to pay cash, transfer other assets, or provide services to
someone.
A) Liabilities are what we OWE.
B) Common Liabilities:
-) Accounts Payable
-) Taxes Payable
-) Mortgage Payable
-) Unearned Revenue
Q: Owners Equity
Ans: The owners share of earnings.
A) Sources of equity:
-) Capital/Common Stock
-) Retained Earnings
Q: What is the Accounting Cycle and how does it work?
Examstudy - Stuvia US
