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WGU D196 Objective Assessment Final Exam Version
2 Newest Complete All 200 Questions And Correct
Detailed Answers (Verified Answers) |Already Graded
A+||Latest Exam Version!!!
What is the effect of a company's accounting department
maintaining high ethical standards?
A)The company can hire fewer accountants to do the
same amount of work
B)The company can report more favorable results in its
financial statements.
C)The company's accounting information will increase in
value.
D) The company's accounting information will decrease in
value. - Answer-C) The company's accounting information
will increase in value.
Why might employees be interested in their company's
financial accounting information?
A) Financial statement data provide item-by-item product
cost information.
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B) Financial statement data are often used in determining
employee bonuses.
C) Financial statement data are used to record long term
liabilities.
D) Financial statement data provide detailed internal
budget information. - Answer-Financial statement data are
often used in determining employee bonuses.
Which group establishes financial accounting rules in the
United States?
A) International Accounting Standards Board (IASB)
B) Internal Revenue Service (IRS)
C) Financial Accounting Standards Board (FASB)
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D) American Institute of Certified Public Accountants
(AICPA) - Answer-Financial Accounting Standards Board
(FASB)
Which report is one of the three primary financial
statements?
A) Statement of management accounting
B) Statement of the accounting cycle
C) Statement of stakeholder funds
D) Statement of cash flows - 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?
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A) Assets increase by $5,000; expenses increase by
$5,000.
B) Assets decrease by $5,000; revenues increase by
$5,000.
C) Assets decrease by $5,000; expenses increase by
$5,000.
D) Assets decrease by $5,000; liabilities increase by
$5,000. - Answer-Assets decrease by $5,000; expenses
increase by $5,000.
What is the transactional model?
A) Two parties exchanging something of value
B) A type of commonly used accounting software
C) A category of merchandiser or retailer
WGU D196 Objective Assessment Final Exam Version
2 Newest Complete All 200 Questions And Correct
Detailed Answers (Verified Answers) |Already Graded
A+||Latest Exam Version!!!
What is the effect of a company's accounting department
maintaining high ethical standards?
A)The company can hire fewer accountants to do the
same amount of work
B)The company can report more favorable results in its
financial statements.
C)The company's accounting information will increase in
value.
D) The company's accounting information will decrease in
value. - Answer-C) The company's accounting information
will increase in value.
Why might employees be interested in their company's
financial accounting information?
A) Financial statement data provide item-by-item product
cost information.
,2|Page
B) Financial statement data are often used in determining
employee bonuses.
C) Financial statement data are used to record long term
liabilities.
D) Financial statement data provide detailed internal
budget information. - Answer-Financial statement data are
often used in determining employee bonuses.
Which group establishes financial accounting rules in the
United States?
A) International Accounting Standards Board (IASB)
B) Internal Revenue Service (IRS)
C) Financial Accounting Standards Board (FASB)
,3|Page
D) American Institute of Certified Public Accountants
(AICPA) - Answer-Financial Accounting Standards Board
(FASB)
Which report is one of the three primary financial
statements?
A) Statement of management accounting
B) Statement of the accounting cycle
C) Statement of stakeholder funds
D) Statement of cash flows - 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?
, 4|Page
A) Assets increase by $5,000; expenses increase by
$5,000.
B) Assets decrease by $5,000; revenues increase by
$5,000.
C) Assets decrease by $5,000; expenses increase by
$5,000.
D) Assets decrease by $5,000; liabilities increase by
$5,000. - Answer-Assets decrease by $5,000; expenses
increase by $5,000.
What is the transactional model?
A) Two parties exchanging something of value
B) A type of commonly used accounting software
C) A category of merchandiser or retailer
