WGU D774 Exam | Introduction to Business
Accounting Exam | 100% Correctly Answered
& Rated A+ | Latest 2025/2026 Guide
What is GAAP?
- Correct Answer - The set of accounting rules established by the FASBT
The length of time covered in the financial statements provided to the
SEC in Form 10-Q
- Correct Answer - Quarter
A difference in goals between management of a corporation and the
shareholders of that corporation is known as an ___________ problem.
- Correct Answer - Agency
Legislation that prohibits market dominance and promotes competition in
each industry
- Correct Answer - Antitrust
Jurisdiction in which a U.S. corporation must be registered
- Correct Answer - State
About 99% of the corporations in the United States are ________.
- Correct Answer - Private
Person hired by a corporation's board of directors to be the top officer in
the company
,- Correct Answer - CEO
Person hired by a corporation's board of directors to be the top officer in
the company
- Correct Answer - Corporate Governance
Largest company in the world as measured by REVENUE
- Correct Answer - Walmart
Cash and Cash Equivalents
- Correct Answer - Cash is money that is readily available for use,
including physical currency or digital currency in the bank. Cash
equivalents are short-term, highly liquid investments that can
easily be converted into cash, such as certificates of deposit
Marketable securities
- Correct Answer - These are investments in the stock of other
companies that the company would sell if it needed the cash or if the
price was right.
Accounts receivable
- Correct Answer - Accounts receivable represent amounts that the
business customers owe to the company. For example, advertisers on
Facebook will owe Meta money as Facebook displays their ads.
Net Income Equation
- Correct Answer - Total Revenue - Expenses (business expenses,
operating cost and taxes)
, Gross Margins Equation
- Correct Answer - Revenue - Cost of Goods Sold (COGS) / Revenue
Contribution Margin
- Correct Answer - Sales Revenue - Variable Costs
CVP Equation
- Correct Answer - Sales Revenue - Variable Costs - Fix Costs = Profit
Break-Even Equation
- Correct Answer - Sales Revenue - Variable Costs - Fixed Costs = $0
Public Companies
- Correct Answer - Companies that are owned by investors who
purchase and trade shares of the company's stock on stock exchanges.
Public Company Accounting Oversight Board (PCAOB)
- Correct Answer - Board of five full-time members established by the
Sarbanes-Oxley Act to oversee the accounting and auditing profession.
Return On Investment
- Correct Answer - A measure of operating performance and efficiency in
utilizing assets; computed in its simplest form by dividing operating profit
by average total assets.
Short-run Planning
Accounting Exam | 100% Correctly Answered
& Rated A+ | Latest 2025/2026 Guide
What is GAAP?
- Correct Answer - The set of accounting rules established by the FASBT
The length of time covered in the financial statements provided to the
SEC in Form 10-Q
- Correct Answer - Quarter
A difference in goals between management of a corporation and the
shareholders of that corporation is known as an ___________ problem.
- Correct Answer - Agency
Legislation that prohibits market dominance and promotes competition in
each industry
- Correct Answer - Antitrust
Jurisdiction in which a U.S. corporation must be registered
- Correct Answer - State
About 99% of the corporations in the United States are ________.
- Correct Answer - Private
Person hired by a corporation's board of directors to be the top officer in
the company
,- Correct Answer - CEO
Person hired by a corporation's board of directors to be the top officer in
the company
- Correct Answer - Corporate Governance
Largest company in the world as measured by REVENUE
- Correct Answer - Walmart
Cash and Cash Equivalents
- Correct Answer - Cash is money that is readily available for use,
including physical currency or digital currency in the bank. Cash
equivalents are short-term, highly liquid investments that can
easily be converted into cash, such as certificates of deposit
Marketable securities
- Correct Answer - These are investments in the stock of other
companies that the company would sell if it needed the cash or if the
price was right.
Accounts receivable
- Correct Answer - Accounts receivable represent amounts that the
business customers owe to the company. For example, advertisers on
Facebook will owe Meta money as Facebook displays their ads.
Net Income Equation
- Correct Answer - Total Revenue - Expenses (business expenses,
operating cost and taxes)
, Gross Margins Equation
- Correct Answer - Revenue - Cost of Goods Sold (COGS) / Revenue
Contribution Margin
- Correct Answer - Sales Revenue - Variable Costs
CVP Equation
- Correct Answer - Sales Revenue - Variable Costs - Fix Costs = Profit
Break-Even Equation
- Correct Answer - Sales Revenue - Variable Costs - Fixed Costs = $0
Public Companies
- Correct Answer - Companies that are owned by investors who
purchase and trade shares of the company's stock on stock exchanges.
Public Company Accounting Oversight Board (PCAOB)
- Correct Answer - Board of five full-time members established by the
Sarbanes-Oxley Act to oversee the accounting and auditing profession.
Return On Investment
- Correct Answer - A measure of operating performance and efficiency in
utilizing assets; computed in its simplest form by dividing operating profit
by average total assets.
Short-run Planning
